Conexant Reports New Stock Option Grants under NASDAQ Marketplace Rule 4350.Business Editors/High-Tech Writers RED BANK, N.J.--(BUSINESS WIRE)--March 12, 2004 Conexant Systems, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CNXT), the worldwide leader in semiconductor solutions for broadband communications, enterprise networks and the digital home, today announced that inducement stock options pursuant to NASDAQ Marketplace Rule 4350 (i) (1) (A) (iv) were granted to substantially all pre-merger GlobespanVirata employees, including three new company executive officers: Armando Geday, chief executive officer; Robert McMullan, chief financial officer; and Michael Powell, chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . The options that were granted on March 5, 2004, to approximately 970 former GlobespanVirata employees represent an aggregate of 8,055,213 shares of common stock. Conexant and GlobespanVirata completed the merger of the two companies on Feb. 27. Under the terms of the grants, each option has been classified as a non-qualified stock option Non-qualified stock options are stock options which do not qualify for the special treatment accorded to incentive stock options. Incentive stock options are only available for employees and other restrictions apply for them. , has an exercise price equal to the fair market value on the grant date, and has an eight-year term. The options vest over 48 months, with certain executive options vesting after 24 months on the anniversary date of the merger between Conexant and GlobespanVirata. All of the options will be exercisable after vesting and are subject to continued employment through each relevant date. NASDAQ Marketplace Rule 4350 (i) (1) (A) (iv) allows a listed company listed company n → compañía cotizable listed company n → société cotée en Bourse listed company list n → to grant stock awards to certain individuals as an inducement to enter into employment with the company. About Conexant Conexant's innovative semiconductor solutions are driving broadband communications, enterprise networks and digital home networks worldwide. The company has leveraged its expertise and leadership position in modem technologies to enable more Internet connections than all of its competitors combined, and continues to develop highly integrated silicon solutions for broadband data and media processing See media control. networks. Key products include client-side xDSL and cable modem solutions, home network processors, broadcast video encoders and decoders, digital set-top box components and systems solutions, and dial-up modems. Conexant's suite of networking components includes a leadership portfolio of IEEE (Institute of Electrical and Electronics Engineers, New York, www.ieee.org) A membership organization that includes engineers, scientists and students in electronics and allied fields. 802.11a/b/g-compliant WLAN See wireless LAN. WLAN - wireless local area network chipsets, software and reference designs, as well as solutions for applications based on HomePlug(R) and HomePNA(TM). The company also offers a complete line of asymmetric and symmetric DSL central office solutions, which are used by service providers worldwide to deliver broadband data, voice, and video over copper telephone lines. Conexant is a fabless semiconductor company A fabless semiconductor company specializes in the design and sale of hardware devices implemented on semiconductor chips. It achieves an advantage by outsourcing the fabrication of the devices to a specialized semiconductor manufacturer called a semiconductor foundry or "fab. with annual run-rate revenues of $1.2 billion. The company has approximately 2,400 employees worldwide, and is headquartered in Red Bank, N.J. To learn more, please visit us at www.conexant.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement This press release contains statements relating to our future results (including certain projections and business trends) that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties. These risks and uncertainties include, but are not limited to: the cyclical nature of the semiconductor industry and the markets addressed by the company's and its customers' products; demand for and market acceptance of new and existing products; successful development of new products; the timing of new product introductions; the availability of manufacturing capacity; pricing pressures and other competitive factors; changes in product mix; product obsolescence ob·so·les·cent adj. 1. Being in the process of passing out of use or usefulness; becoming obsolete. 2. Biology Gradually disappearing; imperfectly or only slightly developed. ; the ability to develop and implement new technologies and to obtain protection for the related intellectual property; the uncertainties of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. ; and the risk that the businesses of Conexant and GlobespanVirata will not be integrated successfully, as well as other risks and uncertainties, including those detailed from time to time in our Securities and Exchange Commission filings. These forward-looking statements are made only as of the date hereof, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. Note to Editors: Conexant is a trademark of Conexant Systems, Inc. Other brands and names contained in this release are the property of their respective owners. |
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