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Explanation of Responses:
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(1)
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On April 18, 2017 (the "Closing Date"), Keysight Technologies, Inc. ("Keysight") acquired the Issuer pursuant to the Agreement and Plan of Merger, dated as of January 30, 2017 (the "Merger Agreement"), by and among the Issuer, Keysight, and, by a joinder dated February 2, 2017, Keysight Acquisition, Inc., a wholly-owned subsidiary of Keysight ("Merger Sub"). On the Closing Date, in accordance with the Merger Agreement, Merger Sub merged with and into the Issuer, with the Issuer surviving the merger (the "Merger") as a wholly owned subsidiary of Keysight. At the effective time of the Merger (the "Effective Time"), each share of the Issuer's common stock outstanding immediately prior to the Effective Time (other than, if any, shares owned by Keysight or Merger Sub, or by any subsidiary of Keysight, Merger Sub, or the Issuer (except to the extent held on behalf of a third party)), was automatically cancelled and converted into the right to receive $19.65 per share in cash (the "per share merger consideration"), without interest and less any applicable withholding taxes required by law.
Pursuant to the Merger Agreement, at the Effective Time, each restricted stock unit award ("RSU") that was outstanding immediately prior to the Effective Time automatically became fully vested and was cancelled in consideration for the right to receive a cash payment equal to the product of (a) the total number of shares of common stock subject to such RSU and (b) the per share merger consideration, without interest and less any applicable withholding taxes required by law.
The Merger is more fully described in the Issuer's definitive proxy statement filed with the SEC on March 14, 2017.
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(2)
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Represents (i) 34,805 shares of common stock (including 1,063 shares acquired under the Ixia Employee Stock Purchase Plan on April 11, 2017) owned directly and (ii) 11,100 shares of common stock subject to RSUs outstanding immediately prior to the Effective Time. The RSUs, which were part of an award that had become earned and eligible for vesting on March 6, 2017 based on the extent to which the Issuer had achieved a financial performance goal for its combined 2015 and 2016 fiscal years, were subject to vesting in eight equal quarterly installments, with the first installment vesting on May 15, 2017 and one additional installment vesting on the 15th day of the second calendar month of each calendar quarter thereafter.
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(3)
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Pursuant to the Merger Agreement, at the Effective Time, each stock option that was outstanding and unexercised immediately prior to the Effective Time automatically became fully vested (to the extent not then vested) and was cancelled in consideration for the right to receive a cash payment equal to the product of (a) the total number of shares of the Issuer's common stock subject to such cancelled stock option and (b) the excess, if any, of (1) the per share merger consideration over (2) the exercise price per share of such cancelled stock option, without interest and less any applicable withholding taxes required by law.
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(4)
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Option to purchase 42,500 shares provided for vesting in 16 equal quarterly installments commencing June 30, 2016.
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(5)
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Option to purchase 40,000 shares provided for vesting in 16 equal quarterly installments commencing June 30, 2015.
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(6)
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Option to purchase 65,000 shares vested as to 8,125 shares on October 2, 2014, and provided for vesting as to the remaining 56,875 shares in 14 equal quarterly installments commencing December 31, 2014.
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(7)
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Option to purchase 12,000 shares vested in 16 equal quarterly installments commencing March 31, 2013.
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(8)
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Performance-based option to purchase 12,000 shares vested as to 6,750 shares on June 24, 2014, and as to the remaining 5,250 shares in seven equal quarterly installments, with the first installment vested on June 30, 2014 and one additional installment vested on the last day of each of the six calendar quarters thereafter.
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(9)
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Option to purchase 18,000 shares vested in 16 equal quarterly installments commencing June 30, 2012.
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(10)
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Option to purchase 25,500 shares vested in 16 equal quarterly installments commencing June 30, 2011.
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(11)
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Performance-based option to purchase 42,500 shares of common stock vested as to 23,906 of such shares on April 12, 2013 and as to the remaining 18,594 shares in 7 equal quarterly installments commencing June 30, 2013.
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(12)
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Performance-based RSUs ("PRSUs") granted on February 26, 2016 provided that they could become earned and eligible for vesting based on the extent to which the Issuer achieved a financial performance goal for its combined 2016 and 2017 fiscal years. The PRSUs provided that to the extent the PRSUs became earned and eligible for vesting, 50% would vest following certification of the awards in 2018, and the remaining 50% would vest in eight equal quarterly installments, with the first installment vesting on June 1, 2018, and one additional installment vesting on the 1st day of the third calendar month of each calendar quarter thereafter. Pursuant to the Merger Agreement and the terms of the awards, immediately prior to the Effective Time, the PRSUs became earned at the target performance level, and at the Effective Time became fully vested and were cancelled in consideration for the right to receive a cash payment equal to the product of (a) the total number of shares of common stock subject to such earned PRSUs and (b) the per share merger consideration, without interest and less any applicable withholding taxes required by law.
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