Motorcar Parts of America Reports Inducement Grant Under NASDAQ Listing Rule
LOS ANGELES, Jan. 2, 2013 (GLOBE NEWSWIRE) -- Motorcar Parts of America, Inc.
(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 the shareholder approval requirement provided in the NASDAQ
governance rules. To comply with the terms of this exemption, the employment
inducement award requires an immediate public announcement of the award and
written notice to NASDAQ.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor"
for certain forward-looking statements. The statements contained in this press
release that are not historical facts are forward-looking statements based on
the company's current expectations and beliefs concerning future developments
and their potential effects on the company. These forward-looking statements
involve significant risks and uncertainties (some of which are beyond the
control of the company) and are subject to change based upon various
factors.Reference is also made to the Risk Factors set forth in the company's
Form 10-K Annual Report filed with the Securities and Exchange Commission
(SEC) in September 2012 and in its Forms 10-Q filedwith the SEC thereafter
for additional risks and uncertainties facing the company. The company
undertakes no obligation to publicly update or revise any forward-looking
statements, whether as the result of new information, future events or
CONTACT: Gary S. Maier
Maier & Company, Inc.
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