Mindspeed Reports Inducement Equity Grant

Date : 04/10/2012 @ 4:04PM
Source : Business Wire
Stock : Mindspeed Technologies, Inc. (MM) (MSPD)
Quote : 5.05  0.0 (0.00%) @ 2:05AM
Mindspeed Technologies, Inc. (MM) share price Chart

Mindspeed Reports Inducement Equity Grant

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.

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