8-K: Amtech Systems Appoints Asif Y. Jakwani to Board of Directors

Amtech Systems, Inc. appoints Asif Y. Jakwani, former Senior Vice President and General Manager of On Semiconductor Corporation, to its Board of Directors, effective January 23, 2025.

Summary

• Amtech Systems, Inc. has appointed Asif Y. Jakwani to its Board of Directors, effective January 23, 2025.
• Mr. Jakwani's appointment fills an existing vacancy on the Board.
• The Nominating and Governance Committee recommended Mr. Jakwani's appointment.
• The Board has determined that Mr. Jakwani is independent according to NASDAQ standards and SEC rules.
• Mr. Jakwani previously served as Senior Vice President and General Manager of On Semiconductor Corporation (Onsemi) from February 2020 to March 2024.
• During his time at Onsemi, Mr. Jakwani was responsible for all power discrete and modules for Onsemi including SiC, approximately 40% of Onsemi's revenue in 2023.
• Under his leadership, Onsemi attained number 2 market share position in SiC in 2023, growing 4x from 2022.
• Mr. Jakwani will receive an annual cash retainer of $40,000, paid quarterly, and an equity component in the form of restricted stock units (RSUs).
• He will receive an RSU grant on the day of the Company's 2025 annual meeting.

Sentiment

Score: 7

Explanation: The appointment of an experienced executive to the board is generally viewed positively, suggesting a stable and forward-looking company.

Positives

• The appointment of Asif Y. Jakwani brings significant experience in the semiconductor industry to Amtech Systems' Board.
• Mr. Jakwani's expertise in power discrete and modules, including SiC, could be valuable to Amtech Systems.
• His leadership at Onsemi, where he helped the company attain the number 2 market share position in SiC, demonstrates his capabilities.
• The Board has determined that Mr. Jakwani is independent, ensuring objective oversight.

Future Outlook

The Governance Committee will consider Mr. Jakwani's appointment to one or more committees of the Board at a subsequent meeting.

Industry Context

The appointment of a seasoned executive from a major semiconductor company like Onsemi suggests Amtech Systems is looking to strengthen its position in the industry, particularly in areas related to power and SiC.

Comparison to Industry Standards

• Onsemi is a publicly-traded semiconductor company that specializes in delivering industry-leading intelligent power and intelligent sensing solutions.
• Onsemi attained number 2 market share position in SiC in 2023, growing 4x from 2022.
• Mr. Jakwani's compensation is consistent with the compensation arrangements provided to the Boards other independent, non-management directors.

Management Changes

Stakeholder Impact

• Shareholders may view the appointment positively, anticipating that Mr. Jakwani's expertise will benefit the company's strategic direction.
• Employees may see the appointment as a sign of stability and growth potential.

Next Steps

• The Governance Committee will consider Mr. Jakwani's appointment to one or more committees of the Board at a subsequent meeting.

Key Dates