Web.com Announces Employment Inducement Awards in Connection With Acquisition of Network SolutionsNovember 4, 2011
JACKSONVILLE, Fla., Nov. 4, 2011 (GLOBE NEWSWIRE) -- Web.com Group, Inc. (Nasdaq:WWWW), a leading provider of internet services and online marketing for small businesses, today announced that its Board of Directors has granted equity awards to non-executive employees in connection with the previously-announced acquisition of Network Solutions LLC.
Web.com Group, Inc. granted inducement awards to 403 newly hired employees under the Web.com Group, Inc. 2011 Inducement Award Plan. The 2011 Inducement Award Plan was adopted, and the grants were made, in connection with the acquisition of Network Solutions and the hiring of Network Solutions employees by Web.com. Since the plan was adopted without stockholder approval, NASDAQ Marketplace Rules require that Web.com publicly announce awards made under the plan. The inducement awards consist of 403 option awards covering an aggregate of 855,550 shares of Web.com's common stock. The options were granted effective November 4, 2011, have a ten year term and an exercise price equal to $10.95 per share, which was the closing price of Web.com's common stock on the Nasdaq Global Select Market as such price was reported by NASDAQ on the date of grant. Options to purchase an aggregate of 855,550 shares of Web.com's common stock vest over the course of four years, with 50% vesting on the second-year anniversary of the grant date and 1/48 of the shares vesting monthly thereafter so that all of the shares subject to the stock options shall be vested on the fourth anniversary of the grant date, subject to the new employee's continued service relationship with Web.com on such date.
Web.com Group, Inc. (Nasdaq:WWWW) is a leading provider of internet services and online marketing for small businesses. Web.com meets the needs of small businesses anywhere along their lifecycles by offering a full range of online services and support, including domain name registration services, website design, logo design, search engine optimization, search engine marketing and local sales leads, general contractor leads, franchise and homeowner association websites, shopping cart software, eCommerce web site design and call center services. For more information on the company, please visit http://www.web.com/ or call 1-800-GETSITE.
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