|Ramtron Clarifies Forfeitures of Company Executives Restricted Stock|
Source: Ramtron International Corporation
On 2:51 pm EDT, Friday October 23, 2009
COLORADO SPRINGS, Colo.--(BUSINESS WIRE)--Ramtron International Corporation (Nasdaq: RMTR - News), the leading developer and supplier of nonvolatile ferroelectric random access memory (F-RAM) and integrated semiconductor products, clarified today forfeitures of restricted stock previously awarded to William W. Staunton III, chief executive officer, Eric A. Balzer, director and chief financial officer, and Robert R. Djokovich, chief operating officer.
As stated in the Form 8-K the Company filed on October 22, 2009 with the Securities and Exchange Commission, on October 20, 2009, the Compensation Committee of the Board of Directors determined that the minimum net income target established under the 2007 Challenge Grants Program were not achievable and, as a result, the restricted stock awards, totaling 395,000 shares of common stock, granted to the Company's named executive officers were cancelled and returned to the status of authorized but unissued shares available for future issuance under the Company's 2005 Incentive Award Plan.
The restricted stock awards that were cancelled were 165,000, 140,000, and 90,000 shares for Mr. Staunton, Mr. Balzer, and Mr. Djokovich, respectively.
As a result of the cancellation of the restricted shares, Messrs. Staunton, Balzer and Djokovich each filed a Form 4 with the SEC to record the changes in their beneficial ownership. None of these executive officers has sold any shares of Ramtron common stock in connection with the recent Form 4 filings.