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[8-K] Ultra Clean Holdings, Inc. Reports Material Event

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
8-K
Rhea-AI Filing Summary

Ultra Clean Holdings (UCTT) filed an 8-K disclosing major leadership changes. James “Jinsong� Xiao, a 19-year Applied Materials veteran, will become Chief Executive Officer and join the Board on 2 Sep 2025. Current CEO Clarence Granger, in the role only since March, will step down and remain non-executive chair, providing continuity.

Compensation & incentives: Xiao will receive a $710 k base salary, 105% target bonus, a $600 k sign-on cash bonus, and equity valued at $5 m (one-time $2 m RSUs plus prorated 2025 grant split 45% RSUs / 55% PSUs). RSUs vest annually over three years; PSUs cliff-vest after a three-year performance period. Severance equals 150% salary & bonus (24 months on a change-in-control) plus COBRA and accelerated vesting.

Additional move: Christopher S. Cook, President of the Products Division, is promoted to Chief Business Officer effective immediately. His new package: $595 k base, 85% bonus target, and $1.7 m RSUs vesting over three years. Severance mirrors CFO/COO terms (100% salary & bonus; elevates to 150% on CIC).

Investor take: Hiring a seasoned semiconductor operator may strengthen strategy, yet the rapid CEO turnover and sizable equity grants add governance and dilution considerations.

Ultra Clean Holdings (UCTT) ha presentato un modulo 8-K annunciando importanti cambiamenti nella leadership. James “Jinsong� Xiao, veterano con 19 anni di esperienza in Applied Materials, diventerà Amministratore Delegato e entrerà nel Consiglio di Amministrazione il 2 settembre 2025. L'attuale CEO Clarence Granger, in carica solo da marzo, si dimetterà mantenendo il ruolo di presidente non esecutivo per garantire continuità.

Compensi e incentivi: Xiao riceverà uno stipendio base di 710.000 dollari, un bonus target del 105%, un bonus di benvenuto in contanti di 600.000 dollari e azioni per un valore di 5 milioni di dollari (2 milioni di RSU una tantum più una concessione prorata per il 2025 suddivisa in 45% RSU e 55% PSU). Le RSU maturano annualmente in tre anni; le PSU maturano in un’unica soluzione dopo un periodo di performance di tre anni. L’indennità di fine rapporto è pari al 150% di stipendio e bonus (24 mesi in caso di cambio di controllo), più copertura COBRA e maturazione accelerata delle azioni.

Ulteriore nomina: Christopher S. Cook, Presidente della Divisione Prodotti, è stato promosso a Chief Business Officer con effetto immediato. Il suo nuovo pacchetto prevede uno stipendio base di 595.000 dollari, un bonus target dell�85% e RSU per 1,7 milioni di dollari con maturazione in tre anni. L’indennità di fine rapporto è pari a quella del CFO/COO (100% stipendio e bonus; sale al 150% in caso di cambio di controllo).

Considerazioni per gli investitori: L’assunzione di un esperto del settore semiconduttori può rafforzare la strategia, ma il rapido ricambio del CEO e le consistenti assegnazioni azionarie sollevano questioni di governance e diluizione.

Ultra Clean Holdings (UCTT) presentó un formulario 8-K anunciando cambios importantes en su liderazgo. James “Jinsong� Xiao, veterano con 19 años en Applied Materials, será el nuevo Director Ejecutivo y se unirá a la Junta Directiva el 2 de septiembre de 2025. El actual CEO Clarence Granger, en el cargo solo desde marzo, renunciará pero permanecerá como presidente no ejecutivo para asegurar continuidad.

Compensación e incentivos: Xiao recibirá un salario base de 710,000 dólares, un bono objetivo del 105%, un bono de firma en efectivo de 600,000 dólares y acciones valoradas en 5 millones de dólares (2 millones en RSU únicos más una concesión prorrateada para 2025 dividida en 45% RSU y 55% PSU). Las RSU se consolidan anualmente durante tres años; las PSU se consolidan en bloque tras un periodo de desempeño de tres años. La indemnización por despido equivale al 150% de salario y bono (24 meses en caso de cambio de control), más COBRA y consolidación acelerada.

