Milpitas, Calif., March 21, 2006 – JDSU today announced that it has made grants of compensatory stock option awards to former employees of Acterna, Inc. in connection with its acquisition on August 3, 2005. Acterna did not have a regular practice of granting stock option awards to its broad employee population, and the stock option awards granted to those employees by JDSU are comparable to stock option awards that JDSU generally grants to its new employees. These grants were made under the JDS Uniphase Corporation 2005 Acquisition Equity Incentive Plan, which was approved by the Board of Directors of JDSU, but not submitted for the approval of the stockholders of JDSU.
These stock option awards were approved by the Compensation Committee of the JDS Uniphase Corporation Board of Directors on March 20, 2006. Stock options covering a total of 378,950 shares of JDSU common stock were granted to 31 employees. The stock options were granted with an exercise price equal to the closing price of JDSU common stock on NASDAQ on March 20, 2006, which was $4.00. The stock options otherwise contain the same terms and conditions as the standard form of stock option agreement previously approved by the Board of Directors of JDSU. The material terms of the standard form of stock option agreement are as follows. Stock options vest over a four (4) year period: 25% of the shares vest after one year of continuous service with JDSU from the grant date and the remaining shares vest in equal quarterly installments over the next three years of continuous service. The options may not be exercised any later than eight (8) years from the date of grant, and the option will generally expire after 90 days in the event that the employee's service with JDSU ends during that eight year period.
About JDSU
JDSU (NASDAQ: JDSU; and TSX: JDU) is committed to enabling broadband & optical innovation in the communications, commercial and consumer markets. JDSU is the leading provider of communications test and measurement solutions and optical products for telecommunications service providers, cable operators, and network equipment manufacturers. Furthermore, JDSU is a leading provider of innovative optical solutions for medical/environmental instrumentation, semiconductor processing, display, brand authentication, aerospace and defense, and decorative applications. More information is available at www.jdsu.com.
Investors: Jacquie Ross, 408-546-4445, investor.relations@jdsu.com
Press: Kathleen Greene, 408-546-5852, kathleen.greene@jdsu.com