<SEC-DOCUMENT>0001157523-21-001248.txt : 20211025
<SEC-HEADER>0001157523-21-001248.hdr.sgml : 20211025
<ACCEPTANCE-DATETIME>20211025143055
ACCESSION NUMBER:		0001157523-21-001248
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20211025
DATE AS OF CHANGE:		20211025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALPHA & OMEGA SEMICONDUCTOR Ltd
		CENTRAL INDEX KEY:			0001387467
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34717
		FILM NUMBER:		211343494

	BUSINESS ADDRESS:	
		STREET 1:		475 OAKMEAD PARKWAY
		CITY:			SUNNYVALE
		STATE:			CA
		ZIP:			94085
		BUSINESS PHONE:		408-830-9742

	MAIL ADDRESS:	
		STREET 1:		475 OAKMEAD PARKWAY
		CITY:			SUNNYVALE
		STATE:			CA
		ZIP:			94085

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALPHA & OMEGA SEMICONDUCTOR LTD
		DATE OF NAME CHANGE:	20070123
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>a52514458.htm
<DESCRIPTION>ALPHA AND OMEGA SEMICONDUCTOR LIMITED DEFA14A
<TEXT>
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      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;">UNITED STATES</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Washington, D.C. 20549</div>
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      <div style="color: #000000;"><font style="font-family: 'Times New Roman',Times,serif;">&#160;</font>
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      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;">SCHEDULE 14A</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE</div>
      <div style="text-align: center; color: #000000; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">SECURITIES EXCHANGE ACT OF 1934</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;</font></div>
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            <td style="width: 20%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">Filed by the Registrant &#9746; </td>
            <td style="width: 80%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">Filed by a Party other than the Registrant &#9744; </td>
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            <td style="width: 20%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">Check the appropriate box: <br>
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      <div style="color: #000000;">&#160;</div>
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          <td style="width: 2.59%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div>&#9744;</div>
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          <td style="width: 97.41%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div>Preliminary Proxy Statement</div>
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          <td style="width: 2.59%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div>&#9744;</div>
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            <div>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</div>
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          <td style="width: 2.59%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div>&#9744;</div>
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          <td style="width: 97.41%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div>Definitive Proxy Statement</div>
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          <td style="width: 2.59%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div>&#9746;</div>
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            <div>Definitive Additional Materials</div>
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          <td style="width: 2.59%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div>&#9744;</div>
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          <td style="width: 97.41%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div>Soliciting Material Pursuant to &#167;240.14a-12</div>
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      <div style="font-family: 'Times New Roman',Times,serif;"><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;">Alpha and Omega Semiconductor Limited</div>
      <div style="text-align: center; color: #000000;">(Name of Registrant as Specified in its Charter)</div>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">
      <div style="color: rgb(0, 0, 0);">&#160;</div>
    </div>
    <div>
      <div style="text-align: center; color: #000000;">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</div>
      <div style="font-family: 'Times New Roman',Times,serif;"><br>
      </div>
    </div>
    <div>
      <div style="color: #000000;">Payment of Filing Fee (Check the appropriate box):</div>
      <div style="font-family: 'Times New Roman',Times,serif;"><br>
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            <div>&#9746;</div>
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          <td colspan="2" style="vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div>No fee required.</div>
          </td>
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          <td style="width: 1.88%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div>&#9744;</div>
          </td>
          <td colspan="2" style="vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div>Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</div>
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          <td style="width: 1.88%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 3%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>(1)</div>
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          <td style="width: 95%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',Times,serif;">Title of each class of securities to which transaction applies:</div>
          </td>
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          <td rowspan="1" style="width: 1.88%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">&#160;</td>
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          <td rowspan="1" style="width: 95%; vertical-align: bottom;">&#160;</td>
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          <td style="width: 1.88%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">&#160;</td>
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            <div>(2)</div>
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          <td style="width: 95%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',Times,serif;">Aggregate number of securities to which transaction applies:</div>
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          <td rowspan="1" style="width: 1.88%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">&#160;</td>
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          <td rowspan="1" style="width: 95%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <td style="width: 1.88%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 3%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>(3)</div>
