PDF SOLUTIONS, INC. (NASDAQ:PDFS) 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.
Item 9.01. Press Release dated August 27, 2018, regarding appointment of Michael B. Gustafson to the Board of Directors of PDF Solutions, Inc.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 25, 2018, the Board of Directors (the “Board”) of PDF Solutions, Inc. (the “Company”) unanimously approved the appointment of Michael B. Gustafson to the Board as a Class III Director effective immediately to serve until the next Annual Meeting of Stockholders in 2019. Mr. Gustafson has not been appointed to any of the committees of the Board at this time.
In connection with his appointment, and to the Company’s revised 2018 Director Compensation Program for Non-Employee Directors adopted on July 31, 2018, Mr. Gustafson will receive an annual cash retainer of $36,000 and a restricted stock unit grant valued at $160,000 using the closing price on the business day prior to the date the grant is approved, with a grant effective date on the first day of the month following approval by the Compensation Committee. The restricted stock unit award will vest with respect to 1/8th of the total shares subject to such award every 6 months after the grant date until fully vested.
Mr. Gustafson is currently Executive Chairman and Independent Board Director at Druva, Inc., a cloud data protection and management company, and a member of the Board of Directors of Everspin Technologies, Inc. a Nasdaq-listed memory solutions company, Reltio Inc., a cloud based master data management company, and Matterport, Inc., an immersive 3D media company. From October 2013 to October 2015, he served as Senior Vice President at Western Digital Corporation, where he was General Manager of the Enterprise Flash Business. From September 2012 to October 2013, Mr. Gustafson served as Chief Executive Officer and Chairman of Virident Systems, Inc., an enterprise-class data storage and software solutions company, which was acquired by Western Digital Corporation. From September 2011 to September 2012, he served as Senior Vice President and General Manager of File & Content Business at Hitachi Data Systems following its acquisition of BlueArc Corporation, which Mr. Gustafson led as Chief Executive Officer and Board Member since 2004. Mr. Gustafson also held executive roles at McData Corporation from 1998 through 2004, and was with International Business Machines Corporation earlier in his career. Mr. Gustafson received his Bachelor of Science degree in business administration from Washington University in St. Louis.
The Company entered into a standard indemnification agreement with Mr. Gustafson, a form of which is incorporated herein by reference to the Company’s Annual Report on Form 10-K filed March 16, 2009.
The Company issued a press release announcing the appointment of Mr. Gustafson to the Board. A copy of this press release is attached to this Form 8-K as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
PDF SOLUTIONS INC ExhibitEX-99.1 2 ex_122915.htm EXHIBIT 99.1 ex_122915.htm Exhibit 99.1 News Release Company Contacts: Christine Russell,…To view the full exhibit click here
About PDF SOLUTIONS, INC. (NASDAQ:PDFS)
PDF Solutions, Inc. is a provider of infrastructure technologies and services for integrated circuits (IC). The Company’s technologies and services focus on the IC manufacturing process life cycle. It operates in the segment of licensing and implementation of yield improvement solutions for integrated circuit manufacturers. The Company’s solutions combine software, test chips, an electrical wafer test system, methodologies and professional services. The Company has developed solutions for yield simulation, analysis, loss detection, and improvement. Its characterization vehicle infrastructure (CVi) enables customers to electrically characterize the manufacturing process, and establish fail-rate information needed to calibrate manufacturing yield models and prioritize yield improvement activities. Its Exensio YieldAware solution combines software and services to enable customers to collect and combine product test data and equipment signals during production.