SUPER MICRO COMPUTER, INC. (NASDAQ:SMCI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Super Micro Computer, Inc. (the “Company”) today announced that the Board of Directors (the “Board”) of the Company appointed, effective as of September 6, 2019, Alex Hsu as the Company’s Chief Operating Officer.
Mr. Hsu, age 71, has served in various positions with the Company since October 2004, including as the Chairman of Supermicro Taiwan since February 2018, Sr. Chief Executive of Strategic Business since August 2009, Executive Director of Supermicro Technology (Beijing) Co. Ltd. since August 2009, Chief of Sales and Marketing from July 2006 to August 2009, Senior Vice President of Sales from October 2004 to July 2006 and President of European Offices and Vice President of Operations (USA) from October 2003 to October 2004. From January 2002 to September 2003, Mr. Hsu was President and Chief Operating Officer of Bizlink Group, an IT solutions company. From January 2001 to January 2002, he was a private investor and consultant working with startup companies in Silicon Valley. From August 1999 to December 2000, he was President and Chief Operating Officer at Oplink Communications, Inc., a networking solutions company. Mr. Hsu has over 40 years of experience in the IT industry and served in various managerial and executive positions at Philips, Acer, Hewlett-Packard and Umax group. Mr. Hsu holds an M.B.A. and a B.S. in Electrical Engineering from National Chao-Tung University in Taiwan.
In connection with Mr. Hsu’s appointment, Mr. Hsu will receive an annual salary of $350,000. Mr. Hsu will also continue to be eligible for customary employee benefits. It is currently anticipated that Mr. Hsu will receive an additional grant of an option to purchase 38,000 shares of the Company’s common stock, subject to approval of the Compensation Committee of the Board (the “Compensation Committee”), at a per share exercise price that will not be less than the closing price of the Company’s common stock on the date that the grant is made. The stock options are anticipated to vest over the two-year period following the date of grant, subject to Mr. Hsu remaining continuously employed with the Company through the applicable vesting date. Furthermore, once the Company has regained compliance with its SEC filings, the Company anticipates that Mr. Hsu will be eligible to receive a grant of restricted stock units (“RSUs”) on the Company’s common stock, in an amount to be determined by the Compensation Committee, with such grant to include vesting criteria based upon the Company’s performance.
The Company entered into its standard form indemnity agreement with Mr. Hsu in the form previously filed as Exhibit 10.9 to the Company’s Registration Statement on Form S-1 (Registration No. 333-138370), declared effective by the Securities and Exchange Commission on March 28, 2007. The indemnity agreement requires the Company to indemnify Mr. Hsu against liability that may arise by reason of his service to the Company, subject to certain exceptions.
About SUPER MICRO COMPUTER, INC. (NASDAQ:SMCI)
Super Micro Computer, Inc. is engaged in developing and providing end-to-end green computing solutions to the cloud computing, data center, enterprise information technology (IT), big data, high performance computing (HPC) and Internet of Things (IoT)/embedded markets. The Company’s solutions range from server, storage, blade and workstations to full racks, networking devices, server management software and technology support and services. The Company sells its server systems and server subsystems and accessories through a combination of distributors, including value added resellers and system integrators, and other equipment manufacturers (OEMs). As of June 30, 2016, the Company offered over 4,950 stock keeping units (SKUs), including SKUs for server and storage systems, serverboards, chassis, power supplies and other system accessories. The Company develops and manufactures server solutions based upon a modular and open architecture.
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