SANTA CLARA, Calif. -- (BUSINESS WIRE) -- Violin 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 Kevin DeNuccio in connection with his appointment as the Company’s president and chief executive officer.
As an inducement material to Mr. DeNuccio 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. DeNuccio’s inducement award consists of a stock option to purchase 4,000,000 shares of Violin’s common stock, with a per share price equal to the closing price of Violin’s common stock on February 3, 2014, the effective date of his employment with Violin.
Under the terms of Mr. DeNuccio’s option, 1,000,000 shares will be immediately exercisable but a pro rata portion will be subject to a right of repurchase at the exercise price if before Mr. DeNuccio completes 18 months of employment, his employment ends because he resigns without good reason or is terminated for cause or by reason of his death or disability. If Violin is subject to a change of control before Mr. DeNuccio’s employment terminates, the right to repurchase will lapse in full. The remaining 3,000,000 shares under the option will vest in equal monthly installments over 36 months, subject to his continuous service through each vesting date. In the event of an involuntary termination of Mr. DeNuccio, the vesting of these shares will accelerate by 12 months and the vested portion of the option will remain exercisable for a period of 12 months following the date of termination. 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 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 respective owners.