New Focus, Inc., (Nasdaq: NUFO), a supplier of innovative fiber optic products for next-generation optical networks under the Smart Optics for Networks brand, announced a voluntary stock option exchange program for the company's employees. The option exchange program allows New Focus employees to elect to cancel certain outstanding stock options in exchange for an equal number of replacement options to be granted in the future. New Focus is implementing the program to demonstrate its commitment to employee participation in the company's achievements.
The total number of options eligible for the exchange under the program is 2,719,767. The replacement options will be issued to employees in two separate grants. Employees electing to cancel their current options will receive 30 percent of the replacement options in the first grant and 70 percent of the replacement options in a second, later grant. The first grant of replacement options will be issued as soon as practicable after the date the current options are cancelled (the "Cancellation Date"). The second grant of replacement options will be issued no earlier than the first business day after the six-month period following the Cancellation Date. The exercise price of the replacement options will be set at the closing price of the Company's Common Stock on the day before the grant of each replacement option. The Company anticipates commencement of the offer to exchange within two weeks of this announcement.
About New Focus:
New Focus designs, manufactures and markets innovative fiber optic products for next-generation optical networks. For more information, visit www.newfocus.com.