|[March 14, 2014]
Violin Reports Employment Inducement Award
SANTA CLARA, Calif. --(Business Wire)--
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 sares 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 (News - Alert) 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.
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
Violin, Violin Memory and the Violin Memory logo are 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.
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