SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): December 20, 2018
KULICKE AND SOFFA INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
(State or Other Jurisdiction
(Commission File Number)
23A Serangoon North Avenue 5, #01-01 K&S Corporate Headquarters, Singapore
(Address of Principal Executive Offices)
Registrant’s telephone number, including area code: (215) 784-6000
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 20, 2018, Kulicke & Soffa Industries, Inc. (the “Company”) announced the appointment of Lester A. Wong, age 52, as Chief Financial Officer, effective immediately. Mr. Wong had been serving as the Company’s interim Chief Financial Officer since November 27, 2017, in addition to serving in his continuing role as Senior Vice President, Legal Affairs and General Counsel since 2011. In connection with his appointment as Chief Financial Officer, the Management Development and Compensation Committee of the Company’s Board of Directors approved certain changes to Mr. Wong’s compensation.
Effective January 1, 2019, Mr. Wong will receive an annual salary of S$480,000 (four hundred eighty thousand Singapore dollars). Mr. Wong will continue to participate in the Company’s Incentive Compensation Plan and is eligible to receive a prorated bonus of up to 140% of his base salary (70% is the annual target level for such bonus) based on the achievement of certain performance goals of the Company. Additionally, on January 2, 2019, Mr. Wong will receive an equity award of S$350,000, consisting of seventy-five percent performance share units (“PSUs”) and twenty-five percent restricted share units (“RSUs”). Twenty-five percent of the PSUs will be measured using an organic growth metric, and the remainder will be measured using a relative Total Shareholder Return metric. The RSUs will vest over thirty-six months, with one-third vesting on each anniversary of the grant date. The PSUs will cliff vest thirty-six months from the grant date, with a payout between zero percent and two hundred percent of the number of PSUs granted based on the achievement of the specified metrics.
There are no (i) family relationships, as defined in Item 401 of Regulation S-K, between Mr. Wong and any of the Company’s executive officers or directors, or any person nominated to become a director or executive officer, (ii) arrangements or understandings between Mr. Wong and any other person pursuant to which Mr. Wong was appointed as Chief Financial Officer of the Company, or (iii) transactions in which Mr. Wong has an interest requiring disclosure pursuant to Item 404(a) of Regulation S-K.
A copy of the Company’s press release announcing Mr. Wong’s appointment is attached hereto as Exhibit 99.1.
Financial Statements and Exhibits.
Press Release dated December 20, 2018
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 hereunto duly authorized.
KULICKE AND SOFFA INDUSTRIES, INC.
Date: December 20, 2018
/s/ FUSEN CHEN
President and Chief Executive Officer
K&S Corporate Headquarters
Kulicke & Soffa Pte Ltd
23A Serangoon North Ave 5
#01-01, Singapore 554369
Co. Regn. No. 199902120H
Kulicke & Soffa Confirms Lester A. Wong as Chief Financial Officer
SINGAPORE - December 20, 2018 - Kulicke & Soffa Industries, Inc. (NASDAQ: KLIC) (“Kulicke & Soffa”, “K&S” or the “Company”), announced today it has appointed Lester A. Wong, as Chief Financial Officer effective immediately. Mr. Wong, 52, had been serving as the Company’s Interim Chief Financial Officer, in addition to serving in his continuing role as General Counsel & Senior Vice President of Legal Affairs. Mr. Wong has been a key member of the executive leadership team since joining K&S in September of 2011.
“I want to thank Lester for taking on the Interim CFO responsibilities in addition to leading our global Finance, IT and Legal Affairs teams over the past thirteen months,” stated Fusen Chen, President and Chief Executive Officer, “Lester consistently demonstrates thorough and thoughtful leadership enhancing our collective ability to efficiently create and deliver shareholder value.”
Prior to Kulicke
& Soffa, Mr. Wong, held General Counsel and Senior Legal Counsel positions with several other NASDAQ-listed companies. Mr. Wong earned his Juris Doctor (J.D.) from the University of British Columbia in Canada and a Bachelor of Science degree from the University of Western Ontario.
About Kulicke & Soffa
Kulicke & Soffa (NASDAQ: KLIC) is a leading provider of semiconductor packaging and electronic assembly solutions supporting the global automotive, consumer, communications, computing and industrial segments. As a pioneer in the semiconductor space, K&S has provided customers with market leading packaging solutions for decades. In recent years, K&S has expanded its product offerings through strategic acquisitions and organic development, adding advanced packaging, electronics assembly, wedge bonding and a broader range of expendable tools to its core offerings. Combined with its extensive expertise in process technology and focus on development, K&S is well positioned to help customers meet the challenges of packaging and assembling the next-generation of electronic devices (www.kns.com).
Kulicke & Soffa Industries, Inc.
Investor Relations & Strategic Initiatives