Nombramiento adicional: Christopher S. Cook, Presidente de la División de Productos, fue promovido a Chief Business Officer con efecto inmediato. Su nuevo paquete incluye un salario base de 595,000 dólares, un bono objetivo del 85% y RSU por 1.7 millones de dólares que se consolidan en tres años. La indemnización es igual a la del CFO/COO (100% de salario y bono; aumenta al 150% en caso de cambio de control).

Perspectiva para inversores: La contratación de un operador experimentado en semiconductores puede fortalecer la estrategia, pero la rápida rotación del CEO y las generosas asignaciones de acciones plantean preocupaciones sobre gobernanza y dilución.

Ultra Clean Holdings(UCTT)ê°€ 주요 리ë”ì‹� 변화를 공개í•� 8-K 보고서를 제출했습니다. 19ë…� 경력ì� Applied Materials ë² í…Œëž� James “Jinsongâ€� Xiaoê°€ 2025ë…� 9ì›� 2ì� CEOë¡� 취임하며 ì´ì‚¬íšŒì— 합류합니ë‹�. 현재 CEOì� Clarence GrangerëŠ� 3월부í„� ì—­í• ì� 맡았으나 사임하고 비ìƒìž� ì˜ìž¥ìœ¼ë¡œ 남아 ì—°ì†ì„±ì„ 유지í•� 예정입니ë‹�.

ë³´ìƒ ë°� ì¸ì„¼í‹°ë¸Œ: XiaoëŠ� ì—°ë´‰ 71ë§� 달러, 목표 보너ìŠ� 105%, 서명 보너ìŠ� 60ë§� 달러, 500ë§� 달러 ìƒë‹¹ì� 주ì‹(ì¼íšŒì„� 200ë§� 달러 RSU와 2025ë…� 비례 ë°°ë¶„ë� 45% RSU/55% PSU)ì� 받습니다. RSUëŠ� 3ë…„ì— ê±¸ì³ ë§¤ë…„ 베스팅ë˜ë©�, PSUëŠ� 3ë…� 성과 기간 í›� ì¼ê´„ 베스팅ë©ë‹ˆë‹¤. 퇴ì§ê¸ˆì€ ì—°ë´‰ê³� ë³´ë„ˆìŠ¤ì˜ 150%(ê²½ì˜ê¶� ë³€ê²� ì‹� 24개월ë¶�)ì´ë©° COBRA ë°� ê°€ì†� ë² ìŠ¤íŒ…ë„ í¬í•¨ë©ë‹ˆë‹�.

추가 ì¸ì‚¬: 제품 ë¶€ë¬� 사장 Christopher S. Cookì� 즉시 Chief Business Officerë¡� 승진했습니다. ê·¸ì˜ ìƒ� ë³´ìƒ íŒ¨í‚¤ì§€ëŠ� ì—°ë´‰ 59.5ë§� 달러, 보너ìŠ� 목표 85%, 3ë…„ì— ê±¸ì³ ë² ìŠ¤íŒ…ë˜ëŠ� 170ë§� 달러 RSU입니ë‹�. 퇴ì§ê¸ˆì€ CFO/COO ì¡°ê±´ê³� ë™ì¼í•˜ë©°(ì—°ë´‰ ë°� 보너ìŠ� 100%, ê²½ì˜ê¶� ë³€ê²� ì‹� 150%)입니ë‹�.

투ìžìž� ê´€ì �: ë°˜ë„ì²� 분야 ë² í…Œëž� ì˜ìž…ì€ ì „ëžµ ê°•í™”ì—� ë„움ì� ë� ìˆ� 있으ë‚�, 빠른 CEO êµì²´ì™€ í� 규모ì� ì£¼ì‹ ë¶€ì—¬ëŠ” 거버넌스 ë°� í¬ì„ ìš°ë ¤ë¥� ë™ë°˜í•©ë‹ˆë‹�.

