NeoPhotonics Reports Stock Option Inducement Grants to Employees of Acquired Semiconductor Optical Business Unit
SAN JOSE, Calif.--(BUSINESS WIRE)--Apr. 9, 2013--
NeoPhotonics Corporation (NYSE: NPTN), a leading designer and
manufacturer of photonic integrated circuit, or PIC, based modules and
subsystems for bandwidth-intensive, high speed communications networks,
today reported that in connection with the completion of its acquisition
of the semiconductor optical components business unit (OCU) of LAPIS
Semiconductor Co., Ltd., the company granted special inducement stock
option grants under the NeoPhotonics 2011 Inducement Award Plan to
retain certain OCU employees (20 in total) as employees of the
NeoPhotonics group. The company granted options for an aggregate of
62,000 shares. Each option vests 25% on April 1, 2014 (approximately the
first anniversary of the closing of the OCU acquisition) and the
remainder in thirty-six substantially equal monthly installments
thereafter, subject to such optionee being employed by the NeoPhotonics
group on the vesting dates. The stock options have a ten year term and
an exercise price equal to $4.86 per share, which was the closing price
of NeoPhotonics common stock on the New York Stock Exchange on the date
of grant. The stock options were approved by the Compensation Committee
of the NeoPhotonics board of directors and were granted as a material
inducement to employment with the NeoPhotonics group.
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 photonic
integrated circuit, or PIC, based optoelectronic modules and subsystems
for bandwidth-intensive, high-speed communications networks. 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.
© 2013 NeoPhotonics Corporation. All rights reserved. NeoPhotonics and
the red dot logo are trademarks of NeoPhotonics Corporation. All other
marks are the property of their respective owners.
Source: NeoPhotonics Corporation
JD Fay, +1-408-895-6086
Sapphire Investor Relations, LLC