Immersion Corporation (NASDAQ:IMMR), a leading developer and licensor of touch feedback technology (http://www.immersion.com/corporate/), today announced that, effective April 30, 2008, the Compensation Committee of Immersion Corporation approved the issuance of equity awards under the Immersion Corporation 2008 Employment Inducement Award Plan.
Under the Plan, the Company may issue awards in the form of stock options, stock appreciation rights, restricted stock purchase rights, restricted stock bonuses, restricted stock units, performance shares, performance units, deferred compensation awards, and other cash and stock awards. Such awards may be granted to employees who, prior to the offer of an award as an inducement to become an employee, were (i) neither employees nor directors or (ii) former employees or directors whose period of service was followed by a bona-fide period of non-employment.
On May 14, 2008, the Company issued the following awards:
| Type of Award |
Effective Date of Grant |
Total Shares |
Fair Market Value Per Share (Grant Price) |
Number of |
||||
|
Common Stock Option |
|
May 14, 2008 |
|
25,000 |
|
$9.81 |
|
2 |
The Company also granted a stock option award for 675,000 shares of common stock to Clent Richardson, its president, CEO, and member of the board of directors, that has an effective date of grant of May 14, 2008. The fair market value per share of this award is $9.81.
About Immersion (www.immersion.com)
Founded in 1993, Immersion Corporation is a recognized leader in developing, licensing, and marketing digital touch technology and products. Using Immersion’s advanced touch feedback technology (http://www.immersion.com/corporate/products/), electronic user interfaces can be made more productive, compelling, entertaining, or safer. Immersion’s technology is deployed across automotive, entertainment, industrial controls, medical training, mobility, and three-dimensional simulation markets. Immersion’s patent portfolio includes over 700 issued or pending patents in the U.S. and other countries.
Immersion and the Immersion logo are trademarks of Immersion Corporation in the United States and other countries. All other trademarks are the property of their respective owners.
Immersion Corporation
Stephen Ambler, +1-408-467-1900
invest@immersion.com