Conexant Systems has granted stock options, performance restricted stock units and restricted stock units to Daniel A. Artusi, its new president and chief executive officer, as an inducement material to his entering into employment with the company. Artusi's stock option grant covers 3,000,000 shares of Conexant common stock that will vest in equal annual installments beginning one year from the date of grant over a three-year period. The options have a maximum exercise life of eight years and have an exercise price of $1.53, which was the closing price of Conexant's common stock on the date of grant.
He also received a performance restricted stock unit award of 1,000,000 shares of common stock that will vest based on the company's independent Compensation Committee's determination that the following performance goals have been achieved: one-third if Conexant's common stock sustains an average closing price of $3.00 over a 60 calendar-day period; one-third if the common stock sustains an average closing price of $4.50 over a 60 calendar-day period; and one-third if the common stock sustains an average closing price of $6.00 over a 60 calendar-day period. Any unvested portion of the performance restricted stock units will be forfeited five years after the grant.
In addition, he was awarded 1,500,000 restricted stock units, of which 1,000,000 will vest in equal installments on the first, second, and third anniversaries of the grant date and 500,000 will vest on the first anniversary of the grant date.
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