OmniVision (OVIT) Appoints Raymond Wu as President
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On November 29, 2012, the board of directors of OmniVision Technologies, Inc. (Nasdaq: OVTI)appointed Raymond Wu as the Company’s new President, effective December 1, 2012.
Mr. Wu served as President at EU3C Company Limited Reserved, a consumer electronics company, since 2006. Prior to that time, Mr. Wu was a co-founder of the Company and served on the Company’s board of directors from May 1995 until August 2006. From October 1999 until August 2006, Mr. Wu served as the Company’s Executive Vice President. From July 1998 to October 1999, Mr. Wu served as the Company’s Vice President of Business Development. From May 1995 to July 1998, Mr. Wu was the head of the Company’s sales and engineering departments. Mr. Wu received a B.S. degree in electrical engineering from Chung-Yuan University in Taiwan and an M.S. degree in electrical engineering from Wayne State University.
In connection with Mr. Wu’s employment with the Company, the Company has agreed to provide Mr. Wu with the following compensation arrangements:
(i) An annual base salary of $416,000;
(ii) A grant of a time-based option to purchase 70,000 shares of common stock of the Company, which will vest as to 1/4th of the shares subject to the option on the one year anniversary of December 1, 2012, Mr. Wu’s employment start date, and thereafter 1/36th of the remaining shares subject to the option on each monthly anniversary of Mr. Wu’s employment start date;
(iii) A grant of restricted stock units (“RSUs”) for 40,000 shares of the Company’s common stock, which will vest in three substantially equal installments on each of January 1, 2014, 2015 and 2016; and
(iv) Cash bonuses in the aggregate amount of $500,000, less applicable withholdings, with $200,000 to be paid in each of January 2013 and April 2013, and $100,000 to be paid in July 2013, provided that Mr. Wu will be obligated to repay $500,000, less applicable withholdings, in the event Mr. Wu is no longer employed by the Company at any time prior to December 1, 2015.
Also in connection with Mr. Wu’s employment with the Company, the Company and Mr. Wu will enter into an indemnification agreement (the “Indemnification Agreement”), which will obligate the Company to indemnify Mr. Wu in certain situations, subject to certain conditions as set forth in the Indemnification Agreement. The Indemnification Agreement also obligates the Company to advance expenses to Mr. Wu in certain situations, subject to certain conditions as set forth in the Indemnification Agreement.
The foregoing summary of the Indemnification Agreement is qualified in its entirety by reference to the full text of such agreement referenced as Exhibit 10.1 and incorporated by reference herein.
Mr. Wu is not a party to any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
Mr. Wu served as President at EU3C Company Limited Reserved, a consumer electronics company, since 2006. Prior to that time, Mr. Wu was a co-founder of the Company and served on the Company’s board of directors from May 1995 until August 2006. From October 1999 until August 2006, Mr. Wu served as the Company’s Executive Vice President. From July 1998 to October 1999, Mr. Wu served as the Company’s Vice President of Business Development. From May 1995 to July 1998, Mr. Wu was the head of the Company’s sales and engineering departments. Mr. Wu received a B.S. degree in electrical engineering from Chung-Yuan University in Taiwan and an M.S. degree in electrical engineering from Wayne State University.
In connection with Mr. Wu’s employment with the Company, the Company has agreed to provide Mr. Wu with the following compensation arrangements:
(i) An annual base salary of $416,000;
(ii) A grant of a time-based option to purchase 70,000 shares of common stock of the Company, which will vest as to 1/4th of the shares subject to the option on the one year anniversary of December 1, 2012, Mr. Wu’s employment start date, and thereafter 1/36th of the remaining shares subject to the option on each monthly anniversary of Mr. Wu’s employment start date;
(iii) A grant of restricted stock units (“RSUs”) for 40,000 shares of the Company’s common stock, which will vest in three substantially equal installments on each of January 1, 2014, 2015 and 2016; and
(iv) Cash bonuses in the aggregate amount of $500,000, less applicable withholdings, with $200,000 to be paid in each of January 2013 and April 2013, and $100,000 to be paid in July 2013, provided that Mr. Wu will be obligated to repay $500,000, less applicable withholdings, in the event Mr. Wu is no longer employed by the Company at any time prior to December 1, 2015.
Also in connection with Mr. Wu’s employment with the Company, the Company and Mr. Wu will enter into an indemnification agreement (the “Indemnification Agreement”), which will obligate the Company to indemnify Mr. Wu in certain situations, subject to certain conditions as set forth in the Indemnification Agreement. The Indemnification Agreement also obligates the Company to advance expenses to Mr. Wu in certain situations, subject to certain conditions as set forth in the Indemnification Agreement.
The foregoing summary of the Indemnification Agreement is qualified in its entirety by reference to the full text of such agreement referenced as Exhibit 10.1 and incorporated by reference herein.
Mr. Wu is not a party to any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
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