MOUNTAIN VIEW, Calif., March 20, 2018 /PRNewswire/ -- MobileIron (NASDAQ: MOBL), announced today that the Compensation Committee of MobileIron's Board of Directors granted inducement awards to Sohail Parekh in connection with his employment as MobileIron's Senior Vice President of Engineering. On March 15, 2018, the Compensation Committee granted Mr. Parekh an option as an inducement award under the MobileIron, Inc. Amended and Restated 2015 Inducement Plan to purchase 150,000 shares of the Company's common stock, with a per share exercise price equal to $4.75, the closing price of the Common Stock on the grant date. This option will vest over four years, with 25% of the underlying shares vesting on the one year anniversary of Mr. Parekh's start date and an additional 1/48th of the underlying shares vesting monthly thereafter, subject to his continuous service through each vesting date. In addition, on March 15, 2018, the Compensation Committee granted Mr. Parekh a restricted stock unit as an inducement award under the MobileIron, Inc. Amended and Restated 2015 Inducement Plan to purchase 375,000 shares of common stock. The RSU will vest over four years, with 25% of the shares vesting on February 20, 2019 and 1/16th of the underlying shares vesting on each of the Company's standard quarterly vesting dates (May 20, August 20, November 20, and February 20) thereafter. Vesting will accelerate under certain conditions as set forth in Mr. Parekh's Participation Notice under the Company's Severance Benefit Plan. The Compensation Committee of MobileIron's Board of Directors granted these awards as a material inducement to Mr. Parekh's employment in accordance with NASDAQ Listing Rule 5635(c)(4).
MobileIron provides the secure foundation for companies around the world to transform into Mobile First organizations. For more information, please visit www.mobileiron.com.
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