Netlist, Inc. NLST, +4.01% today announced the appointment of Alex Tinsley as Vice President of Sales. Mr. Tinsley will oversee the company’s strategic sales initiatives, including planning, new customer acquisitions and overall customer relations.
Mr. Tinsley brings to Netlist more than twenty-five years of sales experience in the semiconductor industry. He most recently served as Senior Sales Director at Qualcomm Datacenter Technologies where he was responsible for sales in the data center customer segment. Prior to Qualcomm, Mr. Tinsley served in various sales roles at Intel Corporation, Altera and Cypress Semiconductor. Mr. Tinsley holds a BS in Electrical Engineering from the University of Kansas.
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C.K. Hong, Netlist’s President and Chief Executive Officer said, “Alex is a proven leader with extensive sales experience in the semiconductor industry. He has executed successful sales programs across multiple technologies and will be a strong addition to our team.”
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As an inducement material to Mr. Tinsley entering into employment with Netlist, Netlist’s Compensation Committee approved the grant to Mr. Tinsley of an option to purchase up to 400,000 shares of its common stock with an exercise price of $0.1061 per share, which is equal to the closing price of Netlist’s common stock on the grant date of the option. The option has a term of 10 years from its grant date and will generally be forfeited if not exercised before the expiration of the term. The shares subject to the option will vest in 16 quarterly installments over four years, subject to Mr. Tinsley’s continued service for Netlist on each vesting date. The option will be granted outside Netlist’s Amended and Restated 2006 Equity Incentive Plan, but will be subject to terms substantially similar to those of non-qualified stock options granted under such plan. This description of the inducement grant to Mr. Tinsley is in satisfaction of the disclosure requirements set forth in Nasdaq Listing Rule 5635(c)(4).
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