This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
8x8, Inc. (NASDAQ: 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.