Phoenix Technologies Ltd. Names Woodson Hobbs as CEO.
"We are very pleased to have a seasoned leader like Woody Hobbs join Phoenix," said Anthony P. Morris, lead independent director and member of the search committee. "Hobbs was chosen for his extensive experience in successfully managing high technology companies through challenging transition periods. We are confident that he has the skills to drive shareholder value at Phoenix."
Prior to joining Phoenix, Hobbs most recently served as President and CEO of Intellisync Corporation from 2002 until the company's acquisition by Nokia in February 2006. Under Hobbs' leadership, Intellisync became the number two wireless email company, increased its stock price by nearly ten times, and grew enterprise value from zero to over $430 million.
"I am very excited to join the company, Phoenix has valuable assets in its personnel, technology and partnerships, and this fact, combined with a strong balance sheet, makes for a winning combination," said Hobbs. "Added to these obvious strengths, Phoenix is a foundation for the PC industry with strong roots in technology innovation, and research and development." Hobbs continued to say: "The first job for me at Phoenix is to ensure that the core business is healthy and providing high quality and valued product and service to its customers. We must also utilize Phoenix's unique position in the marketplace to achieve significant market share with products that provide competitive growth for the company."
Prior to heading Intellisync, Hobbs developed broad industry experience as a consulting executive working with the venture capital community, holding interim CEO roles for several start-ups including FaceTime, a leader in instant messaging connecting consumers to business, Tradenable, the leading online escrow service, and BigBook, the pioneer in the online yellow pages industry and now a part of Verizon.
Throughout Hobbs' career, he has built on his background in systems programming to develop and implement sound business decisions resulting in many successes. Hobbs transitioned from programming to business management at IBM, followed by executive roles at Rocor International, Virtual Computing, and National Semiconductor. After successfully starting and selling his own software and consulting company, Mentel, Hobbs became CIO at Charles Schwab. At Schwab Hobbs and his team pioneered many of the online information systems innovations for which the company is well-known, including PC- and touch-tone telephone-based trading.
In connection with his appointment, and as an incentive to his joining, Hobbs was granted a non-qualified inducement stock option to purchase 900,000 shares of common stock of Phoenix, par value $0.001 per share, with an exercise price equal to $5.05 (USD), the closing sale price of the Company's stock on September 6, 2006, the grant date. Assuming Hobbs remains actively employed by Phoenix, the option will vest and become exercisable with respect to 25% of the total number of shares underlying the option on September 6, 2007, and 1/48 of the total number of shares underlying the option each month thereafter. The vesting of the options will accelerate if Hobbs' employment is terminated without cause or for good reason after a change of control. If the change of control occurs within 6 months of Hobbs' date of hire, 1/3 of the shares will vest, if the change of control occurs after 6 months but less than 12 months after Hobbs' date of hire, 2/3 of the shares will vest, and if the change of control occurs after 12 months, all of the shares will vest. Additionally, Hobbs received an inducement grant of 100,000 shares of restricted stock. The restricted stock vests as follows: 1/2 of the shares vest on September 6, 2008, and the remaining shares vest in 4 equal installments every 6 months thereafter. The vesting of all unvested restricted stock will accelerate if Hobbs' employment is terminated without cause or for good reason after a change of control. The inducement options and restricted shares were granted outside of the terms of any existing Phoenix equity incentive plan and without shareholder approval pursuant to NASDAQ Marketplace Rule 4350(i)(1)(A)(iv).
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
With the exception of historical information, the statements set forth above include forward-looking statements that involve risk and uncertainties. All forward-looking statements included in this document are based upon information available to the Company as of the date hereof, and the Company assumes no obligation to update any such forward looking statement. Factors that could cause actual results to differ materially from those in the forward looking statements are discussed in the Company's filings with the Securities and Exchange Commission.
About Phoenix Technologies Ltd.
Phoenix Technologies Ltd. (Nasdaq:PTEC) is a global market leader in core system software and applications that assure endpoint confidence. The company first established dominant industry leadership 26 years ago with BIOS software, currently has over one billion products deployed and continues to ship in over 100 million new systems each year. From this unique foundation, Phoenix has created a portfolio of innovative software products that simply and easily identify and restore devices, thereby ensuring unparalleled endpoint security and availability.
With a focused commitment to the highest levels of customer confidence and satisfaction, Phoenix serves enterprise and government channel partners, ODMs, OEMs, system builders and ISVs by enabling them to decrease time to market, differentiate their products, create value, increase profits and lower cost of ownership. Phoenix is headquartered in Milpitas, Calif., with offices worldwide in global business and technology centers. For more information, visit www.phoenix.com.
Phoenix, Phoenix Technologies, and the Phoenix Technologies logo are trademarks and/or registered trademarks of Phoenix Technologies Ltd. All other trademarks are the property of their respective owners.
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|Date:||Sep 7, 2006|
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