MOUNTAIN VIEW, Calif., July 22, 2019 /PRNewswire/ -- CEVA, Inc. (NASDAQ: CEVA), the leading licensor of signal processing platforms and artificial intelligence processors for smarter, connected devices, today announced that on July 19, 2019, the company issued a total of 52,000 Restricted Stock Units (RSUs) to 22 employees who joined CEVA in connection with the company's acquisition of the Hillcrest Labs subsidiary of InterDigital, Inc. Hillcrest Labs is a leading global supplier of software and components for motion sensors processing in consumer and IoT devices.
The acquisition was completed on July 19, 2019. The SARs were granted as inducements to employment in accordance with NASDAQ Listing Rule 5635(c)(4). The RSUs are priced at $25.41, the fair market value on the grant date, and will vest over three years, with 34% of the RSUs vesting after one year and the remaining vest in equal portions over the following 24 months, such that all RSUs vest after three years, subject to the employee's continuous service through each vesting date. The RSUs will be subject to the terms and conditions of the CEVA, Inc. Hillcrest Labs Acquisition Equity Incentive Plan.
About CEVA, Inc.
CEVA is the leading licensor of signal processing, sensor fusion and artificial intelligence processors for a smarter, connected world. We partner with semiconductor companies and OEMs worldwide to create power-efficient, intelligent and connected devices for a range of end markets, including mobile, consumer, automotive, robotics, industrial and IoT. Our ultra-low-power IPs for vision, audio, communications and connectivity include comprehensive DSP-based platforms for LTE/LTE-A/5G baseband processing in handsets, infrastructure and cellular IoT (NB-IoT and Cat-M) enabled devices, advanced imaging and computer vision for any camera-enabled device, audio/voice/speech and ultra-low power always-on/sensing applications for multiple IoT markets. For sensor fusion, our Hillcrest Labs sensor processing technologies provide a broad range of sensor fusion software and IMU solutions for AR/VR, robotics, remote controls, and IoT. For artificial intelligence, we offer a family of AI processors capable of handling the complete gamut of neural network workloads, on-device. For connectivity, we offer the industry's most widely adopted IPs for Bluetooth (low energy and dual mode) and Wi-Fi (Wi-Fi 4 (802.11n), Wi-Fi 5 (802.11ac) and Wi-Fi 6 (802.11ax) up to 4x4). Visit us at www.ceva-dsp.com and follow us on Twitter, YouTube, Facebook, LinkedIn and Instagram.
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