Attached files
| file | filename |
|---|---|
| 8-K - SONIC SOLUTIONS/CA/ | v198920_8k.htm |
| EX-3.1 - SONIC SOLUTIONS/CA/ | v198920_ex3-1.htm |
| EX-99.3 - SONIC SOLUTIONS/CA/ | v198920_ex99-3.htm |
| EX-10.1 - SONIC SOLUTIONS/CA/ | v198920_ex10-1.htm |
| EX-99.1 - SONIC SOLUTIONS/CA/ | v198920_ex99-1.htm |
Exhibit
99.2
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News
Release
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|
Chris
Taylor
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+1
408-367-5231
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chris_taylor@sonic.com
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Sonic
Issues Options in Connection with DivX Acquisition
Novato, CA (October 8, 2010) —
Sonic Solutions® (NASDAQ:
SNIC) announced earlier today that it has completed the acquisition of DivX,
Inc., based in San Diego, California. In connection with the acquisition, on
October 7, 2010, the Sonic Board of Directors approved the 2010 Inducement
Equity Compensation Plan, which provides for the issuance of up to 1,000,000
shares of common stock pursuant to awards granted as a material inducement to an
employee to enter into Sonic employment and to promote the success of its
business.
On
October 7, 2010, the following awards were granted under the 2010 Plan: Mr.
David Richter, who is becoming Executive Vice President, Business Development,
was granted 25,000 restricted stock units and options to acquire 250,000 shares
of Sonic common stock; Mr. Matthew Milne, who is becoming Executive Vice
President, Sales and Marketing of DivX, was granted options to acquire 250,000
shares of Sonic common stock; and three other former DivX employees, who are
becoming Senior Vice Presidents of Sonic, were each granted options to acquire
50,000 share of Sonic common stock. These option grants have an
exercise price of $11.48 per share, the closing price on October 7, 2010, and
will vest over a period of four years. All pre-existing awards issued
by DivX to these employees, including restricted stock units and options, were
either cancelled or exercised upon the close of the merger. The 2010
Plan and awards to be issued thereunder are intended to meet the exception under
Nasdaq listing standards for shareholder approval of equity-based incentive
awards granted to newly hired employees. Sonic will periodically
announce the options it grants to employees under the 2010 Plan.
About
Sonic Solutions
Sonic
Solutions® (NASDAQ:
SNIC) enables digital media from Hollywood to home. For more than a decade,
Sonic product, service, and technology brands including Roxio®,
RoxioNow™,
DivX®, and
MainConcept, have
fueled home entertainment, powered rich digital media functionality on a range
of platforms for a variety of partners, and inspired unique personal media
experiences for hundreds of millions of consumers. Sonic technologies are now
combining to deliver a universal platform for Hollywood Studios, retailers,
consumer electronics manufacturers, and PC OEMs that provides consumers instant
access to premium entertainment from virtually anywhere. Sonic Solutions is
headquartered in Marin County, California. Learn more at www.sonic.com.
Forward
Looking Statements
This
release may contain forward-looking statements that are based upon current
expectations, including the expected effects of the merger on the combined
operations and financial results of Sonic Solutions and DivX and other matters
related to the merger as well as the launch, distribution, and market acceptance
of Sonic’s applications, technologies and services. Actual results
could differ materially from those projected in the forward-looking statements
as a result of various risks and uncertainties, including those discussed in
Sonic Solutions' and DivX’s annual and quarterly reports filed by Sonic
Solutions and DivX with the Securities and Exchange Commission (the “SEC”). This
press release should be read in conjunction with most recent annual reports on
Forms 10-K, Form 10-Q and other reports filed by Sonic Solutions and DivX with
the SEC, which contain more detailed discussion of the businesses and risks of
Sonic Solutions and DivX including risks and uncertainties that may affect
future results. Neither Sonic Solutions nor DivX undertakes to update
any forward-looking statements as of Sonic Solutions and DivX except as required
by law.
Sonic,
the Sonic logo, Sonic Solutions, Roxio, RoxioNow, DivX and Hollywood to Home,
are trademarks or registered trademarks owned by Sonic Solutions in the United
States and/or other countries. All other company or product names are trademarks
of their respective owners and, in some cases, are used by Sonic Solutions under
license.