SANTA CLARA, Calif. -- (BUSINESS WIRE) -- Violin Memory®, Inc., (NYSE:VMEM), a leading provider of flash storage arrays and appliances delivering application solutions for the enterprise, today announced, as required by New York Stock Exchange (NYSE) rules, that it has made an employment inducement award to Eric Herzog in connection with his appointment as the Company’s chief marketing officer and senior vice president for Business Development.
As an inducement material to Mr. Herzog 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. Herzog’s inducement award consists of a stock option to purchase 1,250,000 shares of Violin’s common stock, with a per share price equal to the closing price of Violin’s common stock on March 13, 2014.
Under the terms of Mr. Herzog’s option, 312,500 shares will vest upon Mr. Herzog’s completion of one year of continuous service after his date of hire, and 937,500 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 enables businesses to access real-time information by delivering all flash 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 technologies, enabling performance 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.
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