ULTRA CLEAN HOLDINGS, INC. (NASDAQ:UCTT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02.
Ultra Clean Holdings, Inc. (the “Company”) today announced that it has appointed Chris Siu as the Company’s Chief Accounting Officer and Senior Vice President, effective May 30, 2019. In such position, Mr. Siu will act as the Company’s principal accounting officer. Sheri Savage, the Company’s Chief Financial Officer, Senior Vice President of Finance and Secretary, will continue to act as the Company’s principal financial officer.
Prior to joining the Company, Mr. Siu, 48, served as Vice President of Finance at PDF Solutions, Inc., a leading provider of differentiated data and analytics solutions to the semiconductor and electronics industries, since October 2018. Prior to PDF Solutions, Mr. Siu served at GLOBALFOUNDRIES, Inc., a global pure-play foundry for the semiconductor industry, as its Corporate Controller from June 2014 to October 2018, as Senior Director, Finance and Operations Controller from December 2013 to June 2014 and as Assistant Corporate Controller from November 2010 to December 2013. Prior to that, Mr. Siu served at Trident Microsystems, Inc. a provider of high-performance multimedia semiconductor solutions, as its Chief Accounting Officer and Director of Finance from February 2007 to November 2010. Prior to Trident Microsystems, Mr. Siu served at Varian Medial Systems, Inc., a market-leading manufacturer of medical devices for the treatment of cancer, in different finance management roles from June 2004 to February 2007. Prior to that, he worked for Deloitte & Touche LLP from August 2001 to June 2004 and left as an Audit Manager, and was previously with Ernst & Young LLP from January 1996 to June 2001. Mr. Siu holds a Master of Business Administration degree from the University of California at Berkeley and a Bachelor of Science degree in Accounting from Brigham Young University in Hawaii. Mr. Siu is a Certified Public Accountant (inactive) in California.
Mr. Siu’s offer letter from the Company provides that his salary shall be $300,000 per year. Mr. Siu is also eligible to participate in the Company’s management bonus plan, which includes an initial target payout of 50% of his base salary on an annualized basis after one full quarter of employment. The offer letter provides that the Company intends to grant Mr. Siu an award of restricted stock units of the Company valued at $450,000, which will vest over three years in equal annual installments on each anniversary of the grant date and shall otherwise be subject to the terms and conditions set forth in the Company’s standard form of restricted stock unit agreement and stock incentive plan. The offer letter also provides that Mr. Siu will receive a sign-on bonus of $50,000 to be paid on January 10, 2020, subject to Mr. Siu remaining with the Company for 12 months.
The foregoing is only a summary of the terms of the offer letter, and is qualified in its entirety by reference to the offer letter that is filed as Exhibit 99.1 hereto.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
| 99.1 | Offer letter between the Company and Mr. Siu |
Ultra Clean Holdings, Inc. Exhibit
EX-99.1 2 dp108178_ex9901.htm EXHIBIT 99.1 Exhibit 99.1 Ultra Clean Technology Systems and Service,…
To view the full exhibit click here
About ULTRA CLEAN HOLDINGS, INC. (NASDAQ:UCTT)
Ultra Clean Holdings, Inc. is engaged in the design, engineering and manufacture of production tools, modules and subsystems. The Company’s products include precision robotic solutions; gas delivery systems; a range of industrial and automation production equipment products; subsystems that includes wafer cleaning sub-systems, chemical delivery modules, top-plate assemblies, frame assemblies, and process modules. It offers its products for the semiconductor capital equipment and equipment industry segments. It also sells to the consumer, medical, energy, industrial, flat panel and research equipment industries. It is focused on providing specialized engineering and manufacturing solutions for these applications. It provides its original equipment manufacturing (OEM) customers an outsourced solution for the development, design, component sourcing, prototyping, engineering, manufacturing and testing of advanced systems. It principal markets include North America, Asia and Europe.