Motorcar Parts of America Grants Option to Purchase 98.8K Shares to Scott Matrenec
Motorcar Parts of America (NASDAQ: MPAA) today announced, in accordance with NASDAQ rules regarding equity inducement awards, a grant on December 28, 2012 of an employment inducement award to Scott Matrenec, the newly appointed president of the company's wholly owned subsidiary, Fenwick Automotive Products Limited.
In connection with the commencement of Matrenec's employment with the company, a stock option was granted to purchase 98,800 shares of the company's common stock. Subject to Matrenec's continued employment, the stock option will vest and become exercisable with respect to one-third of the shares subject thereto on each of the first, second and third anniversaries of the vesting commencement date, subject to accelerated vesting upon a change in control of the company or the attainment of certain financial targets by Fenwick Automotive Products Limited. The stock option has a per share exercise price of $6.46, which is equal to the closing price of Motorcar Parts of America's common stock on December 28, 2012.
The company's independent Compensation Committee granted the stock option as an inducement material to Matrenec entering into employment with the company in accordance with NASDAQ Listing Rule 5635(c)(4), an employment inducement award exception to