Company: CRUS
Filing Date: 2025-02-04
Form Type: 8-K
Source: 0000772406-25-000006
Chunk: 2

Company: CIRRUS LOGIC, INC.
Filing Date: 2025-02-04
Form: 8-K
Item: Item 5.02
Chunk 2
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 equity award valued at $2.5 million in restricted stock units (RSUs) vesting over three years, with 20% vesting at the first anniversary of grant, 40% vesting at the second anniversary, and 40% vesting at the third anniversary, intended to offset equity or compensation forfeited upon joining the Company. This award is subject to accelerated vesting if Mr. Woolard’s employment is terminated by the Company without Cause other than in connection with a Change of Control (as those terms are defined in our Executive Severance and Change of Control Plan).

• A one-time, new-hire equity award valued at $1.5 million in RSUs vesting over two years, with 50% vesting at the first anniversary of grant and 50% vesting at the second anniversary.

• A one-time, new-hire equity award valued at $1.5 million in performance-based RSUs referred to as market stock units (MSUs), which cliff vest after three years. The number of MSUs that ultimately vest after three years may range from 0 to 200% of the target number of shares, depending on the Company’s total shareholder return (“ TSR”) measured relative to the TSR of the component companies of the Russell 3000 Index over that three-year period, as described in our proxy statement.

Mr. Woolard will not be required to relocate to the Company’s headquarters in Austin, Texas and plans to work remotely from Phoenix, Arizona, traveling as needed to our headquarters and other locations.

The foregoing summary of the Offer Letter does not purport to be complete and is qualified in its entirety by reference to the full text of the Offer Letter, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

There are no other arrangements or understandings between Mr. Woolard and any other persons pursuant to which he was selected as the Company’s CFO. There are no family relationships between Mr. Woolard and the executive officers or directors of the Company, and no transactions involving the Company and Mr. Woolard that the Company would be required to report pursuant to Item 404(a) of Regulation S-K.

Resignation of Mr. Habermann as Interim Chief Financial Officer and Continued Role as Principal Accounting Officer

On May 16, 2024, the Company filed a Current Report on Form 8-K disclosing that Ulf Habermann had been appointed as the Company’s interim CFO until a successor was appointed. In connection with Mr.