SGI Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)
FREMONT, Calif., May 21, 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 Robert J. Nikl in connection with his appointment as SGI's Executive Vice President and Chief Financial Officer.
On April 30, 2012, SGI previously announced Mr. Nikl's appointment to such positions, with his employment beginning on May 15, 2012. Mr. Nikl's inducement awards, granted under SGI's 2006 New Recruit Equity Incentive Plan, consist of (1) a stock option to purchase up to 125,000 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 June 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 60,000 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 up to 6,000 shares of SGI's common stock, 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 May 18, 2012 as inducements material to Mr. Nikl's employment in accordance with NASDAQ Listing Rule 5635(c)(4).
SGI, the trusted leader in technical computing, is focused on helping customers solve their most demanding business and technology challenges. Visit www.sgi.com for more information. Connect with SGI on Twitter (@sgi_corp), YouTube (youtube.com/sgicorp), and LinkedIn.
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