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4DS MEMORY LIMITED — Board/Management Information 2022
Mar 14, 2022
64258_rns_2022-03-14_8064ac6b-05c5-4bda-87b1-98467069c5a2.pdf
Board/Management Information
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4DS Memory Limited | ABN 43 145 590 110 Level 2, 50 Kings Park Road, West Perth WA 6005 PO Box 271, West Perth WA 6872
+61 8 6377 8043 | [email protected] | www.4dsmemory.com
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ASX RELEASE
15 March 2022
Appointment of New Chief Executive Officer and Managing Director
4DS Memory Limited (ASX:4DS) ( 4DS ) (the Company ), today announces the appointment of Mr Kenneth Hurley as the Company’s new Chief Executive Officer and Managing Director.
Dr Guido Arnout, who had indicated a desire to retire, will step down as Chief Executive Officer and Managing Director. He will now take on a Non-Executive role on the Board of Directors and has agreed to become a part time employee of 4DS Memory Inc in the role of advisor to Mr Hurley.
Mr Kenneth (Ken) Hurley
Mr Hurley, whose bio is attached, is a 40+ year veteran of the semiconductor industry with key executive roles at Hitachi America Semiconductor and Nanya Technology Corporation Inc, a major Taiwanese maker of dynamic random-access memory (DRAM) chips. He was CEO of Genesis Semiconductor, a Semiconductor Design company and President of Memoright USA a manufacturer of Solid State Drives and Controllers.
During his time at Nanya Technology Mr Hurley negotiated strategic supply relationships with Dell, Hewlett Packard, Compaq, IBM, Apple, Google, and other multi-national companies and established product design centers in Vermont and Texas.
Commenting on the appointment Chairman Drs. Wilbert van den Hoek stated “We are very fortunate to have been able to find and appoint someone with Ken’s skill set to the Company to assist us with the commercialization of 4DS’ technology. Ken brings extensive international semiconductor industry experience and a network of contacts in memory chip manufacturers and users. I am delighted that he has agreed to come out of early retirement and accept the role as Chief Executive Officer and Managing Director and look forward to working closely together.”
Commenting on his appointment Mr Hurley stated “I am excited to accept the role with 4DS and look forward to leading the Company’s efforts to deliver our technology to the industry.”
Details of Mr Hurley’s remuneration can be found in Schedule 1 to this announcement.
Dr Guido Arnout
Dr Arnout has decided to retire from his role as CEO and Managing Director effective immediately, and after a brief transition period will take on a part time role as advisor to the CEO starting on 1 April 2022.
Dr Arnout has also agreed to a Non-Executive role on the Board of Directors of the Company.
The Board thanks Dr Arnout for his long-term dedication to the Company and the overseeing of many of 4DS’s technical and corporate achievements. From a technical viewpoint Dr Arnout shaped the Company strategy to target Storage Class Memory. He was also instrumental in securing a Joint Development Agreement with HGST in 2014 and established the development relationship with imec in 2017 (both agreements remain in place today).
Chairman Drs. Wilbert van den Hoek commented “Guido will continue to have an important role moving forward as a Board member and as an advisor to Mr Hurley. His knowledge remains a critical asset to the Company and 4DS is pleased he has agreed to continue to be involved in the Company after his retirement.”
Details of Dr Arnout’s amended remuneration can be found in Schedule 1 to this announcement.
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4DS Memory Limited | ABN 43 145 590 110 Level 2, 50 Kings Park Road, West Perth WA 6005 PO Box 271, West Perth WA 6872
+61 8 6377 8043 | [email protected] | www.4dsmemory.com
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ENDS
Authorised for release by the Board.
Contact information
Investors: David McAuliffe 4DS Memory +61 408 994 313 [email protected]
About 4DS
4DS Memory Limited (ASX: 4DS), with facilities located in Silicon Valley, is a semiconductor development company of non-volatile memory technology, pioneering Interface Switching ReRAM for next generation gigabyte storage in mobile and cloud. Established in 2007, 4DS owns a patented IP portfolio, comprising 32 USA patents granted (four of which have now expired) and 1 patent application, which have been developed in-house to create high-density Storage Class Memory. 4DS has a joint development agreement with Western Digital subsidiary HGST, a global storage leader, which accelerates the evolution of 4DS’ technology. 4DS also collaborates with imec, a worldleading research and innovation hub in nanoelectronics and digital technologies. The combination of imec’s widely acclaimed leadership in microchip technology and profound software and information and communication technology expertise makes them unique.
