MOUNTAIN VIEW, Calif., Nov. 30 - Ditech Communications Corporation (Nasdaq: DITC) granted stock options to purchase 29,200 shares of its common stock to eight people who were recently hired by Ditech. The stock options have a term of ten years, will vest over four years, have an exercise price per share equal to the closing sales price of the common stock on the date of grant, and were granted as a material inducement for these people to join Ditech Communications. The stock options were granted pursuant to a plan established by Ditech Communications 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 stock option recipients is an executive officer of Ditech Communications.
Ditech Communications Corporation
Ditech Communications is a global telecommunications equipment supplier for voice networks. Ditech Communications' voice products include voice enhancement products and high-capacity echo cancellers that utilize advanced software and digital signal processor (DSP) technology. This combination of software and hardware allows Ditech Communications to deliver Voice Quality Assurance (VQA), a robust and cost-effective solution for voice enhancement and echo cancellation. Ditech Communications (DITC) is listed on the Nasdaq National Market and is headquartered in Mountain View, California (web site: http://www.ditechcom.com ).
