Millennial Media has given employment inducement equity awards to six employees, the company recently announced.
“The inducement awards cover an aggregate of 85,000 shares of Millennial Media common stock in the form of 45,000 options to purchase shares of Millennial Media common stock and 40,000 restricted stock units of Millennial Media common stock, and are being made as a material inducement to employees entering into employment with Millennial Media in connection with the acquisition transaction,” said the company in a statement.
The new stock options will vest over a period of four years, with 25 percent of the option vesting after one year and the remainder vesting in equal monthly installments for 36 months thereafter. That’s dependent, of course, on the grantee’s continued employment with Millennial Media on the applicable vesting date.
“The new restricted stock units will vest over a period of four years, with 25 percent of the restricted stock units vesting after one year, and the remainder vesting in equal quarterly installments thereafter, subject to the grantee’s continued employment with Millennial Media on the applicable vesting date,” noted the respected ad platform in its announcement.
The awards are designed to qualify as “employment inducement awards” within the parameters of Section 303A.08 of the New York Stock Exchange Listed Company Manual.