QLogic Approves Grant of Equity-Based Award
March 26 2015 - 6:11PM
QLogic Corp (Nasdaq:QLGC), a leading supplier of high performance
network infrastructure solutions, today announced that on March 20,
2015, the Compensation Committee of the Board of Directors of
QLogic Corporation approved a grant of an equity-based award to one
individual in connection with his commencing employment with the
company and its subsidiaries and as an inducement material to his
accepting such employment. The grant consisted of an award of
13,000 restricted stock units to a newly-hired non-executive
employee that will vest based on the achievement of certain
pre-established performance and service requirements. The grant was
not individually negotiated and was made in accordance with Nasdaq
Listing Rule 5635(c)(4).
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QLogic – the Ultimate in Performance
QLogic (Nasdaq:QLGC) is a global leader and technology innovator
in high performance server and storage networking connectivity
products. Leading OEMs and channel partners worldwide rely on
QLogic for their server and storage networking solutions. For more
information, visit www.qlogic.com.
Disclaimer – Forward-Looking Statements
This press release contains statements relating to future
results of the company (including certain beliefs and projections
regarding business and market trends) that are "forward-looking
statements" as defined in the Private Securities Litigation Reform
Act of 1995. Such forward-looking statements are subject to risks
and uncertainties that could cause actual results to differ
materially from those projected or implied in the forward-looking
statements. The company advises readers that these potential risks
and uncertainties include, but are not limited to: potential
fluctuations in operating results; gross margins that may vary over
time; unfavorable economic conditions; the stock price of the
company may be volatile; the company's dependence on the networking
markets served; the ability to maintain and gain market or industry
acceptance of the company's products; the company's dependence on a
small number of customers; the company's ability to compete
effectively with other companies; uncertain benefits from strategic
business combinations, acquisitions and divestitures; the ability
to attract and retain key personnel; the complexity of the
company's products; declining average unit sales prices of
comparable products; the company's dependence on sole source and
limited source suppliers; the company's dependence on relationships
with certain third-party subcontractors and contract manufacturers;
sales fluctuations arising from customer transitions to new
products; seasonal fluctuations and uneven sales patterns in orders
from customers; changes in the company's tax provisions or adverse
outcomes resulting from examination of its income tax returns;
international economic, currency, regulatory, political and other
risks; facilities of the company and its suppliers and customers
are located in areas subject to natural disasters; the ability to
protect proprietary rights; the ability to satisfactorily resolve
any infringement claims; a reduction in sales efforts by current
distributors; declines in the market value of the company's
marketable securities; changes in and compliance with regulations;
difficulties in transitioning to smaller geometry process
technologies; the use of "open source" software in the company's
products; system security risks, data protection breaches and
cyber-attacks; and the company's ability to borrow under its credit
agreement is subject to certain covenants.
More detailed information on these and additional factors that
could affect the company's operating and financial results are
described in the company's Forms 10-K, 10-Q and other reports
filed, or to be filed, with the Securities and Exchange Commission.
The company urges all interested parties to read these reports to
gain a better understanding of the business and other risks that
the company faces. The forward-looking statements contained in this
press release are made only as of the date hereof, and the company
does not intend to update or revise these forward-looking
statements, whether as a result of new information, future events
or otherwise.
QLogic and the QLogic logo are registered trademarks of QLogic
Corporation. Other trademarks and registered trademarks are the
property of the companies with which they are associated.
CONTACT: Media Contact:
Steve Sturgeon
QLogic Corporation
858.472.5669
steve.sturgeon@qlogic.com
Investor Contact:
Doug Naylor
QLogic Corporation
949.542.1330
doug.naylor@qlogic.com
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