NeoPhotonics Announces Inducement Grants under NYSE Rule 303A.08
SAN JOSE, Calif.--(BUSINESS WIRE)--May 24, 2019--
NeoPhotonics Corporation (NYSE: NPTN), a leading designer and
manufacturer of optoelectronic solutions for the highest speed
communications networks in telecom and datacenter applications, today
announced that the Compensation Committee of NeoPhotonics Board of
Directors granted inducement awards to Mr. Hui Xu, in connection with
his employment as Vice President of Research & Development.
On May 23, 2019, NeoPhotonics Compensation Committee granted Mr. Xu a
restricted stock unit award as an inducement award under the 2011
Inducement Award Plan to purchase 60,000 shares of common stock. The RSU
award will be subject to a six year vesting schedule, determined by the
Board of Directors as follows: 10,000 of the Restricted Stock shall vest
on each year anniversary of the Vesting Commencement Date, subject to
the employee’s continued service. The Compensation Committee and the
Board of Directors granted each award as a material inducement to Mr.
Xu’s respective employment in accordance with NYSE Rule 303A.08.
The NeoPhotonics Board of Directors approved the 2011 Inducement Award
Plan based on the employment inducement exemption provided under
the NYSE listing standards. As a result, the 2011 Inducement Award Plan
did not require shareholder approval, and this press release is being
issued pursuant to applicable NYSE guidance.
NeoPhotonics is a leading designer and manufacturer of optoelectronic
solutions for the highest speed communications networks in telecom and
datacenter applications. The Company’s products enable cost-effective,
high-speed data transmission and efficient allocation of bandwidth over
communications networks. NeoPhotonics maintains headquarters in San
Jose, California and ISO 9001:2000 certified engineering and
manufacturing facilities in Silicon Valley (USA), Japan and China. For
additional information visit www.neophotonics.com.