NeoPhotonics Announces Inducement Grants under NYSE Rule 303A.08
SAN JOSE, Calif.--(BUSINESS WIRE)--Apr. 5, 2018--
NeoPhotonics Corporation (NYSE: NPTN), today announced that the
Compensation Committee of NeoPhotonics' Board of Directors granted
inducement awards to Yang Chiah Yee in connection with his employment as
NeoPhotonics' Senior Vice President of Global Sales.
On March 22, 2018, the Compensation Committee granted Mr. Yee an option
as an inducement award under the NeoPhotonics 2011 Inducement Award Plan
to purchase 83,200 shares of the Company's common stock, with a per
share exercise price equal to $6.51, the closing price of the Common
Stock on the NYSE on the grant date. This option will vest over four
years, with 25% of the underlying shares vesting on the one year
anniversary of Mr. Yee's start date and an additional 1/48th of the
underlying shares vesting monthly thereafter, subject to his continuous
service through each vesting date. In addition, on March 22, 2018, the
Compensation Committee granted Mr. Yee a restricted stock unit award as
an inducement award under the 2011 Inducement Award Plan to purchase
99,800 shares of common stock. The RSU will vest over four years, with
25% of the shares vesting on the one year anniversary of Mr. Yee's start
date and 1/4th of the underlying shares vesting on each anniversary of
Mr. Yee’s employment start date thereafter, subject to Mr. Yee’s
continued service. The Compensation Committee of NeoPhotonics’ Board of
Directors granted these awards as a material inducement to Mr. Yee’s
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.
About NeoPhotonics
NeoPhotonics is a leading designer and manufacturer of hybrid photonic
integrated 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.
