UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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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.
(e)
As previously disclosed, on June 17, 2020, Mr. Stephen D. Kelley ceased serving as the Company’s President and Chief Executive Officer and member of the Board.
Mr. Kelley entered into a separation and release agreement with the Company effective July 4, 2020. Pursuant to the agreement, Mr. Kelley will serve as a consultant to the Company for a period of twelve months from his separation date. The agreement provides for him to receive (i) a lump sum of $470,000 and continuation of his base salary for a 30-month period, (ii) a lump sum amount equal to the bonus he would have been paid, if any, under the Company’s 2020 Executive Bonus Plan when payments are made to participants generally under the plan, and a lump sum of $1,062,500, which is the prorated amount of his annual service bonus that would have been due to him in January 2021, (iii) costs of outplacement services for up to six months, and (iv) payment of health insurance premiums for up to 18 months. Further, Mr. Kelley’s unvested stock options and shares of restricted stock and vested stock options will be treated in accordance with the terms of the applicable award agreement. The agreement and release also contains confidentiality, non-competition, non-solicitation, non-disparagement and other customary provisions and includes a general release by Mr. Kelley.
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 hereunto duly authorized.
AMKOR TECHNOLOGY, INC. | ||||
By: | /s/ Mark N. Rogers | |||
Mark N. Rogers | ||||
Executive Vice President, General Counsel and Corporate Secretary | ||||
Date: July 7, 2020