Science in electrical engineering and computer science from the Massachusetts Institute of Technology, a Master of Science in electrical engineering from Purdue University, and a Bachelor of Science in electrical engineering from the University of Minnesota. Mr. Anderson has received four patents for innovations in computer architecture. He also serves on the Board of Directors of Qylur Intelligent Systems, Inc.
Inducement Awards Granted:
The independent Compensation Committee of the Company’s Board of Directors approved the grant of equity compensation awards, effective on Mr. Anderson’s start date, outside of the Company’s 2013 Incentive Plan in accordance with NASDAQ Listing Rule 5635(c)(4), as inducements material to Mr. Anderson entering employment with the Company. The inducement awards are described in more detail in the Company’s Form8-K filed with the Securities and Exchange Commission regarding Mr. Anderson’s appointment, and consist of the following:
Stock options to purchase approximately 550,500 shares of the Company’s common stock, with time-based vesting and the specific number of shares calculated at the time of grant using a Black-Scholes model to provide $1.5 million in option value. Restricted stock units, or RSUs, for approximately 385,500 shares of the Company’s common stock, with time-based vesting and the specific number of shares calculated based on the Company average stock pricing to provide a value of $2.9 million; and Performance RSUs for approximately 249,000 shares of the Company’s common stock, with vesting of up to 250% based on the achievement of total shareholder return targets and the specific number of shares calculated using the Company’s standard Monte-Carlo simulation valuation model to provide a value of $2.9 million. Performance RSUs for approximately 199,000 shares of the Company’s common stock, with vesting of up to 250% based on achievement of specified “adjusted” EBITDA target and the specific number of shares calculated based on Company average stock pricing to provide a value of $1.5 million.
Forward-Looking Statements Notice:
The foregoing paragraphs contain forward-looking statements that involve estimates, assumptions, risks and uncertainties. Any statements about Lattice’s expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. Such forward-looking statements include statements relating to: Lattice’s opportunities and strategy and our expectations regarding the approximate number of shares that will be granted with the inducement awards . Other forward-looking statements may be indicated by words such as “will,” “could,” “should,” “would,” “may,” “expect,” “plan,” “project,” “anticipate,” “intend,” “forecast,” “future,” “believe,” “estimate,” “predict,” “propose,” “potential,” “continue” or the negative of these terms or other comparable terminology.
Factors that may cause actual results to differ materially from the forward-looking statements in this press release include global economic uncertainty; overall semiconductor market conditions; the trading price of our common stock on the date of the inducement award, market acceptance and demand for Lattice’s products; the impact of competitive products and pricing; and technological and product development risks. In addition, actual results are subject to other risks and uncertainties that relate more broadly to Lattice’s overall business, including those risks more fully described in Lattice’s filings with the SEC, including its annual report on Form10-K for the fiscal year ended December 30, 2017, and Lattice’s quarterly reports filed on Form10-Q.
You should not unduly rely on forward-looking statements because actual results could differ materially from those expressed in any forward-looking statements. In addition, any forward-looking statement applies only as of the date on which it is made. Except as required by law, Lattice does not intend to update or revise any forward-looking statements, whether as a result of events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.
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