Meru Networks Reports Inducement Award Under NASDAQ Rule 5635(c)(4)
SUNNYVALE, Calif., Sept. 10, 2013
SUNNYVALE, Calif., Sept. 10, 2013 /PRNewswire/ --Meru Networks, Inc.(NASDAQ:
MERU), a leader in Wi-Fi networking, today reported that onSeptember 9, 2013,
it awarded Stock Units representing 120,000 shares of the Company's common
stock toAjay Malik, who joined the Company as Senior Vice President,
Worldwide Engineering, effectiveAugust 20, 2013. The Stock Units will vest
over three years, with40,000 Stock Units vesting onAugust 20, 2014, 40,000
Stock Units vesting onAugust 20, 2015, and 40,000 Stock Units vesting on
vesting onAugust 20, 2016, assuming Mr. Malik's continued service to the
Company on each such date. The award was made toMr. Malik in accordance with
the terms of his initial offer letter with the Company.
The award was provided as an inducement material toMr. Malikentering 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 (NASDAQ: MERU) 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 Meru Identity Manager solution greatly simplifies secure
device on-boarding and the company's unique Context-aware Application Layers
enable dedicated channel assignments for specific applications, devices and
usage scenarios. Meru customers include Fortune 500 businesses as well as
leaders in education, healthcare and hospitality. Founded in 2002, Meru is
headquartered in Sunnyvale, Calif., with operations in North America, Europe,
the Middle East, Asia Pacific and Japan. Visit www.merunetworks.com or call
(408) 215-5300 for more information.
Market Street Partners
SOURCE Meru Networks
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