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SOURCE CEVA, Inc.
MOUNTAIN VIEW, Calif., July 11, 2014 /PRNewswire/ -- CEVA, Inc. (NASDAQ: CEVA), today announced that on July 7, 2014, the company issued a total of 113,000 Stock Appreciation Rights (SARs) to 27 employees who joined CEVA in connection with the company's acquisition of RivieraWaves, a leading provider of wireless connectivity IP for Wi-Fi® and Bluetooth Smart technologies. The acquisition was completed on July 4, 2014. The SARs were granted as inducements to employment in accordance with NASDAQ Listing Rule 5635(c)(4). The SARs are priced at $15.17, the fair market value on the grant date, and will vest over four years, with 25% of the SARs vesting after one year and the remaining vest in equal portions over the following 36 months, such that all SARs are vested after four years, subject to the employee's continuous service through each vesting date. The SARs have a ceiling limit for maximum income capped at 400% and will be subject to the terms and condition of the individual SAR agreements.
About CEVA, Inc.
CEVA is the world's leading licensor of DSP-based IP platforms for vision, audio, communications and connectivity. CEVA's IP portfolio includes comprehensive technologies for computer vision and computational photography, advanced audio and voice processing, wireless baseband (2G, 3G & 4G LTE/LTE-A), connectivity (Wi-Fi & Bluetooth) and serial storage (SATA & SAS). In 2013, CEVA's IP was shipped in more than one billion devices, including 40% of handsets shipped worldwide, powering smartphones from many of the world's leading OEMs such as Coolpad, HTC, Huawei, Lenovo, LG, Nokia, Samsung, TCL, Xiaomi and ZTE. For more information, visit www.ceva-dsp.com. Follow CEVA on twitter at www.twitter.com/cevadsp.
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