MONOLITHIC POWER SYSTEMS, INC. (NASDAQ:MPWR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
To achieve a more equal balance of membership among the classes of directors of Monolithic Power Systems, Inc. (the “Company”), the board of directors (the “Board”) of the Company has determined to move one of the Company’s current directors from Class III to Class II. On April 24, 2018, Mr. Eugene Elmiger resigned as a Class III Director, effective as of his reappointment to the Board as a Class II Director. For all other purposes, Mr. Elmiger’s service on the Board is deemed to have continued uninterrupted. The Board now consists of twoClassI directors whose term will expire at the annual meeting of stockholders in 2020; twoClassII directors whose term will expire at the annual meeting of stockholders in 2018; and twoClassIII directors whose term will expire at the annual meeting of stockholders in 2019.
The resignation and reappointment of Mr. Elmiger had no effect on any aspect of his compensatory or indemnification arrangements with the Company. Mr. Elmiger will continue to receive compensation in accordance with the Company’s non-employee director compensation program (but he will not receive a new non-employee director restricted stock unitgrant as a result of this reappointment to the Board) and will continue as a party to the Company’s form of directors’ and officers’ indemnification agreement. In addition, Mr. Elmiger continues to serve on the Company’s Compensation Committee and Nominating and Governance Committee.
About MONOLITHIC POWER SYSTEMS, INC. (NASDAQ:MPWR)
Monolithic Power Systems, Inc. designs, develops and markets integrated power semiconductor solutions and power delivery architectures. The Company provides power solutions for systems found in industrial applications, telecommunication infrastructures, cloud computing, automotive and consumer applications. It operates in the design, development, marketing and sale of high-performance power solutions for the communications, storage and computing, consumer and industrial markets segment. It has approximately two primary product families that address multiple applications within the communications, storage and computing, consumer and industrial markets. Its product families include Direct Current (DC) to DC Products, and Lighting Control Products and alternating current (AC)/DC Offline Solutions. Its DC to DC integrated circuits (ICs) are used to convert and control voltages within a range of electronic systems, such as portable electronic devices, automobiles and medical equipment.
