Company: CRUS
Filing Date: 2025-02-04
Form Type: 8-K
Source: 0000772406-25-000006
Chunk: 1

Company: CIRRUS LOGIC, INC.
Filing Date: 2025-02-04
Form: 8-K
Item: Item 5.02
Chunk 1
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Appointment of Chief Financial Officer

On February 4, 2025, Cirrus Logic, Inc. (the “ Company,” “we,” or “our”) announced the appointment of Jeff Woolard as Chief Financial Officer (“ CFO”) of the Company, effective February 24, 2025.

Mr. Woolard, age 55, joins the Company having come from Velocity Global, LLC., a private company that provides a global workforce platform and related services, where he served from September 2023 as CFO. Previously, from December 2021, Mr. Woolard served as CFO for Solidigm, a private company that provides flash memory solutions. Prior to that, from May 2020, Mr. Woolard worked at Intel Corporation, a public semiconductor company, as CFO Manufacturing and Technology and from March 2012 as CFO Intel Capital, Emerging Growth Incubation. Previously, Mr. Woolard held other various leadership positions at Intel. From 2019-2022, Mr. Woolard also served as a board member for McAfee Corp., a computer security software company. Mr. Woolard holds a Bachelor of Science degree in Finance from Arizona State University and a Master of Business Administration degree from the University of Washington.

In connection with his appointment, Mr. Woolard entered into an offer-letter agreement (the “ Offer Letter”) with the Company on December 20, 2024, which provides that, subject to him commencing employment, he will receive the following:

• A base salary of $475,000 per year.

• A $200,000 cash hiring bonus, subject to pro-rated repayment if Mr. Woolard voluntarily resigns, takes a personal leave exceeding three months, or is terminated (other than in a reduction in force) within 24 months of his hire date.

• Eligibility to participate in our 2007 Management and Key Individual Contributor Incentive Plan with a semiannual target bonus percentage of 37.5%.

• Eligibility to participate in our Executive Severance and Change of Control Plan.

• Eligibility to participate in our health, retirement, and other programs on the same basis as other executive officers.

• The right to receive the following equity awards, which are expected to be granted on the Company’s next regularly scheduled monthly grant date following February 24, 2025:

• A one-time, make-whole