Company: CRUS
Filing Date: 2025-06-04
Form Type: DEF 14A
Source: 0000772406-25-000019
Chunk: 60

Company: CIRRUS LOGIC, INC.
Filing Date: 2025-06-04
Form: DEF 14A
Chunk 60
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 last year, is appropriate and justified based on his strong individual performance, as well as the Company’s performance over the past 12 months, among the other factors discussed herein such as retention objectives. As noted earlier, the Company’s one-year revenue growth was around the 68th percentile of our compensation peer group, and the Company’s operating income and net income for the four quarters preceding the Compensation Committee’s compensation data-gathering efforts placed the Company at around the 78th and 85th percentiles, respectively, of our compensation peer group.

With internal pay equity remaining a consideration, the Compensation Committee’s decisions resulted in our other NEOs being generally averaging collectively around the 50th percentile.

Mr. Woolard’s equity awards were approved by the Compensation Committee through a separate process, and reflected in his offer letter. In fiscal year 2025, special equity awards in the form of new-hire awards were granted to Mr. Woolard in connection with his joining the Company. Specifically, Mr. Woolard’s new-hire equity awards had an intended grant-date value of $5.5 million, consisting of:

• a one-time, make-whole equity award valued at $2.5 million in 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 compensate Mr.

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Woolard for equity or compensation forfeited upon joining the Company. This equity award is subject to accelerated vesting in the event that 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 the Company’s Executive Severance and Change of Control Plan), conditioned upon Mr. Woolard’s execution and delivery of an effective release of claims against the Company and related parties;

• 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; and

• a one-time, new-hire equity award valued at $1.5 million in MSUs, which will “cliff” vest after three years based on the terms and achievement of performance criteria as set forth herein in the subsection entitled “ Market Stock Units .”

When determining Mr. Woolard’s new-hire equity awards, the Compensation Committee considered market data specific to the role