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DAIO > SEC Filings for DAIO > Form 8-K on 29-Oct-2012All Recent SEC Filings

Show all filings for DATA I/O CORP

Form 8-K for DATA I/O CORP


29-Oct-2012

Financial Statements and Exhibits


Item 9.01 Financial Statements and Exhibits


Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.

Data I/O has appointed Anthony Ambrose as its President effective October 25, 2012, and as Chief Executive Officer effective November 14, 2012. He was also appointed to the Board of Directors of Data I/O Corporation on October 25, 2012. He replaces Frederick R. Hume, who is retiring and has resigned as a Director effective on October 25, 2012.

Prior to joining Data I/O, Mr. Ambrose, age 51, was Owner and Principal of Cedar Mill Partners, LLC a strategy consulting firm. Until 2011, he was Vice President and General Manager at RadiSys Corporation where he led three product divisions and worldwide engineering. Until 2007, Anthony was general manager and held several other progressively responsible positions at Intel Corporation.

Anthony Ambrose and Data I/O Corporation signed an offer letter outlining Mr. Ambrose's material employment arrangements which include: base salary of $310,000; participation in the company's Management Incentive Compensation Plan ("MICP") with a target of 60% of his base annual salary starting in 2013, with a $25,000 one-time signing incentive in lieu of 2012 MICP participation; an inducement grant of 200,000 Non-Qualified Stock Options vesting quarterly over 4 years with a six year life; a Restricted Stock Award of 75,000 shares vesting annually over 4 years; an expense allowance of up to $7,500 of temporary living and commuting costs covering up to 3 months; and a relocation allowance of up to $50,000.

Mr. Ambrose entered into Data I/O's standard forms of Executive Agreement, Non-Compete and Non-Solicitation Agreement, and Indemnification Agreement. A copy of the offer letter is furnished as Exhibit 10.0 in this current report.

There were no arrangements or understandings in which Mr. Ambrose was selected as a director or officer. There were no related party transactions to report between Mr. Ambrose and the Company and no family relationships with directors or executive officers of Data I/O Corporation

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No. Description

10.0 Anthony Ambrose Offer Letter
99.0 Press Release: Data I/O Announces Anthony Ambrose as President, Chief Executive Officer and Director

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