Conexant Reports Equity Grants Under NASDAQ Marketplace Rule 4350
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Conexant Systems, Inc. (NASDAQ:CNXT) today announced that on March 19,
2008 it granted stock options and restricted stock units to Mark
Peterson, its new senior vice president, chief legal officer, and
secretary, as an inducement material to him entering into employment
with the company.
Peterson’s stock option grant covers 850,000
shares of Conexant common stock that will vest in equal annual
installments beginning one year from the date of grant over a three-year
period. The options have a maximum exercise life of eight years and have
an exercise price of $0.45 per share, which was the closing price of
Conexant’s common stock on the date of grant.
In addition, he was awarded 250,000 restricted stock units, which will
vest in equal installments on the first, second, and third anniversaries
of the grant date.
These awards were approved by Conexant’s
Compensation and Management Development Committee, which is comprised of
independent members of the Board of Directors, and have been awarded
pursuant to the company’s 2004 New-Hire Equity
Incentive Plan.
About Conexant
Conexant’s comprehensive portfolio of
innovative semiconductor solutions includes products for Internet
connectivity, digital imaging, and media processing applications.
Conexant is a fabless semiconductor company that recorded revenues of
$809 million in fiscal year 2007. The company is headquartered in
Newport Beach, Calif. To learn more, please visit www.conexant.com Safe Harbor Statement "Safe Harbor”
Statement under the Private Securities Litigation Reform Act of 1995:
This release includes forward-looking statements intended to qualify for
the safe harbor from liability established by the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
generally can be identified by phrases such as Conexant or its
management "believes,” "expects,” "anticipates,” "foresees,” "forecasts,” "estimates” or
other words or phrases of similar import. Similarly, statements in this
release that describe our business strategy, outlook, objectives, plans,
intentions or goals also are forward-looking statements. All such
forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially from
those in the forward-looking statements.
These risks and uncertainties include, but are not limited to: pricing
pressures and other competitive factors; our ability to timely develop
and implement new technologies and to obtain protection for the related
intellectual property; the cyclical nature of the semiconductor industry
and the markets addressed by our products and our customers’
products; continuing volatility in the technology sector and the
semiconductor industry; our successful development of new products; the
timing of our new product introductions and our product quality; our
ability to anticipate trends and develop products for which there will
be market demand; the availability of manufacturing capacity; changes in
our product mix; product obsolescence; the ability of our customers to
manage inventory; demand for and market acceptance of our new and
existing products; the risk that capital needed for our business and to
repay our indebtedness will not be available when needed; the
risk that the value of our common stock may be adversely affected by
market volatility; the substantial losses we have incurred; the
uncertainties of litigation, including claims of infringement of
third-party intellectual property rights or demands that we license
third-party technology, and the demands it may place on the time and
attention of our management and the expense it may place on our company;
general economic and political conditions and conditions in the markets
we address; and possible disruptions in commerce related to terrorist
activity or armed conflict, as well as other risks and uncertainties,
including those detailed from time to time in our Securities and
Exchange Commission filings.
The forward-looking statements are made only as of the date hereof. We
undertake no obligation to update or revise the forward-looking
statements, whether as a result of new information, future events or
otherwise.
Conexant is a registered trademark of Conexant Systems, Inc. Other
brands and names contained in this release are the property of their
respective owners.
