Skyworks Solutions, Inc. (NASDAQ:SWKS), a leading developer, manufacturer and provider of analog and mixed-signal semiconductors and solutions for numerous applications, today announced the grant of inducement awards to its newly appointed chief executive officer, Philip Brace, who commenced his employment at Skyworks on Feb. 17, 2025. In connection with Mr. Brace's appointment, the Compensation Committee of the Board of Directors approved the grant to Mr. Brace of (i) a new hire performance share award (New Hire PSA) with respect to 455,028 shares of the Company's common stock, (ii) a restricted stock unit award for the 2025 fiscal year (FY2025 RSU) with respect to 43,682 shares of the Company's common stock and (iii) a performance share award for the 2025 fiscal year (FY2025 PSA) with respect to 65,524 shares of the Company's common stock (at target), or up to 163,810 shares if the performance conditions are achieved at the maximum level, each as an inducement material to Mr. Brace entering into employment with Skyworks in accordance with Nasdaq Listing Rule 5635(c)(4).
The New Hire PSA may be earned based on the level of achievement of stock price hurdles measured during a four-year performance period commencing on the second anniversary of his start date and ending on the sixth anniversary of his start date. Twenty percent of the shares subject to the New Hire PSA are earned upon achievement of each of the price hurdles and vest on the one-year anniversary of the applicable price hurdle achievement date, subject to continued service on such date. The FY2025 RSU vests over a period of four years with such vesting deemed to have commenced on Nov. 5, 2024. The FY2025 PSA may vest upon the achievement of certain corporate performance milestones consistent with the metrics used for the annual PSAs previously granted to Skyworks's other executive officers for FY2025.
The inducement grants are subject to the terms and conditions of award agreements covering the grants.
About Skyworks
Skyworks Solutions, Inc. is empowering the wireless networking revolution. We are a leading developer, manufacturer and provider of analog and mixed-signal semiconductors and solutions for numerous applications, including aerospace, automotive, broadband, cellular infrastructure, connected home, defense, entertainment and gaming, industrial, medical, smartphone, tablet and wearables.
Skyworks is a global company with engineering, marketing, operations, sales and support facilities located throughout Asia, Europe and North America and is a member of the S&P 500® market index (NASDAQ:SWKS). For more information, please visit Skyworks' website at: www.skyworksinc.com.
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