NEWPORT BEACH, Calif.--()--Mindspeed Technologies, Inc. (NASDAQ: MSPD), a leading supplier of semiconductor solutions for network infrastructure applications, today announced that on February 10, 2012, the compensation and management development committee of its board of directors granted Stephen N. Ananias, Mindspeed's senior vice president and chief financial officer, principal financial officer and principal accounting officer, an award of stock options for 40,000 shares of Mindspeed common stock. The stock options will have an exercise price of $6.28, which was the closing price of Mindspeed’s common stock on the date of grant and will vest 8.33% each three (3) months following the grant date for a period of three years.
Mindspeed’s Compensation and Management Development Committee, which is comprised solely of independent directors, approved the grant of stock options and shares of restricted stock pursuant to a stand-alone option agreement and in accordance with NASDAQ Listing Rule 4350(i)(1)(iv).
About Mindspeed Technologies
Mindspeed Technologies (NASDAQ: MSPD) 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.