Mindspeed Reports Inducement Equity Grant
NEWPORT BEACH, Calif.--(BUSINESS WIRE)-- Mindspeed Technologies, Inc. (NASDAQ:MSPD), a leading supplier of semiconductor solutions for network infrastructure applications, today announced that on August 21, 2012, the compensation and management development committee of its board of directors granted Preetinder S. Virk, the company's senior vice president and general manager, communications convergence processing (CCP), an option to purchase 15,000 shares of the companys common stock. The stock option award will vest 33.33% on the one year anniversary of the grant date, and 8.33% quarterly thereafter.
Mindspeeds compensation and management development committee, which is comprised solely of independent directors, approved the stock option award pursuant to the Mindspeed Technologies, Inc. (MSPD) Inducement Incentive Plan and form of stock option agreement and in accordance with NASDAQ Listing Rule 5635(c)(4).
About Mindspeed Technologies
Mindspeed Technologies 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.
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Source: Mindspeed Technologies, Inc.Copyright Business Wire 2012