IRVINE, Calif., Nov. 10, 2015 /PRNewswire/ -- Netlist, Inc.
(NASDAQ: NLST), a leading provider of high performance memory
solutions for the cloud computing and storage markets, today
announced the appointment of Vahid
Ordoubadian as Vice President of Advanced Engineering. In
this role, he will be responsible for new IC-level product
development as well as oversee joint technology development
programs with strategic partners.
Ordoubadian brings over 25 years of semiconductor industry
experience. He most recently served as Senior Director of Research
and Development at Cadence Design Systems. Prior to that, he spent
10 years at Broadcom Corporation, as Director, IC Design
Engineering in the Mobile Group, managing teams of engineers for
pre/post silicon validation. Prior to Broadcom, he was the Vice
President of Advanced Technology Development at STEC for 5 years,
responsible for ASIC development.
"Vahid is an important and timely addition to our team. He
brings a wealth of experience and expertise in both hardware and
software development and has led large teams of engineers executing
on complex chip designs. As we embark on productizing our next
generation controller technology, alongside partners and vendors,
we look forward to Vahid's leadership to provide strong engineering
execution," said C.K. Hong,
President and CEO of Netlist.
As an inducement material to Mr. Ordoubadian entering into
employment with Netlist, Netlist's Compensation Committee granted
to Mr. Ordoubadian an option to purchase up to 100,000 shares of
its common stock with an exercise price of $0.52 per share, which is equal to the closing
sale price of Netlist's common stock on the grant date of the
option. The option has a term of ten (10) years and will
generally be forfeited if not exercised before the expiration of
that term. The shares subject to the option will vest over
four years, with one quarter vesting on the anniversary of the
grant date and the remainder vesting in equal quarterly
installments thereafter subject to Mr. Ordoubadian's continued
service with Netlist through such vesting date. The option
will be granted outside of Netlist's 2006 Equity Incentive Plan,
but will be subject to terms substantially similar to those of
non-qualified stock options granted under such plan. This
description of the inducement option grant to Mr. Ordoubadian is in
satisfaction of the disclosure requirements set forth in NASDAQ
Listing Rule 5635(c)(4).
About Netlist:
Netlist creates solutions that accelerate turning data into
information. We design and manufacture controller and
software-based memory solutions for our OEM and Hyperscale
customers in the server and storage markets. Flagship products
NVvault® and EXPRESSvault™ accelerate system performance and
provide mission critical fault tolerance. HyperVault®, Netlist's
next-generation technology, expands the performance and capacity of
memory channel storage. The company holds a portfolio of patents,
many seminal, in the area of hybrid memory, rank multiplication and
load-reduction, among others. Founded in 2000, Netlist is
headquartered in Irvine, CA with
manufacturing and operation facilities in Suzhou, People's Republic of China. To learn more,
please visit www.netlist.com.
Safe Harbor Statement:
This news release contains forward-looking statements
regarding future events and the future performance of Netlist.
These forward-looking statements involve risks and uncertainties
that could cause actual results to differ materially from those
expected or projected. These risks and uncertainties include, but
are not limited to, risks associated with the launch and commercial
success of our products, programs and technologies; our limited
capital resources; the success of product partnerships;
continuing development, qualification and volume production of
HyperVault™, EXPRESSvault™, NVvault®, HyperCloud® and
VLP Planar-X RDIMM; the timing and magnitude of the decrease in
sales; our ability to leverage our NVvault® and EXPRESSvault™
technology in a more diverse customer base; the rapidly-changing
nature of technology; risks associated with intellectual property,
including risks associated with the inherent uncertainty of the
litigation process; patent infringement litigation against us as
well as the costs and unpredictability of litigation over
infringement of our intellectual property and the possibility of
our patents being reexamined by the United States Patent and
Trademark office; volatility in the pricing of DRAM ICs and NAND;
changes in and uncertainty of customer acceptance of, and demand
for, our existing products and products under development,
including uncertainty of and/or delays in product orders and
product qualifications; delays in the Company's and its customers'
product releases and development; introductions of new products by
competitors; changes in end-user demand for technology solutions;
the Company's ability to attract and retain skilled personnel; the
Company's reliance on suppliers of critical components and vendors
in the supply chain; fluctuations in the market price of critical
components; evolving industry standards; and the political and
regulatory environment in the People's
Republic of China. Other risks and uncertainties are
described in the Company's annual report on Form 10-K filed on
March 27, 2015, and subsequent
filings with the U.S. Securities and Exchange Commission made by
the Company from time to time. Except as required by law, Netlist
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
For more information, please contact:
Brainerd Communicators, Inc.
Mike Smargiassi/Jenny Perales
NLST@braincomm.com
(212) 986-6667
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SOURCE Netlist, Inc.