RF front-end component maker and foundry services provider TriQuint Semiconductor Inc of Hillsboro, OR, USA says that its board of directors' Compensation Committee (which consists solely of independent directors) has approved stock options and restricted stock unit (RSU) awards in conjunction with the firm's acquisition of CAP Wireless Inc of Newbury Park, CA, USA (announced on 7 August). 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 on 7 August, in accordance with NASDAQ Listing Standard 5635(c)(4). The stock options expire on 7 August 2023 and will vest 25% on 7 August 2014 with the remaining 75% vesting quarterly over the next three years, and have an exercise price equal to 100% of the closing price of TriQuint's common stock (TQNT) on 7 August 2013. The RSUs will vest 25% on 1 August 2014, with the remaining 75% vesting annually over the next three years.
