SAN JOSE, CA--(Marketwire - Jan 22, 2013) - Brocade Communications Systems, Inc. (NASDAQ: BRCD) today announced that its Compensation Committee of the Board of Directors adopted the 2013 Inducement Award Plan (the "Plan"). The Plan reserves 2,400,000 shares of common stock, subject to adjustment for stock dividends, stock splits, or other changes in the Company's common stock or the Company's capital structure, solely for the granting of inducement stock options, restricted stock units and other awards. The Plan was adopted by the Board of Directors in accordance with NASDAQ Rule 5635(c)(4).
Under the Plan, the Company has granted options to purchase 2,400,000 shares of its common stock to Lloyd Carney in connection with his previously announced appointment as CEO. The grant was made as of January 16, 2013 at an exercise price of $5.66 per share, which was the closing price of Brocade's common stock on the date of grant. The options have a term of 7 years and will vest as to 25% of the shares on the first anniversary of Mr. Carney's start date and 1/48 of the shares will vest each month thereafter, subject to Mr. Carney's continued employment with the Company.
Brocade (NASDAQ: BRCD) networking solutions help the world's leading organizations transition smoothly to a world where applications and information reside anywhere. (www.brocade.com)
ADX, Brocade, Brocade Assurance, Brocade One, the B-wing symbol, DCX, Fabric OS, ICX, MLX, MyBrocade, SAN Health, VCS, and VDX are registered trademarks, and AnyIO, HyperEdge, NET Health, OpenScript, and The Effortless Network are trademarks of Brocade Communications Systems, Inc., in the United States and/or in other countries. Other brands, products, or service names mentioned may be trademarks of their respective owners.
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