Meru Networks, Inc. (NASDAQ: MERU) said that it has awarded stock units representing 120,000 shares of the company´s common stock to Ajay Malik, who joined the company as senior vice president, worldwide engineering.
The units will vest over three years, with 40,000 vesting on August 20, 2014, 40,000 on August 20, 2015, and 40,000 on August 20, 2016, assuming Malik´s continued service to the company. The award was made to Malik in accordance with the terms of his initial offer letter with the company.
The award was provided as an inducement material to Malik entering into employment with the company and was made under the terms of the company´s 2013 New Employee Stock Inducement Plan, which has not been approved by the company´s stockholders. The award was approved by the company´s Compensation Committee in accordance with NASDAQ Listing Rule 5635(c) (4), which also requires a public announcement of equity awards that are not made under a stockholder approved equity plan.
Meru Networks is a market leader in the development of mobile access and virtualized Wi-Fi solutions. Meru´s MobileFLEX wireless architecture addresses the ever-growing need for higher bandwidth and higher client densities. The company´s website is at www.merunetworks.com