Planar Announces Employee Inducement Awards
BEAVERTON, Ore.--Dec. 12, 2007--Planar Systems, Inc. (NASDAQ:PLNR), a worldwide leader in specialty display solutions, today reported that it granted equity awards to three new non-executive employees of the Company. The equity awards included options to purchase 3,700 shares of the Company's common stock and 1,200 shares of restricted stock. The stock options have a seven year life, vest on a three-year schedule (33 percent on the first anniversary of the grant date and 8.375 percent at the end of each quarter thereafter), and have an exercise price of $6.04, the closing price of the Company's common stock on the date of grant. The restricted stock will vest on a three-year schedule (one third of the shares vesting on each anniversary date beginning one year after the date of hire).
The equity awards were granted under the Planar Systems, Inc. 2007 New Hire Incentive Plan, which the Company's Board of Directors adopted to facilitate the granting of equity awards as an inducement to new employees to join the Company. In accordance with NASDAQ Marketplace Rule 4350(i)(1)(A)(iv), these awards were made under a stock incentive plan that has not received stockholder approval. NASDAQ rules require a public announcement of equity awards made under this type of plan.
ABOUT PLANAR
Planar Systems, Inc (NASDAQ:PLNR) is a global leader of specialty display technology providing hardware and software solutions for the world's most demanding environments. Hospitals, space and military programs, utility and transportation hubs, shopping centers, banks, government agencies, businesses, and home theater enthusiasts all depend on Planar to provide superior performance when image experience is of the highest importance. Founded in 1983, Planar is headquartered in Oregon, USA, with offices, manufacturing partners, and customers worldwide. For more information, visit www.planar.com.
CONTACT:
INVESTOR CONTACTS:
Planar Systems, Inc.
Ryan Gray, 503-748-8911
ryan.gray@planar.com
SOURCE: Planar Systems, Inc.
