SANTA CLARA, Calif.--(BUSINESS WIRE)--
Memory®, Inc., (NYSE:VMEM), a leader in persistent memory-based
storage solutions, today announced, as required by New York Stock
Exchange (NYSE) rules, that it has made an employment inducement award
to Thomas G. Mitchell in connection with his appointment as the
Company's senior vice president, Global Field Operations.
As an inducement material to Mr. Mitchell entering into employment with
Violin, the compensation committee of Violin's board of directors,
comprised solely of independent directors, approved an award outside of
the Company's 2012 Stock Incentive Plan. Mr. Mitchell's inducement award
consists of a stock option to purchase 1,000,000 shares of Violin's
common stock, with a per share price equal to the closing price of
Violin's common stock on February 18, 2014, the effective date of his
employment with Violin.
Under the terms of Mr. Mitchell's option, 250,000 shares will vest upon
Mr. Mitchell's completion of one year of continuous service after his
date of hire, and 750,000 shares will vest in equal quarterly
installments over the subsequent three years, subject to his continuous
service through each vesting date. If Violin is subject to a change of
control, the entire option will become fully vested and exercisable.
Violin Memory is providing this information in compliance with Section
303A.08 of the NYSE Listed Company Manual.
About Violin Memory
Violin Memory (NYSE:VMEM) enables businesses to access real-time
information by delivering memory-based storage solutions that close the
compute storage gap. Named by Gartner Inc. as the 2012 market share
leader in flash-based storage systems, Violin Memory brings storage
performance in-line with demanding, high-speed applications, servers and
networks at disk economics. Violin Memory solutions are optimized from
the ground up to leverage the inherent capabilities of flash memory,
enabling performance of memory at compelling economics for
business-critical applications, virtualized environments and big data in
enterprise data centers. Founded in 2005, Violin Memory is headquartered
in Santa Clara, California. For more information, visit www.violin-memory.com.
All Violin Memory news releases (financial, acquisitions,
manufacturing, products, technology, etc.) are issued exclusively by
Business Wire and are immediately thereafter posted on the company's
external website, www.violin-memory.com.
Violin, Violin Memory and the Violin Memory logo are trademarks or
registered trademarks of Violin Memory, Inc. in the U.S. and other
countries. All other brand or product names used in this public
announcement may be trademarks or registered trademarks of their
Source: Violin Memory, Inc.