Ultra Clean Holdings (UCTT) a déposé un formulaire 8-K annonçant des changements majeurs dans sa direction. James “Jinsong� Xiao, vétéran de 19 ans chez Applied Materials, deviendra le Directeur Général et rejoindra le Conseil d’administration le 2 septembre 2025. L’actuel PDG Clarence Granger, en poste seulement depuis mars, démissionnera mais restera président non exécutif pour assurer la continuité.

Rémunération et incitations : Xiao percevra un salaire de base de 710 000 $, une prime cible de 105 %, un bonus d’embauche en espèces de 600 000 $ et des actions d’une valeur de 5 millions de dollars (2 millions de RSU uniques plus une attribution proratisée pour 2025 répartie en 45 % RSU et 55 % PSU). Les RSU sont acquises annuellement sur trois ans ; les PSU sont acquises en une fois après une période de performance de trois ans. L’indemnité de départ équivaut à 150 % du salaire et de la prime (24 mois en cas de changement de contrôle), plus COBRA et acquisition accélérée.

Nomination supplémentaire : Christopher S. Cook, président de la division Produits, est promu Chief Business Officer avec effet immédiat. Son nouveau package comprend un salaire de base de 595 000 $, une prime cible de 85 % et des RSU d’une valeur de 1,7 million de dollars acquises sur trois ans. L’indemnité de départ est similaire à celle du CFO/COO (100 % salaire et prime ; passe à 150 % en cas de changement de contrôle).

Analyse pour les investisseurs : Le recrutement d’un expert chevronné du secteur des semi-conducteurs pourrait renforcer la stratégie, mais le turnover rapide du PDG et les importantes attributions d’actions soulèvent des questions de gouvernance et de dilution.

Ultra Clean Holdings (UCTT) hat ein 8-K Formular eingereicht, das bedeutende Führungswechsel bekanntgibt. James “Jinsong� Xiao, ein 19-jähriger Veteran von Applied Materials, wird am 2. September 2025 CEO und tritt dem Vorstand bei. Der aktuelle CEO Clarence Granger, der erst seit März im Amt ist, wird zurücktreten und als nicht geschäftsführender Vorsitzender verbleiben, um Kontinuität zu gewährleisten.

Vergütung & Anreize: Xiao erhält ein Grundgehalt von 710.000 USD, eine Zielbonusquote von 105 %, einen einmaligen Unterzeichnungsbonus von 600.000 USD und Aktien im Wert von 5 Mio. USD (einmalige 2 Mio. USD RSUs plus anteilige Zuteilung 2025, aufgeteilt in 45 % RSUs und 55 % PSUs). RSUs werden jährlich über drei Jahre vestet; PSUs werden nach einer dreijährigen Leistungsperiode komplett vestet. Die Abfindung beträgt 150 % von Gehalt und Bonus (24 Monate bei Kontrollwechsel) plus COBRA und beschleunigte Vesting.

Weitere Personalentscheidung: Christopher S. Cook, Präsident der Produktabteilung, wurde mit sofortiger Wirkung zum Chief Business Officer befördert. Sein neues Paket umfasst ein Grundgehalt von 595.000 USD, eine Bonuszielquote von 85 % und RSUs im Wert von 1,7 Mio. USD, die über drei Jahre vesten. Die Abfindung entspricht den Bedingungen von CFO/COO (100 % Gehalt und Bonus; steigt bei Kontrollwechsel auf 150 %).

±õ²Ô±¹±ð²õ³Ù´Ç°ù±ð²Ô±ð¾±²Ô²õ³¦³óä³Ù³ú³Ü²Ô²µ: Die Einstellung eines erfahrenen Halbleiterexperten könnte die Strategie stärken, doch die schnelle CEO-Fluktuation und die umfangreichen Aktienzuteilungen werfen Fragen zu Governance und Verwässerung auf.

