SGI Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)
FREMONT, Calif., Jan. 22, 2013 (GLOBE NEWSWIRE) -- SGI (Nasdaq:SGI) today announced that the Compensation Committee of SGI's Board of Directors granted an inducement award to Cassio Conceicao in connection with his appointment as SGI's Executive Vice President and Chief Operating Officer.
On January 21, 2013, SGI previously announced Mr. Conceicao's appointment to such positions, with his employment beginning that day. Mr. Conceicao's inducement awards, granted under SGI's 2006 New Recruit Equity Incentive Plan, consist of (1) a restricted stock unit award representing the right to receive 55,000 shares of SGI's common stock, which award will vest over four years, with 25% of the underlying shares vesting after one year and an additional 6.25% of the underlying shares vesting quarterly thereafter, subject to his continuous service through each vesting date; and (2) a restricted stock unit award representing the right to receive 68,750 shares of SGI's common stock at the target award amount (the "PRSU Award"). The PRSU Award will become eligible to vest upon achievement of certain financial performance criteria for the Company for fiscal 2013, and if such criteria are achieved, the PRSU Award would vest as to 25% of the underlying shares on the first anniversary of Mr. Conceicao's employment commencement date and an additional 25% of the underlying shares would vest annually thereafter subject to his continuous service through each vesting date, provided further that the actual number of shares underlying the PRSU Award may range from 50% to 150% of the target award amount (from 27,500 to 82,500 shares) depending on the level of achievement of the financial performance criteria. The Compensation Committee of SGI's Board of Directors granted the awards on January 15, 2013 as inducements material to Mr. Conceicao's employment in accordance with NASDAQ Listing Rule 5635(c)(4).
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