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SAN JOSE, Calif., Aug. 19, 2019 (GLOBE NEWSWIRE) -- Synaptics® Incorporated (NASDAQ: SYNA), (the “Company”), the leading developer of human interface solutions, today announced that effective August 19, 2019 the Board of Directors of the Company (the “Board”) adopted the Synaptics Incorporated 2019 Inducement Equity Plan (the “Inducement Plan”) under which the Company may grant inducement equity awards outside the Synaptics Incorporated Amended and Restated 2010 Incentive Compensation Plan.
The Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously an employee or non-employee director of the Company (or following a bona fide period of non-employment) as an inducement material to such individual's entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).
In addition, the Company announced that effective August 19, 2019, the Board has granted Michael Hurlston, the Company’s newly-appointed President and Chief Executive Officer, 59,772 restricted stock units (“RSUs”) and a target of 154,985 market stock units (“MSUs”) under the Inducement Plan. Both the RSUs and MSUs will vest annually over four years, subject to his continued service with the Company on such vesting dates, and MSU achievement will be based on Company total shareholder return performance. Other terms of the RSU and MSU grants are as determined by the Board and set forth in the Inducement Plan and applicable award agreements covering each grant.
Synaptics is the pioneer and leader of human interface technology, bringing innovative and intuitive user experiences to intelligent devices. Synaptics’ broad portfolio of touch, display, biometrics, voice, audio, and multimedia products is built on the company’s rich R&D, extensive IP and dependable supply chain capabilities. With solutions designed for mobile, PC, smart home, and automotive industries, Synaptics combines ease of use, functionality and aesthetics to enable products that help make our digital lives more productive, secure and enjoyable. (NASDAQ: SYNA) www.synaptics.com.
Synaptics, and the Synaptics logo are trademarks of Synaptics in the United States and/or other countries. All other marks are the property of their respective owners.
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