SAN DIEGO, Aug. 28, 2012 (GLOBE NEWSWIRE) -- Entropic Communications, Inc. (Nasdaq:ENTR), a world leader in semiconductor solutions for the connected home, announced today that the Compensation Committee of its Board of Directors approved the grant under its 2012 Inducement Award Plan (the "Plan") to Mr. Vahid Manian, senior vice president, Global Operations, of a stock option to purchase 225,000 shares of common stock and a restricted stock unit covering 90,000 shares of common stock (the "RSUs") under the Plan. The stock option and RSUs were granted to Mr. Manian on August 27, 2012, his date of hire. The stock option has an exercise price per share equal to $5.31, the fair market value of Entropic's common stock on the grant date, and vests over four-years, with 25-percent of the shares subject to the stock option vesting on the one-year anniversary of the vesting commencement date and the remainder of the shares vesting in equal monthly installments over the 36-months thereafter. Of the RSUs awarded to Mr. Manian 50,000 shall vest in equal annual installments over a four-year period from the vesting commencement date, and the remaining 40,000 will vest 50-percent following the one-year anniversary of the vesting commencement date and 50-percent following the second-year anniversary of the vesting commencement date. Vesting for both the stock option and RSUs is subject to Mr. Manian's continued service relationship with Entropic and each award has a 10-year term and is subject to the terms and conditions of the stock option and RSU agreements pursuant to which they were granted.
These RSUs and stock options were granted as inducements material to Mr. Manian entering into employment with Entropic in accordance with NASDAQ Listing Rule 5635(c)(4).
About Entropic Communications
Entropic Communications, Inc. (Nasdaq:ENTR) is a leading global provider of silicon and software solutions to enable connected home entertainment. The Company transforms how traditional HDTV broadcast and streaming video content is seamlessly, reliably, and securely delivered, processed, and distributed into and throughout the home. Entropic's next-generation home connectivity and set-top box system-on-a-chip (SoC) solutions enable Pay-TV service providers to offer consumers a more captivating whole-home entertainment experience by delivering new, high-performing ways to connect, engage, and enjoy multimedia content. For more information, visit Entropic at:www.entropic.com.
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