SOURCE: Blue Coat Systems, Inc.

Blue Coat Systems, Inc.

September 16, 2011 07:45 ET

Blue Coat Announces Employee Inducement Awards

SUNNYVALE, CA--(Marketwire - Sep 16, 2011) - Blue Coat Systems, Inc. (NASDAQ: BCSI), a leading provider of Web security and WAN optimization solutions, reported that on September 15, 2011, it awarded a stock option covering 300,000 shares of the Company's common stock and restricted stock units covering 100,000 shares of the Company's common stock to Gregory S. Clark, who joined the Company as president and chief executive officer effective September 12, 2011. The option has an exercise price equal to the fair market value on the grant date, has a ten year term and vests over four years from his commencement of employment, with 25 percent vesting on September 12, 2012, and an additional 2.0833 percent vesting each month thereafter until fully vested. The restricted stock units vest over four years, with 25 percent vesting on September 15, 2012, and the remainder vesting in 12 quarterly installments over the following three years. The equity awards to Mr. Clark were made in accordance with the terms of his initial offer letter with the Company.

Each of the foregoing equity awards was provided as an inducement material to Mr. Clark entering into employment with the Company. These awards were not stockholder approved, and NASDAQ rules require a public announcement of equity awards that are not stockholder approved. The foregoing awards were approved by the Company's Compensation Committee in accordance with the provisions of the Company's Equity Award Policy and NASDAQ Listing Rule 5635(c)(4).

About Blue Coat Systems
Blue Coat Systems is a leading provider of Web security and WAN optimization solutions. Blue Coat offers solutions that provide the visibility, acceleration and security required to optimize and secure the flow of information to any user, on any network, anywhere. This application intelligence enables enterprises to tightly align network investments with business requirements, speed decision making and secure business applications for long-term competitive advantage. Blue Coat also offers service provider solutions for managed security and WAN optimization, as well as carrier-grade caching solutions to save on bandwidth and enhance the end-user Web experience. For additional information, please visit www.bluecoat.com.

Blue Coat and the Blue Coat logo are registered trademarks or trademarks of Blue Coat Systems, Inc. and/or its affiliates in the United States and certain other countries. All other trademarks mentioned in this document are the property of their respective owners.

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