Shutterfly Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
REDWOOD CITY, Calif.--(BUSINESS WIRE)--
Shutterfly,
Inc. (NASDAQ:SFLY), announced today that the Compensation Committee
of its Board of Directors granted inducement awards over the course of
2012 to fifteen new employees, including Brian M. Regan, Shutterfly's
Chief Financial Officer, John Boris, its Chief Marketing Officer, and
certain key employees in connection with the acquisitions of Photoccino
Ltd. and Penguin Digital, Inc. Shutterfly previously announced Mr.
Regan's and Mr. Boris's appointments as well as the acquisitions of
Photoccino Ltd. and Penguin Digital, Inc.
Mr. Regan's inducement award consists of a restricted stock unit award
representing the right to receive up to 155,000 shares of Shutterfly's
common stock, which award will vest over four years, with 25% of the
underlying shares vesting on each of the first, second, third and fourth
anniversaries of the grant date. The Compensation Committee of
Shutterfly's Board of Directors granted the awards on September 15, 2012.
Mr. Boris's inducement award consists of a restricted stock unit award
representing the right to receive up to 114,000 shares of Shutterfly's
common stock, which award will vest over four years, with 25% of the
underlying shares vesting on each of the first, second, third and fourth
anniversaries of the grant date. The Compensation Committee of
Shutterfly's Board of Directors granted the awards on May 15, 2012.
Inducement awards to be divided among five employees of Photoccino Ltd.
consist of restricted stock unit awards representing the right to
receive up to 145,720 shares of Shutterfly's common stock, which award
will vest over three years, with 33% of the underlying shares vesting on
each of the first, second, and third anniversaries of the acquisition
date. The Compensation Committee of Shutterfly's Board of Directors
granted the awards on July 17, 2012.
Inducement awards to be divided among eight employees of Penguin
Digital, Inc. consist of restricted stock unit awards representing the
right to receive up to 114,564 shares of Shutterfly's common stock,
which award will vest over three years, with 33% of the underlying
shares vesting on each of the first, second, and third anniversaries of
the grant date. Two key employees will also divide 73,648 performance
based restricted stock unit awards, which may be earned over three years
based upon the employees achieving certain product milestones. The
Compensation Committee of Shutterfly's Board of Directors granted the
awards on October 15, 2012.
The restricted stock unit awards were all granted as inducements
material to the new employees entering into employment with Shutterfly
in accordance with NASDAQ Listing Rule 5635(c)(4).
About Shutterfly, Inc.
Shutterfly, Inc. is the leading manufacturer and digital retailer of
high-quality personalized products and services offered through a family
of lifestyle brands. Founded in 1999, the Shutterfly, Inc. family of
brands includes: Shutterfly,
where your photos come to life in photo books, cards and gifts; Tiny
Prints, premium cards and stationery for all life's occasions; Wedding
Paper Divas, wedding invitations and stationery for every step of
the planning process; and Treat,
personalized greeting cards that really stand out. For more information
about Shutterfly, Inc. (NASDAQ:SFLY), visit http://www.shutterfly.com.
Shutterfly, Inc.
Gretchen Sloan, 650-610-5276 (Media Relations)
gsloan@shutterfly.com
Mike
Look, 650-6105910 (Investor Relations)
mlook@shutterfly.com
Source: Shutterfly, Inc.
News Provided by Acquire Media
Close window | Back to top
Delicious
Digg
Facebook
LinkedIn
Twitter
Yahoo! Buzz