Entropic Communications Reports Inducement Grants Under NASDAQ Listing Rule 5635(C)(4)
August 28 2012 - 8:00AM
Entropic Communications, Inc. (Nasdaq:ENTR), a world leader in
semiconductor solutions for the connected home, announced today
that the Compensation Committee of its Board of Directors approved
the grant under its 2012 Inducement Award Plan (the "Plan") to Mr.
Vahid Manian, senior vice president, Global Operations, of a stock
option to purchase 225,000 shares of common stock and a restricted
stock unit covering 90,000 shares of common stock (the "RSUs")
under the Plan. The stock option and RSUs were granted to Mr.
Manian on August 27, 2012, his date of hire. The stock option
has an exercise price per share equal to $5.31, the fair market
value of Entropic's common stock on the grant date, and vests over
four-years, with 25-percent of the shares subject to the stock
option vesting on the one-year anniversary of the vesting
commencement date and the remainder of the shares vesting in equal
monthly installments over the 36-months thereafter. Of the
RSUs awarded to Mr. Manian 50,000 shall vest in equal annual
installments over a four-year period from the vesting commencement
date, and the remaining 40,000 will vest 50-percent following the
one-year anniversary of the vesting commencement date and
50-percent following the second-year anniversary of the vesting
commencement date. Vesting for both the stock option and RSUs
is subject to Mr. Manian's continued service relationship with
Entropic and each award has a 10-year term and is subject to the
terms and conditions of the stock option and RSU agreements
pursuant to which they were granted.
These RSUs and stock options were granted as inducements
material to Mr. Manian entering into employment with Entropic in
accordance with NASDAQ Listing Rule 5635(c)(4).
About Entropic Communications
Entropic Communications, Inc. (Nasdaq:ENTR) is a leading global
provider of silicon and software solutions to enable connected home
entertainment. The Company transforms how traditional HDTV
broadcast and streaming video content is seamlessly, reliably, and
securely delivered, processed, and distributed into and throughout
the home. Entropic's next-generation home connectivity and set-top
box system-on-a-chip (SoC) solutions enable Pay-TV service
providers to offer consumers a more captivating whole-home
entertainment experience by delivering new, high-performing ways to
connect, engage, and enjoy multimedia content. For more
information, visit Entropic at:www.entropic.com.
The Entropic Communications logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=4255
CONTACT: Entropic Investor Contact:
Debra Hart
+1 858.768.3852
debra.hart@entropic.com
Entropic Media/Industry Analyst Contact:
Chris Fallon
+1 858.768.3827
chris.fallon@entropic.com
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