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16 January 2015

NeoPhotonics grants equity inducement awards to staff from acquisition of Emcore's narrow-linewidth tunable laser product line

NeoPhotonics Corp of San Jose, CA, a vertically integrated designer and manufacturer of both indium phosphide (InP) and silica-on-silicon photonic integrated circuit (PIC)-based modules and subsystems for high-speed communications networks, says that, in connection with completing its acquisition of the narrow-linewidth tunable laser product line of Emcore Corp of Alhambra, CA, USA (which provides optical components, subsystems and systems for the broadband and specialty fiber-optics market), it has granted special inducement equity awards under the NeoPhotonics 2011 Inducement Award Plan to retain certain former Emcore employees (23 in total) as employees of NeoPhotonics group.

The firm has granted equity awards for a total of 115,000 shares (stock options to purchase 110,000 shares and 5000 restricted stock units). Each option vests 25% on 5 January 2016 (approximately the first anniversary of the closing of the Emcore asset acquisition) and the remainder 36 substantially equal monthly installments thereafter, subject to such optionees being employed by the NeoPhotonics group on the applicable vesting dates. The stock options have a ten-year term and an exercise price equal to $3.34 per share, which was the closing price of NeoPhotonics stock on the New York Stock Exchange (NYSE) on the date of grant. The restricted stock units vest in equal installments on each anniversary over four years.

The equity awards were approved by the Compensation Committee of NeoPhotonics’ board of directors and were granted as a material inducement to employment with the NeoPhotonics group.

NeoPhotonics’ board 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.

See related items:

Emcore completes sale of tunable laser and transceiver product lines for $17.5m

Tags: NeoPhotonics PICs Emcore

Visit: www.neophotonics.com

Visit: www.emcore.com

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