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Form 8-K QUICKLOGIC CORPORATION For: Jun 23

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June 24, 2016 2:48 PM EDT


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
Date of Report (Date of earliest event reported) June 23, 2016
QuickLogic Corporation
(Exact name of registrant as specified in its charter)  
 
 
 
 
 
Delaware
 
000-22671
 
77-0188504
(State or other jurisdiction
of incorporation)
 
(Commission
File Number)
 
(IRS Employer
Identification No.)
 
1277 Orleans Drive, Sunnyvale, CA
 
 
 
94089-1138
(Address of principal executive offices)
 
 
 
(Zip Code)
Registrant’s telephone number, including area code (408) 990-4000
N/A
(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)
 
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))





1


Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On June 23, 2016, QuickLogic Corporation (the “Company”) announced that its president and CEO, Mr. Andrew J. Pease will retire from QuickLogic effective June 24, 2016 due to health related reasons. Mr. Pease will continue as a member of QuickLogic’s Board of Directors, and will enter into a one year consulting agreement.

Mr. Brian C. Faith, currently Vice President of Worldwide Marketing will assume the role of president and CEO, effective June 24, 2016. Mr. Faith will also join the Company’s Board of Directors as of such date.

Proposed compensation arrangements for Messrs. Pease and Faith are being reviewed by the Compensation Committee of the Board of Directors.

There are no arrangements or understandings between Mr. Faith and any other persons pursuant to which Mr. Faith was selected as an executive officer of the Company. There are no family relationships between Mr. Faith and any director, executive officer or any person nominated or chosen by the Company to become a director or executive officer.

Item 7.01 Regulation FD Disclosure

On June 23, 2016, in connection with the aforementioned changes to the Company's Senior Management discussed under Item 5.02, the Company issued a press release, a copy of which is attached hereto and furnished herewith as Exhibit 99.1.





2


Section 9 – Financial Statements and Exhibits
Item 9.01(d) Exhibits.
The following exhibit is furnished as a part of this report:
 
99.1
Press release of QuickLogic Corporation announcing the retirement of CEO and appointment of his successor issued on June 23, 2016.


3


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
Date: June 24, 2016
 
QuickLogic Corporation
 
 
 
 
/s/ Suping (Sue) Cheung
 
 
 
 
 
Suping (Sue) Cheung
Principal Accounting Officer and Corporate Controller


4


EXHIBIT INDEX
 
 
 
 
Exhibit
No.
  
Description
 
 
99.1
  
Press release of QuickLogic Corporation announcing the retirement of CEO and appointment of his successor issued on June 23, 2016.




Contact:
Andrea Vedanayagam
Veda Communications
(408) 656-4494

   
QuickLogic Announces Retirement of Andy Pease and the Appointment of Brian Faith as President and CEO

SUNNYVALE, CA-June 23, 2016 -- QuickLogic Corporation (NASDAQ: QUIK) announces that its president and CEO, Andy Pease will retire from QuickLogic on July 29, 2016. Mr. Pease was diagnosed with Stage One Parkinson’s Disease two years ago, and while it has not impacted his performance, based on a recent recommendation from his neurologist, Mr. Pease believes it is in the best interest of his family and QuickLogic to focus his efforts now towards facilitating a smooth transition for his replacement.  Mr. Pease will continue as a member of QuickLogic’s Board of Directors, and will enter into a one year consulting agreement where he will focus his efforts on top-tier strategic customer development.
Brian Faith will assume the role of QuickLogic president and CEO on June 24, 2016. Mr. Faith has been with QuickLogic since 1996, and during the last 20 years he has held a variety of managerial and executive leadership positions in engineering, product line management, marketing and sales. Mr. Faith holds a BS Computer Engineering degree from Santa Clara University, and as the planned successor, has been working very closely with Mr. Pease during the last two years.
“Brian Faith not only has the highly diverse skill-set it takes to be a great CEO, he also has demonstrated the character it takes to be an exceptional leader,” said Andy Pease, QuickLogic president and CEO. “With the production release of the EOS S3 Sensor Processing Platform, QuickLogic reached a transitional milestone, and with that goal realized, I believe the company is well positioned for sustainable growth during the coming years under Brian’s competent leadership.”

About QuickLogic
QuickLogic Corporation (NASDAQ: QUIK) is a semiconductor provider of ultra-low power, comprehensive, flexible sensor processing solutions enabling significantly longer battery life for the Smartphone, Wearable, and IoT markets. We are the only company integrating multi-core processing, programmable logic, sensor fusion and context aware algorithms, and embedded software. QuickLogic accelerates the pace of innovation for always-on motion, light, environmental, location, and voice-enabled user experiences. For more information about QuickLogic, visit www.quicklogic.com.


QuickLogic and the QuickLogic logo are registered trademarks of QuickLogic Corporation. All other brands or trademarks are the property of their respective holders and should be treated as such.
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Code: QUIK-G



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