Positive
  • Industry expertise infusion: New CEO James Xiao brings nearly two decades of senior leadership at Applied Materials, UCTT’s key customer segment.
  • Continuity: Outgoing CEO remains board chair, reducing transition risk and preserving institutional knowledge.
Negative
  • Rapid leadership turnover: Second CEO change in six months may signal strategic uncertainty to investors.
  • Shareholder cost & dilution: Up-front equity awards ($6.7 m combined) and generous severance packages increase compensation expense and potential share dilution.

Insights

TL;DR: UCTT recruits Applied Materials VP as CEO; governance continuity retained; dilution and rich severance offset positive expertise.

The appointment of James Xiao introduces deep process-equipment knowledge that aligns with UCTT’s core wafer-fabrication subsystems business. Investors often view leadership hires from industry majors positively, anticipating accelerated customer penetration and operational discipline. Retaining Granger as chair lessens transition risk. However, Xiao is the third CEO in six months, signalling possible board-level uncertainty. Combined cash and equity incentives exceed $5 m upfront and include double-trigger benefits that could inflate costs if M&A surfaces—important as UCTT operates in a consolidating supply chain. Equity grants equate to roughly 0.6-0.7% of shares outstanding, modest but additive to dilution alongside Cook’s $1.7 m RSUs. Overall impact is strategic-positive, but governance and compensation structure temper enthusiasm.

Ultra Clean Holdings (UCTT) ha presentato un modulo 8-K annunciando importanti cambiamenti nella leadership. James “Jinsong� Xiao, veterano con 19 anni di esperienza in Applied Materials, diventerà Amministratore Delegato e entrerà nel Consiglio di Amministrazione il 2 settembre 2025. L'attuale CEO Clarence Granger, in carica solo da marzo, si dimetterà mantenendo il ruolo di presidente non esecutivo per garantire continuità.

Compensi e incentivi: Xiao riceverà uno stipendio base di 710.000 dollari, un bonus target del 105%, un bonus di benvenuto in contanti di 600.000 dollari e azioni per un valore di 5 milioni di dollari (2 milioni di RSU una tantum più una concessione prorata per il 2025 suddivisa in 45% RSU e 55% PSU). Le RSU maturano annualmente in tre anni; le PSU maturano in un’unica soluzione dopo un periodo di performance di tre anni. L’indennità di fine rapporto è pari al 150% di stipendio e bonus (24 mesi in caso di cambio di controllo), più copertura COBRA e maturazione accelerata delle azioni.

Ulteriore nomina: Christopher S. Cook, Presidente della Divisione Prodotti, è stato promosso a Chief Business Officer con effetto immediato. Il suo nuovo pacchetto prevede uno stipendio base di 595.000 dollari, un bonus target dell�85% e RSU per 1,7 milioni di dollari con maturazione in tre anni. L’indennità di fine rapporto è pari a quella del CFO/COO (100% stipendio e bonus; sale al 150% in caso di cambio di controllo).

Considerazioni per gli investitori: L’assunzione di un esperto del settore semiconduttori può rafforzare la strategia, ma il rapido ricambio del CEO e le consistenti assegnazioni azionarie sollevano questioni di governance e diluizione.

Ultra Clean Holdings (UCTT) presentó un formulario 8-K anunciando cambios importantes en su liderazgo. James “Jinsong� Xiao, veterano con 19 años en Applied Materials, será el nuevo Director Ejecutivo y se unirá a la Junta Directiva el 2 de septiembre de 2025. El actual CEO Clarence Granger, en el cargo solo desde marzo, renunciará pero permanecerá como presidente no ejecutivo para asegurar continuidad.

