Navitas Semiconductor Corporation
Navitas Semiconductor Adopts New Executive Severance Plan
Summary
On December 27, 2023, Navitas Semiconductor Corporation adopted a new Severance Plan for senior vice presidents and executive officers. The plan provides severance benefits, including continued salary, pro-rated bonuses, and health insurance, under specific conditions such as termination without cause or during a change in control. The plan details are provided in Exhibit 10.1.
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Exhibits (1)
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About Navitas Semiconductor Corporation
Navitas Semiconductor Corporation is a leading innovator in the field of power semiconductors, specializing in the development and manufacturing of next-generation gallium nitride (GaN) power integrated circuits. These cutting-edge components are designed to enhance the efficiency and power density of electronic systems, offering significant advantages over traditional silicon alternatives. Navitas's products are instrumental in a wide array of applications, including fast chargers for mobile devices, data centers, solar inverters, and electric vehicles. The corporation's pioneering technology enables reductions in energy consumption and CO2 emissions, aligning with global sustainability goals. By addressing critical bottlenecks in power conversion and management, Navitas Semiconductor plays a pivotal role in advancing the performance and environmental impact of electronic devices. As the demand for more efficient, smaller, and lighter power solutions grows, Navitas Semiconductor remains at the forefront of this rapidly evolving sector, contributing to the transformation of industries and influencing technological advancements worldwide.
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