WOBURN, Mass. -- (BUSINESS WIRE) -- Monotype Imaging Holdings Inc. (Nasdaq: TYPE), a leading global provider of typefaces, technology and expertise for creative applications and consumer devices, today announced that in association with its April 7, 2014 acquisition of Mark Boulton Design Ltd., and in compliance with Nasdaq Marketplace Rule 5635(c), Monotype has granted equity awards as inducement awards to employees of Mark Boulton Design who are now joining Monotype.
Under the terms of the agreement, Monotype has purchased Mark Boulton Design for approximately $1.75 million, including inducement awards of approximately $1.0 million in restricted common stock of Monotype Imaging Holdings Inc., which is subject to vesting over four years based on continued employment. These shares of restricted common stock will be provided to certain employees of Mark Boulton Design in connection with their employment by Monotype.
In connection with the transaction, Monotype has awarded 19,942 shares of restricted common stock to Mark Boulton, the former chief executive officer of Mark Boulton Design who is becoming the design director of Monotype’s Creative Professional group, and 13,294 shares of restricted common stock to Emma Boulton. These awards were issued on April 7, 2014 and the shares of restricted common stock were issued to each individual with no payment by such individual for the shares.
The inducement awards described above vest as follows: 25 percent on each anniversary date of the issuance of the award, with all shares fully vested by the fourth anniversary of the issuance of the award. These awards require that the respective recipient continue to be an employee of Monotype through each applicable vesting date and are subject to possible accelerated vesting under certain circumstances. Each of the inducement awards was approved by a majority of the independent directors of Monotype’s board of directors on March 26, 2014, in each case subject to the closing of the transaction.
This press release may contain forward-looking statements, including those related to expected growth in Monotype’s offerings in Web design and Web publishing that involve risks and uncertainties that could cause the company’s actual results to differ materially. Factors that might cause or contribute to such differences include, but are not limited to: risks associated with changes in the economic climate, risks associated with the company’s ability to integrate the products and services, and risks associated with the company’s ability to integrate the acquisition. Additional disclosure regarding these and other risks faced by the company is available in the company’s public filings with the Securities and Exchange Commission, including the risk factors included in the company’s Annual Report on Form 10-K for the year ended Dec. 31, 2013 and subsequent filings. The financial information set forth in this press release reflects estimates based on information available at this time. While Monotype may elect to update forward-looking statements at some point in the future, the company specifically disclaims any obligation to do so, even if an estimate changes.
Monotype is a leading global provider of typefaces, technology and expertise that enable the best user experience and ensure brand integrity. Based in Woburn, Mass., Monotype provides customers worldwide with typeface solutions for a broad range of creative applications and consumer devices. The company’s libraries and e-commerce sites are home to many of the most widely used typefaces – including the Helvetica®, Frutiger® and Univers® families – as well as the next generation of type designs. Further information is available at www.monotype.com.
Monotype, Helvetica and Frutiger are trademarks of Monotype Imaging Inc. registered in the U.S. Patent and Trademark Office and may be registered in certain jurisdictions. Univers is a trademark of Monotype GmbH registered in the U.S. Patent and Trademark Office and may be registered in certain jurisdictions. All other trademarks are the property of their respective owners. © 2014 Monotype Imaging Inc. All rights reserved.