Compensación e incentivos: Xiao recibirá un salario base de 710,000 dólares, un bono objetivo del 105%, un bono de firma en efectivo de 600,000 dólares y acciones valoradas en 5 millones de dólares (2 millones en RSU únicos más una concesión prorrateada para 2025 dividida en 45% RSU y 55% PSU). Las RSU se consolidan anualmente durante tres años; las PSU se consolidan en bloque tras un periodo de desempeño de tres años. La indemnización por despido equivale al 150% de salario y bono (24 meses en caso de cambio de control), más COBRA y consolidación acelerada.

Nombramiento adicional: Christopher S. Cook, Presidente de la División de Productos, fue promovido a Chief Business Officer con efecto inmediato. Su nuevo paquete incluye un salario base de 595,000 dólares, un bono objetivo del 85% y RSU por 1.7 millones de dólares que se consolidan en tres años. La indemnización es igual a la del CFO/COO (100% de salario y bono; aumenta al 150% en caso de cambio de control).

Perspectiva para inversores: La contratación de un operador experimentado en semiconductores puede fortalecer la estrategia, pero la rápida rotación del CEO y las generosas asignaciones de acciones plantean preocupaciones sobre gobernanza y dilución.

Ultra Clean Holdings(UCTT)ê°€ 주요 리ë”ì‹� 변화를 공개í•� 8-K 보고서를 제출했습니다. 19ë…� 경력ì� Applied Materials ë² í…Œëž� James “Jinsongâ€� Xiaoê°€ 2025ë…� 9ì›� 2ì� CEOë¡� 취임하며 ì´ì‚¬íšŒì— 합류합니ë‹�. 현재 CEOì� Clarence GrangerëŠ� 3월부í„� ì—­í• ì� 맡았으나 사임하고 비ìƒìž� ì˜ìž¥ìœ¼ë¡œ 남아 ì—°ì†ì„±ì„ 유지í•� 예정입니ë‹�.

ë³´ìƒ ë°� ì¸ì„¼í‹°ë¸Œ: XiaoëŠ� ì—°ë´‰ 71ë§� 달러, 목표 보너ìŠ� 105%, 서명 보너ìŠ� 60ë§� 달러, 500ë§� 달러 ìƒë‹¹ì� 주ì‹(ì¼íšŒì„� 200ë§� 달러 RSU와 2025ë…� 비례 ë°°ë¶„ë� 45% RSU/55% PSU)ì� 받습니다. RSUëŠ� 3ë…„ì— ê±¸ì³ ë§¤ë…„ 베스팅ë˜ë©�, PSUëŠ� 3ë…� 성과 기간 í›� ì¼ê´„ 베스팅ë©ë‹ˆë‹¤. 퇴ì§ê¸ˆì€ ì—°ë´‰ê³� ë³´ë„ˆìŠ¤ì˜ 150%(ê²½ì˜ê¶� ë³€ê²� ì‹� 24개월ë¶�)ì´ë©° COBRA ë°� ê°€ì†� ë² ìŠ¤íŒ…ë„ í¬í•¨ë©ë‹ˆë‹�.

추가 ì¸ì‚¬: 제품 ë¶€ë¬� 사장 Christopher S. Cookì� 즉시 Chief Business Officerë¡� 승진했습니다. ê·¸ì˜ ìƒ� ë³´ìƒ íŒ¨í‚¤ì§€ëŠ� ì—°ë´‰ 59.5ë§� 달러, 보너ìŠ� 목표 85%, 3ë…„ì— ê±¸ì³ ë² ìŠ¤íŒ…ë˜ëŠ� 170ë§� 달러 RSU입니ë‹�. 퇴ì§ê¸ˆì€ CFO/COO ì¡°ê±´ê³� ë™ì¼í•˜ë©°(ì—°ë´‰ ë°� 보너ìŠ� 100%, ê²½ì˜ê¶� ë³€ê²� ì‹� 150%)입니ë‹�.

