GCT Semiconductor Appoints New Directors and CFO

TL;DR

GCT Semiconductor shakes up leadership with new directors and a new CFO.

AI Summary

GCT Semiconductor Holding, Inc. announced on August 21, 2024, a significant change in its board of directors and executive compensation. The company elected two new directors, Dr. Jianhui (John) Zhang and Mr. Wei (David) Li, and appointed Mr. Wei (David) Li as Chief Financial Officer. These changes are effective immediately and are part of the company's ongoing strategic adjustments.

Why It Matters

The appointment of new leadership and a new CFO signals potential strategic shifts or a response to previous performance, which could impact the company's future direction and financial management.

Risk Assessment

Risk Level: medium — Changes in key leadership roles and board composition can indicate underlying issues or strategic pivots, introducing uncertainty.

Key Players & Entities

• GCT Semiconductor Holding, Inc. (company) — Registrant
• Dr. Jianhui (John) Zhang (person) — Newly Elected Director
• Mr. Wei (David) Li (person) — Newly Elected Director and CFO
• August 21, 2024 (date) — Effective date of changes

FAQ

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share GCTS NYSE Warrants, eac
• $11.50 — sable for one share of Common Stock for $11.50 per share GCTSW NYSE Indicate by

Filing Documents

• tm2422695d1_8k.htm (8-K) — 33KB
• tm2422695d1_ex10-1.htm (EX-10.1) — 72KB
• 0001104659-24-092856.txt ( ) — 334KB
• gcts-20240821.xsd (EX-101.SCH) — 3KB
• gcts-20240821_def.xml (EX-101.DEF) — 26KB
• gcts-20240821_lab.xml (EX-101.LAB) — 36KB
• gcts-20240821_pre.xml (EX-101.PRE) — 25KB
• tm2422695d1_8k_htm.xml (XML) — 5KB

02

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On August 21, 2024, the Compensation Committee ("Committee") of the Board of Directors ("Board") of GCT Semiconductor Holding, Inc. (the "Company") approved a resolution for the Company to (i) assume the executive retention plan of the Company's wholly-own subsidiary, GCT Semiconductor, Inc., which was not previously assumed by the Company following the closing of the business combination; (ii) make certain technical changes to reflect recent regulatory development; and (iii) confirm that the Chief Financial Officer is eligible to participate in the retention plan (as amended, the "Retention Plan"). Pursuant to the Retention Plan, our executive officers are eligible to receive severance payments and benefits upon an involuntary termination of the employee's employment. Should the employee's employment be involuntarily terminated by the Company without cause at any time other than during the 12 months following a change in control of the Company, the employee will be entitled to receive (i) continued base salary for a period of 6 months, (ii) continued health care coverage for the employee and the employee's eligible dependents for a period of up to 6 months, and (iii) accelerated vesting of 50% of the unvested shares or by the employee for good reason, in either case within 12 months following a change in control of the Company, then the employee will be entitled to receive (i) continued base salary for a period of 12 months, (ii) continued health care coverage for the employee and the employee's eligible dependents for a period of up to 12 months, and (iii) full accelerated vesting of outstanding equity awards. These severance benefits are subject to the employee's execution and

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits Exhibit Index Exhibit No. Description 10.1 GCT Semiconductor Holding, Inc. Amended and Restated Executive Retention Plan 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. GCT SEMICONDUCTOR HOLDING, INC. August 26, 2024 By: /s/ Edmond Cheng Name: Edmond Cheng Title: Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR