Semtech Corporation (Nasdaq: SMTC) has announced the appointment of Paul H. Pickle as the new president and chief executive officer of the company. Paul, an industry veteran, brings a wealth of experience and expertise to Semtech’s high-performance semiconductor, IoT systems, and cloud connectivity services.
In addition to his executive role, Paul has also joined Semtech’s board of directors, further enhancing the company’s leadership team. His appointment comes as Semtech seeks to expand its presence in the rapidly growing semiconductor market and strengthen its position as a leading provider of innovative technologies.
As part of his employment agreement, Semtech has granted Paul a stock unit award consisting of 247,305 shares of Semtech common stock. The award includes both time-based vesting stock units (RSUs) and performance-based vesting stock units (PSUs). The RSUs, totaling 123,652 shares, will vest on a quarterly basis over a three-year period, subject to Paul’s continued service with the company.
The performance-based vesting stock units, totaling 123,653 shares, are divided into two categories. The first category, known as Financial Measure PSUs, will vest based on the achievement of specific Semtech financial goals. The second category, Relative TSR PSUs, will vest based on Semtech’s relative total shareholder return compared to industry benchmarks.
The actual number of stock units that will vest from the performance-based category will range between 0% and 200% of the target amount, depending on the company’s performance during the three-year performance period covering fiscal years 2024, 2025, and 2026. Upon vesting, the stock units will be paid out in the form of Semtech common stock.
It is worth noting that all stock units awarded to Paul comply with the “inducement grant” exception under applicable listing rules. Therefore, they were not granted under Semtech’s 2017 Long-Term Equity Incentive Plan.
Semtech Corporation is confident that the addition of Paul H. Pickle to its executive team will further drive innovation, growth, and market expansion. With his extensive industry knowledge and proven leadership abilities, Paul is poised to lead Semtech into a new era of success in the semiconductor and IoT sectors.
Investors and industry experts will be closely watching Semtech’s performance under its new leadership as the company navigates the challenges and opportunities of the rapidly evolving technology landscape.