          </td>
          <td style="width: 95%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',Times,serif;">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was
              determined):</div>
          </td>
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          <td rowspan="1" style="width: 1.88%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">&#160;</td>
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          <td rowspan="1" style="width: 95%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <td style="width: 1.88%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 3%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>(4)</div>
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          <td style="width: 95%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',Times,serif;">Proposed maximum aggregate value of transaction:</div>
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            <div>(5)</div>
          </td>
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            <div style="font-family: 'Times New Roman',Times,serif;">Total fee paid:</div>
          </td>
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          <td rowspan="1" style="width: 3%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td rowspan="1" style="width: 95%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <div>&#9744;</div>
          </td>
          <td colspan="2" style="vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div>Fee paid previously with preliminary materials.</div>
          </td>
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          <td style="width: 1.88%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#9744;</div>
          </td>
          <td colspan="2" style="vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div>Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or
              Schedule and the date of its filing.</div>
          </td>
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          <td style="width: 1.88%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="vertical-align: bottom; font-family: 'Times New Roman',Times,serif; width: 3%;">&#160;</td>
          <td style="vertical-align: bottom; font-family: 'Times New Roman',Times,serif; width: 95%;">&#160;</td>
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          <td style="width: 1.88%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 3%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>(1)</div>
          </td>
          <td style="width: 95%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',Times,serif;">Amount previously paid:</div>
          </td>
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          <td rowspan="1" style="width: 3%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td rowspan="1" style="width: 95%; vertical-align: bottom;">&#160;</td>
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          <td style="width: 1.88%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 3%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>(2)</div>
          </td>
          <td style="width: 95%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',Times,serif;">Form, Schedule or Registration Statement No.:</div>
          </td>
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          <td rowspan="1" style="width: 1.88%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">&#160;</td>
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          <td rowspan="1" style="width: 95%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
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          <td style="width: 1.88%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 3%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>(3)</div>
          </td>
          <td style="width: 95%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',Times,serif;">Filing party:</div>
          </td>
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          <td rowspan="1" style="width: 1.88%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td rowspan="1" style="width: 3%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td rowspan="1" style="width: 95%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
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          <td style="width: 1.88%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 3%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>(4)</div>
          </td>
          <td style="width: 95%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div>Date Filed:</div>
          </td>
        </tr>

    </table>
    <div style="font-family: 'Times New Roman',Times,serif;">
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-weight: normal; font-style: normal;">1</font></div>
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    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">ALPHA AND OMEGA SEMICONDUCTOR LIMITED</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif;"><br>
    </div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif;">Dear Shareholder:</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif;">We are writing to ask for your support for Proposal 3 (the &#8220;Equity Plan Proposal&#8221;) to be voted on at our 2021 Annual General Meeting of Shareholders (the
      &#8220;Annual Meeting&#8221;) and to consider our reasons for making your decision.&#160; The Equity Plan Proposal is a proposal to increase the number of shares available under our 2018 Omnibus Incentive Plan (as amended, the &#8220;2018 Plan&#8221;) by 1,000,000 shares.&#160; We
      are requesting additional shares because we want to implement a broad-based equity incentive compensation program targeted at our non-executive employees who are critical to our continued success, and to align the interests of our employees and
      shareholders.&#160; We have described some of the rationales for this proposed increase in our proxy statement previously filed with the Securities and Exchange Commission (&#8220;SEC&#8221;).&#160; Recently, Institutional Shareholder Services (&#8220;ISS&#8221;) released a report
      recommending that our shareholders vote against the Equity Plan Proposal.&#160; Our Board continues to unanimously recommend you cast your vote <font style="font-weight: bold;">FOR</font> the Equity Plan Proposal for the reasons we describe below.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif;">If approved by our shareholders, the Equity Plan Proposal would increase the number of authorized shares for issuance under the 2018 Plan by 1,000,000
      shares.&#160; We believe that approval of this proposal is critical to sustaining our momentum as we continue to build shareholder value.&#160; Equity is a fundamental element of our pay-for&#8211;performance compensation and retention philosophy that motivates our
