SUNNYVALE, Calif., July 9, 2013 /PRNewswire/ -- Meru Networks, Inc. (NASDAQ: MERU), a leader in mobile access and virtualized Wi-Fi solutions, today reported that on July 8, 2013, it awarded Stock Units representing 75,000 shares of the Company's common stock to Mark Liu, who joined the Company as General Counsel and Secretary, effective June 24, 2013. The Stock Units will vest over three years, with 25,000 Stock Units vesting on June 24, 2014, 25,000 Stock Units vesting on June 24, 2015, and 25,000 Stock Units vesting on June 24, 2016, assuming Mr. Liu's continued service to the Company on each such date. The award was made to Mr. Liu in accordance with the terms of his initial offer letter with the Company.
The award was provided as an inducement material to Mr. Liu entering into employment with the Company and was made under the terms of the Company's 2013 New Employee Stock Inducement Plan, which has not been approved by the Company's stockholders. The award was approved by the Company's Compensation Committee in accordance with NASDAQ Listing Rule 5635(c)(4), which also requires a public announcement of equity awards that are not made under a stockholder approved equity plan.
About Meru NetworksMeru Networks (NASDAQ: MERU) is a market leader in the development of mobile access and virtualized Wi-Fi solutions. Meru's Mobile FLEX wireless architecture addresses the ever-growing need for higher bandwidth and higher client densities. The Meru Identity Manager solution greatly simplifies secure device on-boarding and the company's unique Context-aware Application Layers enable dedicated channel assignments for specific applications, devices and usage scenarios. Meru customers include Fortune 500 businesses as well as leaders in education, healthcare and hospitality. Founded in 2002, Meru is headquartered in Sunnyvale, Calif., with operations in North America, Europe, the Middle East, Asia Pacific and Japan. Visit http://www.merunetworks.com/ or call (408) 215-5300 for more information. Investor contact: Steve Pasko Market Street Partners (415) 445-3238 firstname.lastname@example.org SOURCE Meru Networks, Inc.