SAN JOSE, Calif.--(BUSINESS WIRE)--NeoPhotonics Corporation (NYSE: NPTN), a leading designer and manufacturer of optoelectronic solutions for the highest speed communications networks in telecom and datacenter applications, today announced that the Compensation Committee of NeoPhotonics Board of Directors granted inducement awards to Mr. Hui Xu, in connection with his employment as Vice President of Research & Development.
On May 23, 2019, NeoPhotonics Compensation Committee granted Mr. Xu a restricted stock unit award as an inducement award under the 2011 Inducement Award Plan to purchase 60,000 shares of common stock. The RSU award will be subject to a six year vesting schedule, determined by the Board of Directors as follows: 10,000 of the Restricted Stock shall vest on each year anniversary of the Vesting Commencement Date, subject to the employee’s continued service. The Compensation Committee and the Board of Directors granted each award as a material inducement to Mr. Xu’s respective 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 optoelectronic solutions for the highest speed communications networks in telecom and datacenter applications. 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.
©2019 NeoPhotonics Corporation. All rights reserved. NeoPhotonics and the red dot logo are trademarks of NeoPhotonics Corporation. All other marks are the property of their respective owners.