투ìžìž� ê´€ì �: ë°˜ë„ì²� 분야 ë² í…Œëž� ì˜ìž…ì€ ì „ëžµ ê°•í™”ì—� ë„움ì� ë� ìˆ� 있으ë‚�, 빠른 CEO êµì²´ì™€ í� 규모ì� ì£¼ì‹ ë¶€ì—¬ëŠ” 거버넌스 ë°� í¬ì„ ìš°ë ¤ë¥� ë™ë°˜í•©ë‹ˆë‹�.

Ultra Clean Holdings (UCTT) a déposé un formulaire 8-K annonçant des changements majeurs dans sa direction. James “Jinsong� Xiao, vétéran de 19 ans chez Applied Materials, deviendra le Directeur Général et rejoindra le Conseil d’administration le 2 septembre 2025. L’actuel PDG Clarence Granger, en poste seulement depuis mars, démissionnera mais restera président non exécutif pour assurer la continuité.

Rémunération et incitations : Xiao percevra un salaire de base de 710 000 $, une prime cible de 105 %, un bonus d’embauche en espèces de 600 000 $ et des actions d’une valeur de 5 millions de dollars (2 millions de RSU uniques plus une attribution proratisée pour 2025 répartie en 45 % RSU et 55 % PSU). Les RSU sont acquises annuellement sur trois ans ; les PSU sont acquises en une fois après une période de performance de trois ans. L’indemnité de départ équivaut à 150 % du salaire et de la prime (24 mois en cas de changement de contrôle), plus COBRA et acquisition accélérée.

Nomination supplémentaire : Christopher S. Cook, président de la division Produits, est promu Chief Business Officer avec effet immédiat. Son nouveau package comprend un salaire de base de 595 000 $, une prime cible de 85 % et des RSU d’une valeur de 1,7 million de dollars acquises sur trois ans. L’indemnité de départ est similaire à celle du CFO/COO (100 % salaire et prime ; passe à 150 % en cas de changement de contrôle).

Analyse pour les investisseurs : Le recrutement d’un expert chevronné du secteur des semi-conducteurs pourrait renforcer la stratégie, mais le turnover rapide du PDG et les importantes attributions d’actions soulèvent des questions de gouvernance et de dilution.

Ultra Clean Holdings (UCTT) hat ein 8-K Formular eingereicht, das bedeutende Führungswechsel bekanntgibt. James “Jinsong� Xiao, ein 19-jähriger Veteran von Applied Materials, wird am 2. September 2025 CEO und tritt dem Vorstand bei. Der aktuelle CEO Clarence Granger, der erst seit März im Amt ist, wird zurücktreten und als nicht geschäftsführender Vorsitzender verbleiben, um Kontinuität zu gewährleisten.

Vergütung & Anreize: Xiao erhält ein Grundgehalt von 710.000 USD, eine Zielbonusquote von 105 %, einen einmaligen Unterzeichnungsbonus von 600.000 USD und Aktien im Wert von 5 Mio. USD (einmalige 2 Mio. USD RSUs plus anteilige Zuteilung 2025, aufgeteilt in 45 % RSUs und 55 % PSUs). RSUs werden jährlich über drei Jahre vestet; PSUs werden nach einer dreijährigen Leistungsperiode komplett vestet. Die Abfindung beträgt 150 % von Gehalt und Bonus (24 Monate bei Kontrollwechsel) plus COBRA und beschleunigte Vesting.

Weitere Personalentscheidung: Christopher S. Cook, Präsident der Produktabteilung, wurde mit sofortiger Wirkung zum Chief Business Officer befördert. Sein neues Paket umfasst ein Grundgehalt von 595.000 USD, eine Bonuszielquote von 85 % und RSUs im Wert von 1,7 Mio. USD, die über drei Jahre vesten. Die Abfindung entspricht den Bedingungen von CFO/COO (100 % Gehalt und Bonus; steigt bei Kontrollwechsel auf 150 %).