For more information, please visit www.4dsmemory.com.
Disclaimer
This release contains certain forward-looking statements that are based on the Company’s management’s beliefs, assumptions and expectations and on information currently available to management. Such forward looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results or performance of 4DS to be materially different from the results or performance expressed or implied by such forward looking statements. Such forward looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the political and economic environment in which 4DS will operate in the future, which are subject to change without notice. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward-looking statements or other forecast. To the full extent permitted by law, 4DS and its directors, officers, employees, advisers, agents and intermediaries disclaim any obligation or undertaking to release any updates or revisions to information to reflect any change in any of the information contained in this release (including, but not limited to, any assumptions or expectations set out in the release).
You should not place undue reliance on these forward- looking statements. Except as required by law or regulation (including the ASX Listing Rules) we undertake no obligation to update these forward- looking statements.
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4DS Memory Limited | ABN 43 145 590 110 Level 2, 50 Kings Park Road, West Perth WA 6005 PO Box 271, West Perth WA 6872
+61 8 6377 8043 | [email protected] | www.4dsmemory.com
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Schedule 1
Mr Hurley Remuneration Package
Salary – US$ 310,000 per annum.
Termination during initial six-month period from commencement date – no notice.
Termination after initial period – six months’ notice by either party.
Option Package – Subject to shareholder approval, which will be sort as soon as practicable, the Company intends to issue 30,000,000 options with a 5-year expiry date from the commencement date and an exercise price of A$0.063. Twenty five percent (25%) will vest after six months of continuous employment and the balance will vest equally over the next ten quarters. All options vest upon a liquidity event (such as a takeover, or sale of the Company's intellectual property), provided there is continuous employment by the Company through to the time of the liquidity event.
Sale Bonus Pool – a cash payment equal to 30% of the Sale Bonus Pool upon a liquidity event (such as a takeover, or sale of the Company's intellectual property), provided that Mr Hurley has provided his services as CEO and Managing Director through to the time of the liquidity event.
Dr Guido Arnout Remuneration Package as from 1 April 2022
Salary – US$48,000 per annum.
Non-Executive Director fee – A$30,000 per annum.
Sale Bonus Pool – a cash payment equal to 15% of the Sale Bonus Pool upon a liquidity event (such as a takeover, or sale of the Company's intellectual property), provided that Dr Arnout has provided his services as a Non-Executive Director through to the time of the liquidity event.
Termination – At will employment, no notice.
Sale Pool Bonus as announced on 7 October 2020
| Sale Value | Sale Bonus Pool |
|---|---|
| US$120M to US$350M | 5.0% of the Sale Value |
| US$350M to US$550M | US$17.5M plus 6.25% of the excess above US$350M |
| Above US$550M | US$30.0M plus 7.5% of the excess above US$550M |
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Kenneth Hurley
Experience:
BDH Consultants, Inc.
6/2013 to present
Owner
BDH Consultants provides consulting services to companies in the semiconductor, computer hardware, mobile and financial industries.
Nanya Technology Corporation, USA
President and CEO 6/1997 to 4/2013
Established Nanya’s operations in the Americas which grew to over $800 million USD in annual direct revenue and $1.7 billion USD in indirect revenue. Led negotiations with technology partners that resulted in Technology Licence Agreements and Supply Agreements for SDRAM and DDR DRAM products. Established product design centers in Vermont and Texas. Represented the Taiwan semiconductor industry at the International Trade Commission for a successful outcome in an anti-dumping complaint. Established strategic supply relationships with Dell, Hewlett Packard, Compaq, IBM, Apple, Google, and other multi-national companies.
Memoright International
President 10/2008 to 6/2017
Memoright was a solid state drive manufacturer with proprietary controller technology. I established Memoright’s operations and sales channels in the United States and managed strategic relationships until the eventual sale of the company.
Genesis Semiconductor Inc. (GSI)
CEO 2001-2007
GSI was a semiconductor design company. I was appointed by the Board of Directors to oversee the reorganization of the company until its eventual sale in 2007.
Hitachi America Semiconductor 4/1990 to 6/1997 Director of US Operations Signetics/Philips Semiconductor 1980 to 1990 Various roles Education: BSC Finance, Santa Clara University 1979
Current Advisory Boards:
Tiercel Wireless, Seattle, WA Menalto Development, Denver, CO Family Environmental Compliance Services, Denver, CO