Oct 4 Tessera Technologies Inc said it
will reward Chief Executive Robert Young with stock options that
vest only if he completes the spin-off of one of the chip
technology developer's business segments by March 31, 2015.
Tessera has two business segments - the intellectual
property segment, which licenses semiconductor packaging
technology, and the digital optics segment, which provides
technology for mobile phone cameras.
"We've been talking about building up the digital optics
business and spinning it off," Chief Financial Officer Richard
Neely told Reuters.
"In general, most people believe that's the one that would
spin off, and that may be the case," Neely said.
Following a spin-off, Young, a founding investor in the
company, will be able to vest 550,000 stock options with an
exercise price of $13.71, the stock's Oct. 2 closing, a
regulatory filing showed.
Young, who will receive an annual base salary of $684,000,
is also eligible for a bonus equal to 100 percent of base salary
and will get paid $150,000 per year for travel between
Connecticut, where he lives, and the company's headquarters in
San Jose, California.
Shares of Tessera closed at $13.64 on the Nasdaq on