SGI Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)
FREMONT, Calif., March 1, 2012 /PRNewswire/ -- Silicon Graphics International Corp. (NASDAQ: SGI) today announced that the Compensation Committee of SGI's Board of Directors granted an inducement award to Jorge L. Titinger in connection with his employment as SGI's President and Chief Executive Officer.
On February 23, 2012, SGI previously announced the hiring of Mr. Titinger, with his employment beginning on February 27, 2012. Mr. Titinger's inducement awards, granted under SGI's 2006 New Recruit Equity Incentive Plan, consist of (1) a stock option to purchase up to 325,000 shares of the Company's common stock, with a per share exercise price equal to the closing price of the Common Stock on the grant date of March 1, 2012, that will vest over four years, with 25% of the underlying shares vesting after one year and an additional 2.0833% of the underlying shares vesting monthly thereafter, subject to his continuous service through each vesting date; (2) a restricted stock unit award representing the right to receive up to 325,000 shares of SGI's common stock, which award will vest over four years, with 25% of the underlying shares vesting after one year and an additional 6.25% of the underlying shares vesting quarterly thereafter, subject to his continuous service through each vesting date; and (3) a restricted stock unit award representing the right to receive 15,000 shares, which award will vest fully upon completion of one year of his continuous service. The Compensation Committee of SGI's Board of Directors granted the awards on February 27, 2012 as inducements material to Mr. Titinger's employment in accordance with NASDAQ Listing Rule 5635(c)(4).
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