Semtech Corporation announced amendments to its Executive Severance Plan and its 2017 Long-Term Equity Incentive Plan. The severance plan was updated to include benefits for terminations not related to a change of control, while shareholders approved an increase of 4.3 million shares to the equity incentive plan's reserve at the company's 2026 Annual Meeting.
Key Details
- Executive Severance Plan: On June 2, 2026, the company amended its severance plan to provide benefits for qualifying terminations without "Cause" or for "Good Reason" outside of a Change in Control event. These benefits include one times annual base salary, a pro-rata target bonus, and up to 12 months of COBRA premium reimbursement.
- Equity Incentive Plan: At the Annual Meeting on June 4, 2026, stockholders approved an amendment to the 2017 Long-Term Equity Incentive Plan, increasing the aggregate number of shares available for award grants by 4,300,000.
- Annual Meeting Results: All nine director nominees were elected to the Board, and proposals to ratify the company's auditor and approve executive compensation were also passed at the Annual Meeting.