Press release from Business Wire
TriQuint Board of Directors Approves Inducement Awards in Conjunction with CAP Wireless Acquisition
Friday, August 09, 2013
TriQuint Board of Directors Approves Inducement Awards in Conjunction with CAP Wireless Acquisition16:30 EDT Friday, August 09, 2013
HILLSBORO, Ore. (Business Wire) -- TriQuint Semiconductor, Inc. (NASDAQ: TQNT), a leading RF solutions supplier and technology innovator, today announced that its Board of Directors' Compensation Committee has approved stock options and restricted stock unit (RSU) awards in conjunction with the company's acquisition of CAP Wireless, Inc. (Newbury Park, CA, USA). Terms of the acquisition were not disclosed and the impact to earnings this year is expected to be immaterial.
The directors approved 67,900 stock options and 46,760 RSU awards to former CAP Wireless employees under the TriQuint 2008 Inducement Plan. The awards were granted August 7, 2013. The stock options expire on August 7, 2023 and will vest 25 percent on August 7, 2014 with the remaining 75 percent vesting quarterly over the next three years, and have an exercise price equal to 100% of the closing price of TQNT common stock on Aug 7, 2013. The RSUs will vest 25 percent on August 1, 2014 with the remaining 75 percent vesting annually over the next three years.
TriQuint's Compensation Committee, which is solely comprised of independent directors, approved the grant of the awards on August 7, 2013 in accordance with NASDAQ Listing Standard 5635(c)(4).
FORWARD LOOKING STATEMENTS
This TriQuint Semiconductor, Inc. (NASDAQ: TQNT) press release contains forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned that forward-looking statements involve risks and uncertainties. The cautionary statements made in this press release should be read as being applicable to all related statements wherever they appear. Statements containing such words as ‘leading', ‘exceptional', ‘high efficiency', ‘key role', ‘leading supplier', or similar terms are considered to contain uncertainty and are forward-looking statements. A number of factors affect TriQuint's operating results and could cause its actual future results to differ materially from any results indicated in this press release or in any other forward-looking statements made by, or on behalf of, TriQuint including, but not limited to: those associated with the unpredictability and volatility of customer acceptance of and demand for our products and technologies, the ability of our production facilities and those of our vendors to meet demand, the ability of our production facilities and those of our vendors to produce products with yields sufficient to maintain profitability, as well as the other “Risk Factors” set forth in TriQuint's most recent 10-Q report filed with the Securities and Exchange Commission. This and other reports can be found on the SEC web site, www.sec.gov. A reader of this release should understand that these and other risks could cause actual results to differ materially from expectations expressed / implied in forward-looking statements.
FACTS ABOUT TRIQUINT
Founded in 1985, TriQuint Semiconductor (NASDAQ: TQNT) is a leading global provider of innovative RF solutions and foundry services for the world's top communications, defense and aerospace companies. People and organizations around the world need real-time, all-the-time connections; TriQuint products help reduce the cost and increase the performance of connected mobile devices and the networks that deliver critical voice, data and video communications. With the industry's broadest technology portfolio, recognized R&D leadership, and expertise in high-volume manufacturing, TriQuint creates standard and custom products using gallium arsenide (GaAs), gallium nitride (GaN), surface acoustic wave (SAW) and bulk acoustic wave (BAW) technologies. The company has ISO9001-certified manufacturing facilities in the U.S., production in Costa Rica, and design centers in North America and Germany. For more information, visit www.triquint.com.
TriQuint: Reach Further, Reach Faster™
TriQuint Semiconductor, Inc.
Sr. Director of Corporate Communications
Brandi Frye, +1-503-615-9488
Director of Investor Relations
Grant Brown, +1-503-615-9413