Paul H. Pickle Joins Semtech As President and Chief Executive Officer
Semtech Corporation (Nasdaq: SMTC), a high-performance semiconductor, IoT systems and cloud connectivity service provider, today announced that Paul H. Pickle has joined the company as its president and chief executive officer. Mr. Pickle also joined Semtech’s board of directors.
CAMARILLO, Calif., June 30, 2023 – Semtech Corporation (Nasdaq: SMTC), a high-performance semiconductor, IoT systems and cloud connectivity service provider, today announced that Paul H. Pickle has joined the company as its president and chief executive officer. Mr. Pickle also joined Semtech’s board of directors.
In accordance with the terms of his employment agreement, Semtech granted Mr. Pickle a stock unit award covering 247,305 shares of Semtech common stock. Of the stock units awarded, 123,652 are time-based vesting stock units (“RSUs”) scheduled to vest, subject to Mr. Pickle’s continued service, on a quarterly basis over a three-year period. Of the stock units awarded, 123,653 are a “target” number of performance-based vesting stock units. Half of the “target” number of performance-based vesting stock units are subject to vesting based on the attainment of certain Semtech financial measures (“Financial Measure PSUs”) and the other half of the “target” number of performance-based vesting stock units are subject to vesting based on Semtech’s relative total shareholder return (“Relative TSR PSUs”). Between 0% and 200% of the “target” number of stock units subject to the performance-based vesting award may become eligible to vest based on actual performance during the applicable three-year performance period consisting of fiscal years 2024, 2025 and 2026. Stock units that vest will be paid in an equal number of shares of Semtech common stock. All of the stock units awarded to Mr. Pickle are structured to satisfy the “inducement grant” exception under applicable listing rules and, accordingly, they were not granted under Semtech’s 2017 Long-Term Equity Incentive Plan.
Semtech Corporation (Nasdaq: SMTC) is a high-performance semiconductor, IoT systems, and cloud connectivity service provider dedicated to delivering high-quality technology solutions that enable a smarter, more connected, and sustainable planet. Our global teams are committed to empowering solution architects and application developers to develop breakthrough products for the infrastructure, industrial and consumer markets. To learn more about Semtech technology, visit us at Semtech.com or follow us on LinkedIn or Twitter.
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