UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 28, 2019
PIXELWORKS, INC.
(Exact name of registrant as specified in its charter)
OREGON | 000-30269 | 91-1761992 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||
226 Airport Parkway, Suite 595
San Jose, CA 95110
(408) 200-9200
(Address, including zip code, and telephone number, including
area code, of registrant’s principal executive offices)
area code, of registrant’s principal executive offices)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(d) On March 28, 2019, the board of directors (the “Board”) of Pixelworks (the “Company”) approved an increase in the size of the Board from five (5) to six (6) members and appointed Amy Bunszel as a director to serve until the next annual meeting of shareholders or until she resigns or is removed, and until her successor is duly elected and qualified.
In connection with her appointment to the Board Ms. Bunszel was granted an option to purchase 33,484 shares of the Company’s common stock, consistent with the grants made to any new director. Additionally, Ms. Bunszel will receive the standard cash compensation payable to all of the Company’s non-employee directors, will enter into the Company’s standard form of indemnification agreement, and will be subject to the Company’s minimum equity investment requirement for directors, which, as of February 13, 2019, required that within five (5) years of the date of initial appointment to the Board, directors must have minimum equity holdings in the Company of at least $115,000.
There are no arrangements or understandings between Ms. Bunszel and any other persons pursuant to which she was selected as a director. There are no current or proposed transactions between the Company and Ms. Bunszel or her immediate family members requiring disclosure under Item 404(a) of Regulation S-K promulgated by the Securities and Exchange Commission.
On April 1, 2019, the Company issued a press release announcing the appointment of Ms. Bunszel to the Board of Directors. The full text of the Company’s press release is attached as Exhibit 99.1 to this report and is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
(d) | Exhibits. |
Exhibit No. | Description | |
99.1 | ||
SIGNATURE
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.
PIXELWORKS, INC. | ||
(Registrant) | ||
Dated: | April 1, 2019 | /s/ Steven L. Moore |
Steven L. Moore Vice President, Chief Financial Officer, Secretary and Treasurer | ||
Exhibit 99.1
Pixelworks Appoints Amy Bunszel to Board of Directors
Bunszel Adds Extensive Experience in Visual-Centric
Software Product Strategy and Innovation
SAN JOSE, Calif., April 1, 2019 - Pixelworks, Inc. (NASDAQ: PXLW), a leading provider of advanced power-efficient visual processing solutions, today announced the appointment of Amy Bunszel to the Company’s Board of Directors, effective March 28, 2019.
Ms. Bunszel is Senior Vice President of Design and Creation Products at Autodesk, a Fortune 500 design and make software company, where she leads product strategy and execution for the company’s 3D design and creation portfolio. Since joining Autodesk in 2003, she has served in several key senior management roles including Vice President, Digital Engineering Products; Vice President, AutoCAD products; and Senior Director, Digital Engineering. Prior to Autodesk, she served as Director, Product Management at Linius Technologies and Applications Engineer at Viewlogic. Notably, Bunszel was named one of the Most Powerful Women in Technology by the National Diversity Council in 2018, and in 2013 was named one of the Most Influential Women in Bay Area Business by the San Francisco Business Times. She is currently a member of the President’s Council for Cornell Women and is an advisor to the Entrepreneurship at Cornell Program. Bunszel holds a bachelor’s degree in electrical engineering from Cornell and a master’s degree in electrical engineering from the University of Massachusetts, Amherst.
“We are delighted to welcome Amy to the Company’s board as an independent director,” said Pixelworks Chairman, Richard Sanquini. “She has demonstrated an impressive track record of leadership and extensive experience in product development strategies and innovation. In addition, she brings highly complementary expertise in visual-centric software solutions to the Company’s existing strengths in hardware-based display processing. I look forward to Amy’s valuable contributions as Pixelworks continues to execute on its growth strategy targeted at the expanding market opportunity for advanced visual processing solutions.
“I also want to express my gratitude to Coco Brown and The Athena Alliance for their support and partnership throughout the search process. Athena’s understanding of Pixelworks’ commitment to diversity was instrumental in facilitating the appointment of Amy to our board, while also serving as a testament to our shared dedication to equality and strong leadership.”
In connection with the appointment of Bunszel, Pixelworks’ Board of Directors expands to six members.
About Pixelworks
Pixelworks creates, develops and markets high-efficiency visual display processing and advanced video delivery solutions for the highest quality display and streaming applications. The Company has a 20-year history of delivering image processing innovation to providers of leading-edge consumer electronics and professional displays, as well as video delivery and streaming solutions. Pixelworks is headquartered in San Jose, Calif. For more information, please visit the company’s web site at www.pixelworks.com.
Note: Pixelworks and the Pixelworks logo are registered trademarks of Pixelworks, Inc.
Investor Contact:
Brett L Perry
Shelton Group
P: 214-272-0070
E: bperry@sheltongroup.com
Company Contact:
E: info@pixelworks.com