NeoPhotonics Reports Stock Option Inducement Grants to Employees of Acquired Semiconductor Optical Business Unit
SAN JOSE, Calif.--(BUSINESS WIRE)-- NeoPhotonics Corporation (NYS: 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.
JD Fay, +1-408-895-6086
Chief Financial Officer
Sapphire Investor Relations, LLC
Erica Mannion, +1-415-471-2700
KEYWORDS: United States North America California
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