KULICKE AND SOFFA INDUSTRIES, INC. (NASDAQ:KLIC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 20, 2018, Kulicke & Soffa Industries, Inc. (the “Company”) announced the appointment of Lester A. Wong, age 52, as Chief Financial Officer, effective immediately. Mr. Wong had been serving as the Company’s interim Chief Financial Officer since November 27, 2017, in addition to serving in his continuing role as Senior Vice President, Legal Affairs and General Counsel since 2011. In connection with his appointment as Chief Financial Officer, the Management Development and Compensation Committee of the Company’s Board of Directors approved certain changes to Mr. Wong’s compensation.
Effective January 1, 2019, Mr. Wong will receive an annual salary of S$480,000 (four hundred eighty thousand Singapore dollars). Mr. Wong will continue to participate in the Company’s Incentive Compensation Plan and is eligible to receive a prorated bonus of up to 140% of his base salary (70% is the annual target level for such bonus) based on the achievement of certain performance goals of the Company. Additionally, on January 2, 2019, Mr. Wong will receive an equity award of S$350,000, consisting of seventy-five percent performance share units (“PSUs”) and twenty-five percent restricted share units (“RSUs”). Twenty-five percent of the PSUs will be measured using an organic growth metric, and the remainder will be measured using a relative Total Shareholder Return metric. The RSUs will vest over thirty-six months, with one-third vesting on each anniversary of the grant date. The PSUs will cliff vest thirty-six months from the grant date, with a payout between zero percent and two hundred percent of the number of PSUs granted based on the achievement of the specified metrics.
There are no (i) family relationships, as defined in Item 401 of Regulation S-K, between Mr. Wong and any of the Company’s executive officers or directors, or any person nominated to become a director or executive officer, (ii) arrangements or understandings between Mr. Wong and any other person to which Mr. Wong was appointed as Chief Financial Officer of the Company, or (iii) transactions in which Mr. Wong has an interest requiring disclosure to Item 404(a) of Regulation S-K.
A copy of the Company’s press release announcing Mr. Wong’s appointment is attached hereto as Exhibit 99.1.
Financial Statements and Exhibits.
Press Release dated December 20, 2018
KULICKE & SOFFA INDUSTRIES INC Exhibit
EX-99.1 2 exhibit991dec202018.htm EXHIBIT 99.1 Exhibit Exhibit 99.1K&S Corporate HeadquartersKulicke & Soffa Pte Ltd23A Serangoon North Ave 5#01-01,…
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About KULICKE AND SOFFA INDUSTRIES, INC. (NASDAQ:KLIC)
Kulicke and Soffa Industries, Inc. designs, manufactures and sells capital equipment and expendable tools, as well as services, maintains, repairs and upgrades equipment, all used to assemble semiconductor devices. The Company supplies a range of bonding equipment. The Company operates through two segments: Equipment and Expendable Tools. The Equipment segment manufactures and sells a line of ball bonders, wedge bonders, advanced packaging and surface mount technology solutions. The Expendable Tools segment manufactures and sells expendable tools for a range of semiconductor packaging applications. It offers capital equipment and expendable tools used to assemble semiconductor devices, including integrated circuits, high and low powered discrete devices, light-emitting diodes and power modules. Its customers primarily consist of semiconductor device manufacturers, outsourced semiconductor assembly and test providers, other electronics manufacturers and automotive electronics suppliers.