Mindspeed Technologies, Inc. (MM) (NASDAQ:MSPD)
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Mindspeed Technologies, Inc. (NASDAQ: MSPD), a leading supplier of
semiconductor solutions for network infrastructure applications, today
announced that the company has issued inducement awards to 62 employees.
The awards were made on April 6, 2012 under the Mindspeed Technologies,
Inc. Inducement Incentive Plan, which provides for the granting of
equity awards to employees of Picochip, LLC and its subsidiaries as a
material inducement for recipients entering into employment with
Mindspeed. The inducement awards consist of 338,600 shares of restricted
stock, of which 273,600 shares of restricted stock vest 50% on April 30,
2013 and 12.5% each three months thereafter. The remaining 65,000 shares
of restricted stock vest 100% on September 30, 2012, subject to the
achievement of certain product development milestones, or 25% on
September 30, 2012 and 25% each three months thereafter if such product
development milestones are not achieved.
Mindspeed’s Compensation and Management Development Committee, which is
comprised solely of independent directors, approved the grant of
restricted stock pursuant to the Mindspeed Technologies, Inc. Inducement
Incentive Plan and form of restricted stock agreement and in accordance
with NASDAQ Listing Rule 5635(c)(4).
About Mindspeed Technologies
Mindspeed Technologies (NASDAQ: MSPD) is a leading provider of network
infrastructure semiconductor solutions to the communications industry.
The company's low-power system-on-chip (SoC) products are helping to
drive video, voice and data applications in worldwide fiber-optic
networks and enable advanced processing for 3G and long-term evolution
(LTE) mobile networks. The company's high-performance analog products
are used in a variety of optical, enterprise, industrial and video
transport systems. Mindspeed's products are sold to original equipment
manufacturers (OEMs) around the globe.
To learn more, please visit www.mindspeed.com.
Company news and updates are also posted at www.twitter.com/mindspeed.