MOUNTAIN VIEW, Calif., Aug. 2 /PRNewswire-FirstCall/ -- Ditech Networks, Inc. granted stock options to purchase an aggregate of 4,000 shares of its common stock, and granted an aggregate of 1,400 restricted stock awards to two people who were recently hired by Ditech Networks. All of the stock options have a term of ten years, and all of the stock options and restricted stock awards will vest over four years and were granted as a material inducement for these people to join Ditech Networks. The stock options have an exercise price per share equal to the closing sales price of the common stock on the date of grant. The options and restricted stock awards were granted pursuant to plans established by Ditech Networks without stockholder approval in reliance upon the "material inducement" exception to the stockholder approval requirements of the rules of The Nasdaq Stock Market. None of the recipients is an executive officer of Ditech Networks.
About Ditech Networks
Ditech Networks supplies voice processing equipment for telecommunication networks around the world. Ditech Networks' technology solutions include voice, media processing, SIP, and security delivered on carrier-grade scalable platforms to enhance the delivery of communications services over mobile, Voice over IP, and wireline networks. Ditech Networks' customers are premier network operators including Verizon, AT&T, Orascom Telecom, and others that collectively serve more than 150 million subscribers.
Ditech Networks is headquartered in Mountain View, California. For more information, visit http://www.ditechnetworks.com/.
