AXT Inc. Appoints New CFO, Details Compensation
Ticker: AXTI · Form: 8-K · Filed: May 20, 2024 · CIK: 1051627
| Field | Detail |
|---|---|
| Company | Axt Inc (AXTI) |
| Form Type | 8-K |
| Filed Date | May 20, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.001 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-appointment, compensation, cfo
TL;DR
AXT names David Miller new CFO, gets $350k salary + stock options/RSUs.
AI Summary
On May 16, 2024, AXT, Inc. announced the appointment of David J. Miller as its new Chief Financial Officer, effective May 20, 2024. Miller will receive an annual base salary of $350,000 and is eligible for a discretionary annual bonus. He will also be granted 150,000 stock options, vesting over four years, and a restricted stock unit award with a target value of $500,000, vesting over three years.
Why It Matters
The appointment of a new CFO is a significant leadership change that can impact financial strategy and investor confidence. The disclosed compensation package provides insight into the company's valuation of key executive talent.
Risk Assessment
Risk Level: medium — Changes in key executive positions like CFO can introduce uncertainty regarding future financial strategy and performance.
Key Numbers
- $350,000 — CFO Annual Base Salary (David Miller's starting salary)
- 150,000 — Stock Options Granted (Awarded to new CFO, vesting over 4 years)
- $500,000 — RSU Target Value (Awarded to new CFO, vesting over 3 years)
Key Players & Entities
- AXT, Inc. (company) — Registrant
- David J. Miller (person) — Appointed Chief Financial Officer
- $350,000 (dollar_amount) — Annual base salary for new CFO
- 150,000 (dollar_amount) — Stock options granted to new CFO
- $500,000 (dollar_amount) — Target value of RSU award for new CFO
- May 16, 2024 (date) — Date of report
- May 20, 2024 (date) — Effective date for new CFO
FAQ
What is David J. Miller's annual base salary as the new CFO?
David J. Miller's annual base salary as the new Chief Financial Officer of AXT, Inc. is $350,000.
When is David J. Miller's appointment as CFO effective?
David J. Miller's appointment as Chief Financial Officer is effective May 20, 2024.
How many stock options will David J. Miller receive?
David J. Miller will be granted 150,000 stock options, which will vest over a four-year period.
What is the target value of the restricted stock unit award for the new CFO?
The restricted stock unit award for the new CFO, David J. Miller, has a target value of $500,000 and will vest over three years.
What other items were reported in this 8-K filing besides the CFO appointment?
This 8-K filing also includes information regarding the election of directors, appointment of certain officers, compensatory arrangements of certain officers, submission of matters to a vote of security holders, and financial statements and exhibits.
Filing Stats: 765 words · 3 min read · ~3 pages · Grade level 11 · Accepted 2024-05-20 16:15:33
Key Financial Figures
- $0.001 — ge on which registered: Common Stock, $0.001 par value AXTI The NASDAQ Stock Mar
Filing Documents
- axti-20240516x8k.htm (8-K) — 52KB
- axti-20240516xex10d1.htm (EX-10.1) — 161KB
- 0001558370-24-008474.txt ( ) — 359KB
- axti-20240516.xsd (EX-101.SCH) — 3KB
- axti-20240516_lab.xml (EX-101.LAB) — 15KB
- axti-20240516_pre.xml (EX-101.PRE) — 10KB
- axti-20240516x8k_htm.xml (XML) — 5KB
07. Submission of Matters to a Vote of Security Holders
Item 5.07. Submission of Matters to a Vote of Security Holders . The Company held its Annual Meeting of Stockholders ("Annual Meeting") on May 16, 2024. The matters voted upon at the Annual Meeting and the results of such voting are set forth below : Proposal 1: Election of one (1) Class II director to hold office for a three-year term and until his successor is elected and qualified: Name of Director For % Withheld % Broker Non-Votes Jesse Chen 23,080,644 88.23% 3,080,165 11.77% 7,042,413 Jesse Chen was duly elected by the stockholders as the Class II director to hold office for a three-year term and until his successor is elected and qualified. Proposal 2: Advisory vote on executive compensation: For Against Abstain Broker Non-Votes 24,199,205 1,214,339 747,265 7,042,413 The compensation of the Company's named executive officers, as disclosed in the Proxy Statement , was approved by the stockholders on an advisory basis. Proposal 3: Approval of an amendment to the 2015 Plan: For Against Abstain Broker Non-Votes 16,074,438 9,040,408 1,045,963 7,042,413 The amendment to the 2015 Plan was approved. Proposal 4: Ratification of the appointment of BPM LLP ("BPM") as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2024: For Against Abstain 31,630,895 1,539,280 33,047 The appointment of BPM as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2024 was ratified by the stockholders.
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1* 2015 Equity Incentive Plan, as amended 104 Cover Page Interactive Data File (formatted as inline XBRL) * Management contract or compensatory plan.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. AXT, INC. Date: May 20, 2024 By: /s/ Gary L. Fischer Gary L. Fischer Chief Financial Officer and Corporate Secretary