FREMONT, CA--(Marketwire -06/15/12)- Ikanos Communications, Inc. (IKAN), as previously disclosed in the Company's Form 8-K filed on June 11, 2012, today announced that in connection with its hiring of Omid Tahernia as its Chief Executive Officer and President, the independent members of the Company's Board of Directors granted Mr. Tahernia a stock option award in accordance with NASDAQ Listing Rule 5635(c)(4).
Mr. Tahernia was granted a non-qualified stock option, outside of a stockholder approved plan, to purchase up to 2,100,000 shares of the Company's common stock on June 11, 2012. The option will vest, with respect to 1,500,000 shares, over a four-year period, with 25% of such shares vesting on the first anniversary of his employment start date and the balance vesting in equal quarterly installments over the succeeding twelve (12) quarters. The remaining 600,000 shares will vest over a one-year period beginning upon the date(s) that certain stock price goals are achieved. Once vesting begins, these shares will vest in equal quarterly installments over the one-year period after the applicable stock price goal is achieved. The option expires on June 11, 2019, subject to earlier expiration under certain conditions. All or a portion of the unvested shares subject to this non-qualified stock option may automatically vest if Mr. Tahernia is terminated without cause or he resigns for good reason.
About Ikanos Communications, Inc.
Ikanos Communications, Inc. (IKAN) is a leading provider of advanced broadband semiconductor and software products for the digital home. The company's broadband DSL, communications processors and other offerings power access infrastructure and customer premises equipment for many of the world's leading network equipment manufacturers and telecommunications service providers. For more information, visit www.ikanos.com.
(c) 2011 Ikanos Communications, Inc. All Rights Reserved. Ikanos Communications, Ikanos, the Ikanos logo, the Bandwidth without boundaries tagline, Fusiv, FX, FxS, iQV, Ikanos Velocity and NodeScale Vectoring are among the trademarks or registered trademarks of Ikanos Communications. All other trademarks mentioned herein are properties of their respective holders.