Corporate GovernanceJun 8, 2026, 04:12 PM
Semtech Amends Executive Severance Plan, Increases Equity Pool
AI Summary
Semtech Corporation announced updates to its executive compensation and equity plans following its Annual Meeting of Stockholders. The company amended its Executive Severance Plan to include benefits for terminations outside of a Change in Control, providing one times base salary plus a pro-rata target bonus, healthcare continuation, and accelerated vesting of certain deferred compensation. Additionally, stockholders approved an amendment to the 2017 Long-Term Equity Incentive Plan, increasing the share pool by 4.3 million. The meeting also saw the election of nine directors and the ratification of Deloitte & Touche LLP as the independent auditor.
Key Highlights
- Semtech amended its Executive Severance Plan to provide severance benefits for terminations outside of a Change in Control.
- Severance includes one times base salary plus pro-rata target bonus, up to 12 months COBRA premiums, and accelerated vesting of Nonqualified Excess Plan balance.
- Stockholders approved an amendment to the 2017 Long-Term Equity Incentive Plan, increasing available shares by 4.3 million.
- Nine directors were elected to the Board until the 2027 Annual Meeting.
- Deloitte & Touche LLP was ratified as the independent registered public accounting firm for fiscal year 2027.
- Stockholders approved, on an advisory basis, the compensation paid to named executive officers.
Price Impact
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