Print
EmailInphi completed the sale of its memory product business to Sunnyvale-based Rambus Aug. 4.
The Santa Clara-based Inphi, which designs chips aimed at packing more memory onto Internet servers and increasing bandwidth, employs a large engineering force in Thousand Oaks. The sale will allow it to focus on its communications business.
As part of the sale, 75 employees from Inphi will be offered employment at Rambus. An Inphi spokeswoman told the Business Times that some employees from the Thousand Oaks location will be retained by Rambus, but did not elaborate further.
• Contact Philip Joens at pjoens@pacbiztime.com.
How Inphi Corporation took back employees’ compensation already paid, a
sad story
Inphi sold the Memory Business and CEO Ford Tamer said in the
announcement press conference that 70 employees will be transferred part of
this sale. Same day Ford Tamer wrote in a press release that selling the
Memory Business is a “win-win for our employees,.”
Now the sad part begins. CEO Ford Tamer then “crafted” this selling of
Memory Business so that employees loose the unvested common stocks,
each transferred employee lost around $100,000 value.
Inphi’s Memory Business started from nothing and grew over the years to
the 90 million dollars value that was now sold for. Over these years we
worked hard long hours in the night and weekends, instead of being home
with our families, tucking in our children and saying good night, or taking
our children to soccer games on Saturdays. We missed the most beautiful
years of seeing our children grow to work nights and weekends for Inphi’s
Memory Business.
Our only consolation for sacrificing our family life for Inphi’s Memory
Business was the extra compensation we received in stocks, also called
restricted stock units (RSU) that vest over 4 years schedule.
Inphi CEO Ford Tamer, you now took back our unvested compensation.
You gave us the impression that you have paid our hard work in RSU and
then you took it back. We missed the most beautiful years of seeing our
children grow to work nights and weekends for Inphi’s Memory Business,
now you sold it for 90 millions and as that was not enough you also took
back our already paid compensation.
Inphi CEO Ford Tamer, do you know what value that compensation means
for us? We could have saved it to pay the college tuition for our children
who grew up deprived of being with their parents in their most beautiful
years of family life. For us employees having 100,000 dollars saved is a life
time achievement.
Inphi CEO Ford Tamer, maybe you don’t realize how much $100,000 means
for us employees because for you $100,000 is only by how much you have
increased your salary this year.
Inphi CEO Ford Tamer, how did you “crafted” the selling of Inphi’s Memory
Business to go around the Stock Incentive Plan which states: “if we merge
with or into another corporation, we will provide for full exercisability or
vesting and accelerated expiration of outstanding awards or settlement of the
intrinsic value of the outstanding awards in cash or cash equivalents
followed by cancellation of such awards unless the awards are continued if
we are the surviving entity, or assumed or substituted for by any surviving
entity or a parent or subsidiary of the surviving entity.”
Does this agreement mean that employees should have not lost money?
Did you even read this Inphi’s Stock Incentive Plan?
Inphi CEO Ford Tamer, are you happy and satisfied of what you achieved in
Selling the Inphi’s Memory Business? Do you care of making the Memory
Business employees sad for each loosing 100,000 dollars? Why did you
write in the press release that this is a “win-win for our employees”?