      employees throughout the organization to drive shareholder value. To this end, we plan to use the additional 1,000,000 authorized shares under the 2018 Plan to establish a broad-based performance equity incentive program for eligible non-executive
      employees similar to the Market Performance-based Restricted Stock Award program (MSU) that was approved for executive and management members.&#160; Under such a program, payouts are expected to be tied to rigorous specified stock price increases that
      would incentivize retention and at the same time increase shareholder value.&#160; Currently, we expect to structure the awards under which those common shares may be earned based on (i) stock price performance over a three-year period and (ii) annual
      revenue achieved during such period. The earned awards are subject to a further four-year service-based vesting requirement. Accordingly, we believe this program represents a long-term commitment by the Company and its employees to continue our
      growth strategies that will align fully with the interests of shareholders.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif;">If the Equity Plan Proposal is not approved, we will be at a disadvantage compared&#160; to our competitors for recruiting, retaining and motivating individuals
      critical to our success, as our competitors are implementing aggressive strategies to solicit and recruit top talents in the semiconductor industry.&#160; Further, if the Equity Plan Proposal is not approved, we could be forced to increase cash
      compensation, thereby reducing resources available to meet our business needs.&#160; The ISS report does not address the significant implications for us and our shareholders if the proposal is not approved.&#160; If our proposal fails, we will not have access
      to additional shares, which are critical to attract and retain top talent.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">2</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
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    <div style="text-indent: -12.25pt; margin-left: 12.25pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Information on ISS Recommendations</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif;">In its report, ISS is supportive of our named executive officers&#8217; compensation, which we believe indicates that ISS supports our overall compensation
      program.&#160; The ISS report specifically states that pay and performance are reasonably aligned, and that no significant concerns were identified.&#160; However, ISS has recommended against the Equity Plan Proposal as a result of its shareholder value
      transfer model, which led ISS to conclude that the Equity Plan Proposal exceeds its allowable cap on the cost of the 2018 Plan.&#160; Notably, however, under ISS&#8217;s model, the cost of the 2018 Plan, when considering only new and available shares, is 7.67%,
      which is below ISS&#8217;s benchmark of 8.04%.&#160; In addition, under ISS&#8217;s model, our three-year adjusted burn rate is 4.26%, which is well below the ISS benchmark of 6.23%.</div>
    <div style="text-indent: -12.25pt; margin-left: 12.25pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">The Success of our Business</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif;">We are asking our shareholders to consider important relevant non-qualitative factors relating to our business that ISS did not consider in evaluating the
      cost of the 2018 Plan.&#160; The success of our business depends substantially on our ability to motivate and retain our talented team to achieve important goals, and also to recruit top talent.&#160; We compete for talent in an industry and in geographic
      regions (including the Silicon Valley) where equity incentive compensation programs play a pivotal role in our effort to attract and retain key personnel essential to our long-term growth and financial success.&#160; As a result of the COVID-19 pandemic
      and the substantial increase in demand for consumer electronic products and services, the semiconductor industry is currently experiencing intense competition for employees with appropriate technical skills and experiences.&#160; In addition, as a
      response to the global shortage of semiconductor manufacturing capacity, both governments and the private sector are making significant capital investments to develop, build and enhance all aspects of the semiconductor production infrastructure.&#160;
      This is creating new, high-paying job opportunities that further exacerbate the already intense competition for a limited supply of qualified employees.&#160; This trend poses a significant challenge for us in retaining and recruiting talented employees,
      in particular because we compete with much larger companies that are capable of offering very competitive pay programs.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif;">While we have achieved strong financial performance recently and have, on an annual basis, provided some equity-based incentives to reward employees, we
      believe that we need to increase equity incentives for non-executive employees, including engineers, R&amp;D staff, and sales and marketing personnel, in order to enhance retention, sustain our strong financial performance and provide competitive
      compensation packages in line with companies operating in the same hyper-competitive market.</div>
    <div style="text-indent: -24.5pt; margin-left: 24.5pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">The 2018 Equity Incentive Plan Includes Best Practices</div>
    <div style="font-family: 'Times New Roman',Times,serif;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">The 2018 Plan contains a number of provisions that we believe are consistent with best practices in equity compensation and which
      protect the shareholders&#8217; interests, as described below.</div>
    <div style="font-family: 'Times New Roman',Times,serif;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; font-style: italic;">No evergreen authorization</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">: The 2018 Plan does not have an evergreen provision, which would have permitted an increase in the share pool without further shareholder approval.</font></div>
    <div style="font-family: 'Times New Roman',Times,serif;"><br>
    </div>
