UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On March 2, 2020, James J. Kim, Executive Vice President of Worldwide Sales of Semtech Corporation (the “Company”), notified the Company of his intention to retire from the Company effective April 3, 2020.
On March 3, 2020, the Compensation Committee of the Board of Directors (the “Board”) of the Company approved a Transition Agreement by and between the Company and Mr. Kim (the “Transition Agreement”). The Transition Agreement provides that Mr. Kim will be available to the Company (as a non-employee consultant) to help transition his duties and responsibilities over a one-year period following his retirement date, that the Company will pay Mr. Kim $966,000 over a one-year period, and that the Company will pay or reimburse Mr. Kim’s premiums to continue healthcare coverage under COBRA for up to twenty-three months, all subject to Mr. Kim providing the Company with a release of claims. The summary of the Transition Agreement is qualified in its entirety by reference to the text of the Transition Agreement, which is filed as Exhibit 10.1 hereto and incorporated herein by reference.
In connection with the transition of Mr. Kim’s duties, on March 4, 2020 the Board changed Mr. Kim’s title to Executive Vice President, Special Projects, Sales.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits |
The following exhibits are being included as part of this report:
| Exhibit |
Description | |||
| 10.1 |
Transition Agreement, dated as of March 3, 2020 between Semtech Corporation and James J. Kim | |||
| 104 |
The Cover Page from this Current Report on Form 8-K formatted in Inline XBRL (included as Exhibit 101) | |||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| SEMTECH CORPORATION | ||||||
| Date: March 6, 2020 |
By: |
/s/ Emeka N. Chukwu | ||||
| Name: |
Emeka N. Chukwu | |||||
| Title: |
Chief Financial Officer | |||||