Silver Spring Networks Disclosure Pursuant to NYSE Rule 303A.08
March 27 2017 - 5:00PM
Business Wire
Silver Spring Networks, Inc. (NYSE: SSNI) today disclosed that,
in connection with the appointment of Ms. Catriona Fallon as its
new Chief Financial Officer, Silver Spring expects that the
Compensation Committee of the Board of Directors will grant Ms.
Fallon inducement awards consisting of stock options to purchase
65,000 shares of Silver Spring’s common stock with an exercise
price equal to the closing price of Silver Spring’s common stock on
the New York Stock Exchange on the date of grant, 36,000 restricted
stock units and 26,000 performance share units. Ms. Fallon’s stock
options will vest over four years with one quarter of the shares
vesting on the first anniversary of the grant date and the
remainder vesting monthly thereafter. Ms. Fallon’s restricted stock
units will vest over four years with one quarter of the shares
vesting on the first anniversary of the grant date and the
remainder vesting quarterly thereafter. Ms. Fallon’s performance
share units will be subject to vesting upon the achievement of
certain performance metrics (to be determined by the Compensation
Committee of the Board of Directors). Vesting of Ms. Fallon’s
equity awards will be subject to Ms. Fallon’s continued service
with Silver Spring. The Board of Directors, including a majority of
the independent directors, has authorized the Compensation
Committee to grant these equity awards as an inducement material to
Ms. Fallon’s employment in accordance with NYSE Rule 303A.08.
About Silver Spring Networks
Silver Spring Networks enables the Internet of Important Things™
by reliably and securely connecting things that matter. Cities,
utilities, and companies on five continents use the company’s
cost-effective, high-performance IoT network and data platform to
operate more efficiently, get greener, and enable innovative
services that can improve the lives of millions of people. With
more than 25.5 million devices delivered, Silver Spring provides a
proven standards-based platform safeguarded with military grade
security. Silver Spring Networks’ customers include Baltimore Gas
& Electric, CitiPower & Powercor, ComEd, Consolidated
Edison, CPS Energy, Florida Power & Light, Pacific Gas &
Electric, Pepco Holdings, and Singapore Power. Silver Spring has
also deployed networks in Smart Cities including Copenhagen,
Glasgow, Paris, Providence, and Stockholm. To learn more, visit
www.ssni.com.
Forward-Looking Statements
This press release contains forward-looking statements about
Silver Spring Networks’ expectations, plans, intentions, and
strategies, including, but not limited to statements regarding
equity awards Silver Spring expects to grant to Ms. Fallon.
Statements including words such as "anticipate", "believe",
"estimate", "expect" or “future” and statements in the future tense
are forward-looking statements. These forward-looking statements
involve risks and uncertainties, as well as assumptions, which, if
they do not fully materialize or prove incorrect, could cause our
results to differ materially from those expressed or implied by
such forward-looking statements. The risks and uncertainties
include those described in Silver Spring Networks' documents filed
with or furnished to the Securities and Exchange Commission. All
forward-looking statements in this press release are based on
information available to Silver Spring Networks as of the date
hereof. Silver Spring Networks assumes no obligation to update
these forward-looking statements.
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version on businesswire.com: http://www.businesswire.com/news/home/20170327006025/en/
Silver Spring Networks, Inc.Mark McKechnie, 669-770-4664Investor
Relationsmmckechnie@ssni.comorAmy Nummemacher, 669-770-4183Global
Communicationspr@ssni.com
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