SANTA CLARA, Calif., Oct. 13, 2016 (GLOBE NEWSWIRE) — Infoblox Inc. (NYSE:BLOX) today announced that it has granted an employment inducement award of restricted stock units covering 94,984 shares of the Company’s common stock to Bill McCarthy, who joined Infoblox as its new Executive Vice President, Worldwide Field Operations effective October 10, 2016. The number of shares subject to the restricted stock unit award was determined by dividing $2,500,000 by the closing price on the date of grant on October 11, 2016.
The shares underlying the restricted stock units vest as to 25% on October 15, 2017, with the remaining 75% to vest on a semi-annual basis over the following three years, subject to the terms of the award.
This award was granted outside of Infoblox’s 2012 Equity Incentive Plan but will generally be subject to the same terms and conditions as apply to similar awards granted under the 2012 Equity Incentive Plan. The Compensation Committee of Infoblox’s Board of Directors approved this employment inducement award in reliance on the employment inducement exception to shareholder approval provided under Section 303A.08 of the NYSE Listed Company Manual.