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SiTime Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
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SiTime Corporation (NASDAQ: SITM) granted two restricted stock unit awards to Beth Howe, the new Executive Vice President, Chief Financial Officer, as a material inducement to her joining the company. The first RSU for 50,918 shares will vest over four years, and the second RSU for 3,771 shares will vest in full on November 20, 2023. These grants were made in accordance with Nasdaq Listing Rule 5635(c)(4) and are subject to specific terms and conditions.
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SANTA CLARA, Calif., Nov. 17, 2023 (GLOBE NEWSWIRE) -- As required by Nasdaq Listing Rule 5635(c)(4), SiTime Corporation (NASDAQ: SITM), the precision timing company, today announced that SiTime granted two restricted stock unit awards (“RSUs”) on November 16, 2023, to Beth Howe, SiTime’s new Executive Vice President, Chief Financial Officer. These RSU grants were made in connection with the previously disclosed agreement with Ms. Howe and as a material inducement to her joining SiTime. The grants were approved by the Compensation Committee of SiTime’s Board of Directors under SiTime’s 2022 Inducement Award Plan in accordance with Nasdaq Listing Rule 5635(c)(4). The first RSU for 50,918 shares of SiTime’s common stock will vest over four years with 25% vesting on November 20, 2024, and the remainder will vest as to 1/16 of the total RSU for each quarter thereafter, in each case subject to Ms. Howe’s continued service on each vesting date. The second RSU for 3,771 shares of SiTime common stock will vest in full on November 20, 2023, subject to Ms. Howe’s continued service on such vesting date. The inducement grants are subject to the terms and conditions of award agreements covering the grants and SiTime’s 2022 Inducement Award Plan.
About SiTime
SiTime Corporation is the precision timing company. Our semiconductor MEMS programmable solutions offer a rich feature set that enables customers to differentiate their products with higher performance, smaller size, lower power and better reliability. With more than 3 billion devices shipped, SiTime is changing the timing industry. For more information, visit www.sitime.com.
What is the purpose of the RSU grants to Beth Howe?
The RSU grants were made as a material inducement to her joining SiTime.
How many shares are included in the first RSU grant?
The first RSU grant includes 50,918 shares of SiTime's common stock.
What is the vesting schedule for the first RSU grant?
The first RSU will vest over four years, with 25% vesting on November 20, 2024, and the remainder vesting as to 1/16 of the total RSU for each quarter thereafter, subject to Ms. Howe’s continued service on each vesting date.
What are the terms and conditions of the inducement grants?
The inducement grants are subject to the terms and conditions of award agreements covering the grants and SiTime’s 2022 Inducement Award Plan.
sitime corporation is the leader in mems-based timing. we are transforming the timing industry with configurable solutions that replace legacy quartz devices and enable customers to differentiate their products with the highest performance, smallest size, lowest power and best reliability. the rich feature set and flexibility of sitime’s solutions allow customers to consolidate their supply-chain, reducing cost of ownership and time to market. by using standard semiconductor processes and high volume packaging, sitime offers the best availability and shortest lead times in the industry. with 90% market share and over 1 billion devices shipped, sitime is driving the electronics industry to use 100% silicon-based timing. sitime is a wholly owned subsidiary of megachips corporation (tokyo stock exchange: 6875).