    <div style="text-indent: 36pt; color: #000000; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; font-style: italic;">No automatic vesting upon a change in control</font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">:</font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; font-style: italic;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">The 2018 Plan allows for an acquiring corporation to assume outstanding awards, and if awards are assumed, they will generally not accelerate on the change in control.&#160; If awards are not assumed, the
        vesting of such awards will be accelerated (with performance-based awards vesting based on actual performance attainment as of the date of the change in control or on a pro-rated basis for time elapsed in the ongoing performance period based on
        target level).&#160; The plan administrator also has the discretion to take alternative actions such as accelerating the vesting of outstanding awards on a termination following a change in control or requiring that participants exchange outstanding
        awards for cash.</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">3</font></div>
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    <div style="font-family: 'Times New Roman',Times,serif;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; font-style: italic;">Prohibition on repricings</font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">:&#160;</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">The 2018 Plan prohibits the repricing of options or share appreciation
        rights, the cancellation and replacement of options or share appreciation rights with a grant with a lower exercise price, or a buyout of an underwater option or share appreciation right (except as permitted in a change in control or in the case of
        a corporate transaction as set forth in the 2019 Plan).</font></div>
    <div style="font-family: 'Times New Roman',Times,serif;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; font-style: italic;">No discounted options or share appreciation rights</font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">:&#160;</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Options and share appreciation rights must have an exercise price or base
        price at or above fair market value per share on the date of grant.</font></div>
    <div style="font-family: 'Times New Roman',Times,serif;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; font-style: italic;">Limit on director pay</font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">:&#160;</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">The maximum aggregate grant date fair value (computed as of the date of grant in accordance
        with applicable financial accounting rules) of all awards made to a non-employee director under the 2018 Plan in a single calendar year, taken together with any cash payments (including the annual retainer and any other compensation) paid to such
        non-employee director in respect of such calendar year, shall not exceed $750,000 ($1,000,000 in the initial year of election or appointment) in total value.</font></div>
    <div style="font-family: 'Times New Roman',Times,serif;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; font-style: italic;">No tax gross-ups</font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">:</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;The 2018 Plan does not provide for any tax gross-ups.</font></div>
    <div style="font-family: 'Times New Roman',Times,serif;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; font-style: italic;">No liberal change-in-control definition</font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">:&#160;</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">The 2018 Plan defines change in control based on the consummation of the
        transaction rather than the announcement or shareholder approval of the transaction.</font></div>
    <div style="font-family: 'Times New Roman',Times,serif;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; font-style: italic;">Limitation on dividends and dividend equivalents</font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">:&#160;</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Any dividends or dividend equivalents payable in connection with an award
        will be subject to the same restrictions as the underlying award and will not be paid until and unless such award vests.</font></div>
    <div style="font-family: 'Times New Roman',Times,serif;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; font-style: italic;">Administered by an independent committee</font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">:</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;The 2018 Plan is administered by the Compensation Committee of our Board of
        Directors, which consists entirely of independent directors.</font></div>
    <div style="font-family: 'Times New Roman',Times,serif;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Although ISS recognized many of these best practices in its report, which we believe underscores ISS&#8217;s general approval of the design
      of the 2018 Plan, the ISS report indicates that the 2018 Plan includes liberal share recycling and broad discretion to accelerate vesting, which ISS views negatively.&#160; However, we believe that these design features are important for purposes of
      maintaining flexibility to design compensation packages that are appropriate for attracting and retaining top talent and have sufficient shares available to do so under our equity compensation program.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">4</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="margin-top: 18pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">For all these reasons, our Board recommends that you vote &#8220;FOR&#8221; Proposal No.&#160;3.</div>
    <div style="margin-top: 6pt; font-family: 'Times New Roman',Times,serif;">Should you wish to do so, or should you have any questions or need any assistance in submitting your proxy to vote your shares, please call our proxy solicitor, Georgeson Inc.
      toll-free, at (866) 767-8989.</div>
    <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="font-family: 'Times New Roman',Times,serif;"><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;"><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">Sincerely,</div>
    <div style="font-family: 'Times New Roman',Times,serif;"><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;"><img src="signature.jpg"></div>
    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Mike F. Chang</div>
    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Chairman of the Board of Directors</div>
    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Dated October&#160;25, 2021</div>
    <div style="margin-bottom: 8pt; font-family: 'Times New Roman',Times,serif;"><br>
    </div>
  </div>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">5</font></div>
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