Mindspeed Reports Inducement Equity Grant
April 10 2012 - 4:04PM
Business Wire
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.
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