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).
About MobileIron
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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SOURCE MobileIron