BrainChip appoints new Chief Executive Officer Louis DiNardo
BrainChip Holdings Ltd (“BrainChip” or the “Company”) (ASX: BRN) is pleased to
announce that Mr Louis DiNardo has been appointed the Chief Executive Officer (CEO)
of the Company effective 29 September 2016 (US EST), 30 September 2016 (Australian
WST).
Mr DiNardo has a strong track record of growing publically listed and privately owned
technology businesses, and has worked in venture capital firms where he has
successfully backed a number of emerging technology companies. His management
skills and experience in finance will be instrumental in launching BrainChip on its next
phase of growth.
He is currently a board member of NYSE‐listed Quantum Corp., a data management
company; and Conexant, a privately held fabless semiconductor company based in
California, USA.
Some of his recent past roles include the President and Chief Executive Officer (CEO) of
Exar Corporation, where he was credited for turning around the underperforming NYSElisted
mid‐cap semiconductor company by revamping the management team, cutting
operating expenses and growing revenue and profit. His efforts helped Exar achieve 16
consecutive quarters of revenue and EPS growth.
Before Exar, Mr DiNardo was responsible for investing in and overseeing a portfolio of
companies, including programmable logic companies, while he served as a partner at
Crosslink Capital from 2008 to 2012 and the Managing Director at Vantage Point
Venture Partners from 2007 to 2008.
Mr DiNardo also served as President and Chief Executive Officer, as well as Co‐Chairman
of the Board of Directors, at Xicor Corporation from January of 2001 until NASDAQ‐listed
Intersil Corp acquired the company in July of 2004. He subsequently held senior
executive positions at Intersil and became its President and Chief Operating Officer.
“Louis joins us at a key juncture of our journey. His deep corporate and strategic skills in
the US semi‐conductor industry, along with his fundraising experience, will help
transition BrainChip into a global Company at a time when our technology is gaining
traction in the marketplace,” said the Chairman of BrainChip, Mick Bolto.
“I would also like to acknowledge the leadership and guidance offered by Peter van der
Made, who had to act as the interim CEO while undertaking his other key responsibility
of overseeing the development of our unique technology.”
Mr DiNardo will be paid a base salary of US$400,000 and the following Options and
Performance Rights issued:
23,000,000 Options exercisable at A$0.225 per Option on or before 30
September, 2021, issued under the Company’s Long Term Incentive Plan. A
quarter of the Options will vest and become exercisable on each anniversary of
the Issue Date so long as Mr DiNardo is providing continuous service to the
Company.
27,000,000 Performance Options exercisable at $0.225 per Option on or before
30 September, 2021, issued under the Company’s Long Term Incentive Plan. A
quarter of the Options will vest and become exercisable on each anniversary of
the date of achievement of applicable milestones so long as Mr DiNardo is
providing continuous service to the Company.
2,000,000 Class D Performance Rights issued under the Company’s Performance
Rights Plan. Each Performance Right carries a right to one fully paid ordinary
share and the Performance Rights will vest on the date the milestone relating to
that Performance Right has been satisfied. No amount is payable upon the issue
or vesting of the Performance Rights. The Performance Rights will automatically
lapse on 10 September, 2020, and the further terms are set out in the
Company’s Notice of General Meeting announced on 30 June, 2015.
The Performance Options will be issued in tranches upon the attainment of milestones
that relate to Mr DiNardo completing a successful fundraising, the Company entering
licensing or commercial agreements of at least A$500,000 and a further milestone yet to
be determined.
Under the above arrangements, 55.8% of Mr DiNardo’s options and performance rights
will be ‘at risk’.
‐END
BRN Price at posting:
22.0¢ Sentiment: Buy Disclosure: Held
(20min delay)