±õ²Ô±¹±ð²õ³Ù´Ç°ù±ð²Ô±ð¾±²Ô²õ³¦³óä³Ù³ú³Ü²Ô²µ: Die Einstellung eines erfahrenen Halbleiterexperten könnte die Strategie stärken, doch die schnelle CEO-Fluktuation und die umfangreichen Aktienzuteilungen werfen Fragen zu Governance und Verwässerung auf.

false000127501400012750142024-03-062024-03-06

UNITED STATES
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
Date of Report (Date of earliest event reported): August 4, 2025

UCT Logo.jpg
Ultra Clean Holdings, Inc.
(Exact name of Registrant as Specified in Its Charter)


Delaware000-5064661-1430858
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)(IRS Employer
Identification No.)
26462 Corporate Avenue
Hayward, California

94545
(Address of Principal Executive Offices)(Zip Code)

Registrant’s Telephone Number, Including Area Code: 510 576-4400

N/A
(Former Name or Former Address, if Changed Since Last Report)

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:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading
Symbol(s)

Name of each exchange on which registered
Common Stock, $0.001 par valueUCTTThe Nasdaq Global Market
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



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.





Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 6, 2025, Ultra Clean Holdings, Inc. (the “Company”) announced that Jinsong (“James”) Xiao will become the Company’s next Chief Executive Officer, effective September 2, 2025, and Clarence L. Granger, who has been serving as the Company’s Chief Executive Officer since March 4, 2025, will be stepping down as of the effective date of Mr. Xiao’s appointment, but will remain as non-executive Chairperson of the Board of Directors. Mr. Xiao will also join the Company’s Board of Directors, effective as of the first day of his employment with the Company.
Mr. Xiao, age 55, most recently served as Corporate Vice President and General Manager of Applied Materials, Inc., leading the Semiconductor Dielectric ALD Product Group and Metal Deposition Products (MDP)/ALD BU operations from August 2023 to present. Prior to this most recent position, Mr. Xiao served in various executive capacities since joining Applied Materials in June 2006, including as Corporate Vice President and General Manager of Core Product Group within the Display & Flexible Technology (DFT) division from April 2023 to July 2023, Corporate Vice President and General Manager of Display Thin Film Group from February 2017 to April 2023, Vice President and General Manager of Display CVD & Equipment Product Group (EPG) Division from May 2015 to February 2017, and Managing Director/Vice President and General Manager of Display CVD Products Division from February 2013 to May 2015. The Company’s Board of Directors believes that Mr. Xiao brings deep industry expertise and technology background to the Board of Directors, to lead the Company’s overall strategy and goals.
Pursuant to the offer letter filed as Exhibit 10.1 hereto, the Company has agreed to pay Mr. Xiao an annual base salary of $710,000, with an annual target bonus equal to 105% of his base salary, a one-time sign-on bonus in the amount of $600,000, and an initial equity grant consisting of: (i) one-time sign-on grant of restricted stock units of the Company (“RSUs”) valued at $2,000,000; and (ii) 2025 annual equity grant valued at $3,000,000 (which value will be prorated based on Mr. Xiao’s actual start date), consisting of 45% RSUs and 55% performance stock units (“PSUs”). All equity grants are subject to the terms and conditions of the Company’s Amended and Restated Stock Incentive Plan. All RSUs will vest over a three (3) year period, with equal parts vesting on each anniversary of Mr. Xiao’s start date. All PSUs will vest at the end of a 3-year performance period, in accordance with the vesting criterion set forth in the Company’s PSU award program established by the Board of Directors.
Mr. Xiao will be entitled to severance benefits under the Company’s current policy for Severance Benefits for Executive Officers (the “Severance Policy”) and the offer letter, and has entered into a Change in Control Severance Agreement with the Company, effective September 2, 2025. Under the Severance Policy and Mr. Xiao’s offer letter, if Mr. Xiao is terminated without cause prior to a change in control (or resigns for good reason) and he signs a release of claims, he is entitled to receive (i) 150% of his then-current base salary, (ii) 150% of his annual bonus (based on the average annual cash bonus over the prior three years), (iii) 18 months of COBRA premiums and (iv) accelerated vesting of equity awards that would vest within 18 months. Under his Change in Control Severance Agreement, if a termination of employment occurs 3 months prior to or within 12 months after a change in control (including a resignation for good reason), Mr. Xiao’s severance benefits would be increased to 24 months of salary, bonus and COBRA premiums and all of his equity awards would become vested. In connection with Mr. Xiao’s employment, we expect that Mr. Xiao will enter into the Company’s standard Indemnification Agreement.
On August 6, 2025, the Company also announced that Christopher S. Cook, the Company’s President of the Products Division, will be promoted to the role of Chief Business Officer, effective immediately. Mr. Cook will oversee the growth, financial performance, and strategic initiatives of all business divisions in this new role.
Mr. Cook has served as President of the Products Division since April 2022. The Board of Directors believes that Mr. Cook’s proven leadership of the Products Division and deep understanding of the Company’s business model position him to effectively drive business development and cross-divisional collaborations across all businesses.
Pursuant to the promotion letter filed as Exhibit 10.2 hereto, Mr. Cook’s salary shall be adjusted to $595,000 per year, and his target payout under the Company’s management bonus plan will be 85% of his adjusted base salary on an annualized basis. Mr. Cook will also receive a one-time equity award in the form of restricted stock units of the Company valued at $1,700,000, which will vest over three years in three equal annual installments on each anniversary of the grant date and shall otherwise be subject to the terms and conditions set forth in the Company’s standard form of restricted stock unit agreement and stock incentive plan.
Mr. Cook will be entitled to severance benefits under the Company’s Severance Policy, and has entered into a Change in Control Severance Agreement with the Company. Under the Severance Policy, which the Compensation and People Committee of the Company’s Board of Directors modified on August 4, 2025 to align the severance benefits for the Chief Business Officer with those provided to the Chief Financial Officer and Chief Operating Officer, if Mr. Cook is terminated without cause prior to a change in control and he signs a release of claims, he is entitled to receive (i) 100% of his then-current base salary, (ii) 100% of his annual bonus (based on the average annual cash bonus over the prior three years), (iii) 12 months of COBRA premiums and (iv) accelerated vesting of equity awards that would vest within 12 months. Under his Change in Control Severance Agreement, if a termination of employment occurs within 12 months after a change in control (including a resignation for good reason), Mr. Cook’s severance benefits would be increased to 150% of the sum of his then-current base salary and annual cash bonus as determined by the Company over the prior three years, 24 months of COBRA premiums and accelerated vesting of all of his unvested and outstanding equity awards.




Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
ExhibitExhibit Description
10.1*
Offer Letter between the Company and James Xiao
10.2*
Promotion Letter between the Company and Christopher S. Cook
99.1
Press Release dated August 6, 2025, announcing the appointment of James Xiao as Chief Executive Officer of the Company
99.2
Press Release dated August 6, 2025, announcing the appointment of Chris Cook as Chief Business Officer of the Company
*Filed herewith.

    



SIGNATURES
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 thereunto duly authorized.
ULTRA CLEAN HOLDINGS, INC.
Date:August 6, 2025By:/s/ Paul Y. Cho
Name: Paul Y. Cho
Title: General Counsel and Corporate Secretary


FAQ

When will James Xiao become CEO of UCTT?

September 2, 2025 is the effective date of his appointment.

What is the new CEO's compensation package?

Base salary $710 k, 105% bonus target, $600 k sign-on cash, and $5 m in equity grants (RSUs & PSUs).

What role will Clarence Granger hold after stepping down?

He will serve as non-executive Chairperson of the Board.

How is Christopher Cook’s role changing at UCTT?

He is promoted to Chief Business Officer effective immediately, overseeing all business divisions.

What severance benefits does James Xiao receive on a change in control?

Up to 24 months salary & bonus, 24 months COBRA, and full vesting of all equity awards.
Ultra Clean Hldgs Inc

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Semiconductor Equipment & Materials
Semiconductors & Related Devices
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