DSP Group Announces Grant of Inducement Options
SAN JOSE, Calif., Nov. 2 /PRNewswire-FirstCall/ -- DSP Group, Inc. (Nasdaq: DSPG), a worldwide leader in developing and providing chip-set solutions for residential wireless connectivity, announces that on October 31, 2007, it granted stock options to purchase an aggregate of 185,000 shares of DSP Group common stock to seven employees of NXP B.V. and its affiliates who became non-executive officer employees of DSP Group following the acquisition of the Cordless and VoIP Terminals business of NXP by DSP Group. Furthermore, a stock option to purchase 50,000 shares of DSP Group common stock was granted to Brian Robertson, General Manager of the Cordless and VoIP Terminals business of NXP who became the President of DSP Group, on the same date. The stock options are an inducement for, and granted in connection with the commencement of, their employment with DSP Group. All option grants, including the grant to Mr. Robertson, have an exercise price of $15.79 per share, the fair market value of DSP Group's common stock at the close of the trading day on the grant date, and will vest over a period of four years as follows: 25% of the shares subject to each option will vest on the one year anniversary of the grant date; and the remaining 75% of the shares subject to each option will vest in 36 equal monthly increments during each of the second, third and fourth years thereafter. The stock options are granted without stockholder approval but the grants meet the provisions of NASDAQ's listing standards regarding stockholder approval of equity-based incentive awards granted to newly hired employees.
About DSP Group
DSP Group, Inc. is a fabless semiconductor company, offering advanced chip-set solutions for a variety of applications. DSP Group is a worldwide leader in the short-range wireless communication market, enabling home networking convergence for voice, video and data. By combining its in-house technologies of Digital Signal Processors (DSPs), portfolio of wireless communication protocols, including DECT, Bluetooth and Wi-Fi, most advanced Radio Frequency CMOS and SiGe, as well as VoIP ICs, DSP Group is a worldwide leader and a one-stop-shop for a wide range of applications. These applications include ISM band digital 900MHz, 2.4GHz and 5.8GHz telephony, European DECT (1.9GHz) telephony, Bluetooth systems for voice, video and data communication and deployment in residential, SOHO, SME, enterprise and automotive applications. DSP Group's ICs provide solutions for MP3 players, VoIP Phones, Gateways, and Integrated Access Devices and are widely used in Digital Voice Recorders. More information about DSP Group is available at http://www.dspg.com.
For more information, please contact Ofer Elyakim, Vice President of Business Development, DSP Group, Inc. at (408) 240-6839; or e-mail: firstname.lastname@example.org.
SOURCE DSP Group, Inc.
CONTACT: Ofer Elyakim, Vice President of Business Development of DSP
Group, Inc., +1-408-240-6839, email@example.com
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, firstname.lastname@example.org
Web site: http://www.dspg.com