SAN JOSE, Calif.--(BUSINESS WIRE)--NeoPhotonics Corporation (NYSE: NPTN), today announced that the Compensation Committee of NeoPhotonics' Board of Directors granted inducement awards to Yang Chiah Yee in connection with his employment as NeoPhotonics' Senior Vice President of Global Sales.
On March 22, 2018, the Compensation Committee granted Mr. Yee an option as an inducement award under the NeoPhotonics 2011 Inducement Award Plan to purchase 83,200 shares of the Company's common stock, with a per share exercise price equal to $6.51, the closing price of the Common Stock on the NYSE on the grant date. This option will vest over four years, with 25% of the underlying shares vesting on the one year anniversary of Mr. Yee's start date and an additional 1/48th of the underlying shares vesting monthly thereafter, subject to his continuous service through each vesting date. In addition, on March 22, 2018, the Compensation Committee granted Mr. Yee a restricted stock unit award as an inducement award under the 2011 Inducement Award Plan to purchase 99,800 shares of common stock. The RSU will vest over four years, with 25% of the shares vesting on the one year anniversary of Mr. Yee's start date and 1/4th of the underlying shares vesting on each anniversary of Mr. Yee’s employment start date thereafter, subject to Mr. Yee’s continued service. The Compensation Committee of NeoPhotonics’ Board of Directors granted these awards as a material inducement to Mr. Yee’s employment in accordance with NYSE Rule 303A.08.
The NeoPhotonics Board of Directors approved the 2011 Inducement Award Plan based on the employment inducement exemption provided under the NYSE listing standards. As a result, the 2011 Inducement Award Plan did not require shareholder approval, and this press release is being issued pursuant to applicable NYSE guidance.
NeoPhotonics is a leading designer and manufacturer of hybrid photonic integrated optoelectronic modules and subsystems for bandwidth-intensive, high-speed communications networks. The Company's products enable cost-effective, high-speed data transmission and efficient allocation of bandwidth over communications networks. NeoPhotonics maintains headquarters in San Jose, California and ISO 9001:2000 certified engineering and manufacturing facilities in Silicon Valley (USA), Japan and China. For additional information visit www.neophotonics.com.
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