8x8, Inc. Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)
8x8, Inc. Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)
SAN JOSE, Calif.--(BUSINESS WIRE)-- 8x8, Inc. (NAS: EGHT) , provider of innovative cloud communications and computing solutions, today reported that the Compensation Committee of 8x8's Board of Directors approved an inducement award material to Darren Hakeman's acceptance of employment with the Company in accordance with NASDAQ Listing Rule 5635(c)(4).
In connection with his hiring, which was announced on September 12, 2013, Mr. Hakeman received an option to purchase 150,000 shares of the Company's common stock, with an exercise price of $9.70 per share which is equal to the closing price of the Company's Common Stock on September 9, 2013, Mr. Hakeman's start date. The option has a ten year term and vests over a period of four years, with 25% vesting after one year of the grant date and the remaining 75% vesting in approximately equal monthly increments over the succeeding thirty-six months, provided his continuous employment through each vesting date, and subject to acceleration or forfeiture upon the occurrence of certain events as set forth in his option agreement. In addition, Mr. Hakeman received a total of 71,600 restrictive stock units ("RSUs"), 20,000 of which shall vest in full six months from the grant date, with the remaining 51,600 vesting over the following four year period, also subject to employment and attainment of performance objectives.
About 8x8, Inc.
8x8, Inc. (NAS: EGHT) empowers business conversations for more than 33,000 businesses with cloud communications services that include hosted PBX telephony, unified communications, call center software and video conferencing solutions. The company has been delivering business communications services since 2004 and has garnered a reputation for technical excellence and outstanding reliability. In 2012, 8x8 was named a market "leader" in Gartner's Magic Quadrant for Unified Communications as a Service (UCaaS) in North America and was recognized as the No. 1 Provider of Hosted IP Telephony by Frost & Sullivan and Synergy Research Group. For additional information, visit www.8x8.com, or connect with 8x8 on Google+, Facebook, LinkedIn and Twitter.
8x8, Inc.
Joan Citelli, 408-654-0970
jcitelli@8x8.com
KEYWORDS: United States North America California
INDUSTRY KEYWORDS:
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