SAN JOSE, Calif., Feb. 1, 2021 /PRNewswire/ -- Quantum
Corp. (NASDAQ: QMCO), a global leader in data and storage
management solutions for unstructured data, today announced that
effective February 1, 2021, the Board
of Directors of the Company (the "Board") adopted the Quantum
Corporation 2021 Inducement Plan (the "2021 Inducement Plan") under
which the Company may grant inducement equity awards outside the
Quantum Corporation 2012 Long-Term Incentive Plan. The 2021
Inducement Plan is used exclusively for the grant of equity awards
to individuals who were not previously an employee or non-employee
director of the Company (or following a bona fide period of
non-employment) as an inducement material to such individual's
entering into employment with the Company in accordance with Nasdaq
Listing Rule 5635(c)(4).
In addition, the Company announced that effective February 1, 2021, the Leadership and Compensation
Committee of the Board has granted awards under the 2021 Inducement
Plan to eight new employees. The eight employees received a total
of 320,000 restricted stock awards ("RSUs") and three of those
eight employees also received a total of 200,000 performance stock
awards ("PSUs"). The RSUs will vest over three years in three equal
installments – 33% at each of the first two anniversaries, and 34%
at the final anniversary, subject to continued employment with the
Company group. The PSUs will vest subject to the achievement
of specified levels of the average closing price of a share of the
Company's common stock during any one hundred (100) calendar day
period during the five-year term of the PSUs, subject to
certification of the achievement of the applicable performance
criteria by the Leadership & Compensation Committee and subject
to the employee's continued employment with the Company group
through the later of the certification date and the time based
vesting dates, which for two of the employees occurs in two equal
installments at the eighteen-month and thirty-six-month
anniversaries of the date of the grants and for one employee occurs
in two equal installments at the seventeen-month and thirty
five-month anniversaries of the date of the grant. Other terms of
the RSU and PSU grants are as determined by the Board and set forth
in the 2021 Inducement Plan and applicable award agreements
covering each grant.
About Quantum
Quantum technology and services help customers capture, create
and share digital content – and preserve and protect it for
decades. With solutions built for every stage of the data
lifecycle, Quantum's platforms provide the fastest performance for
high-resolution video, images, and industrial IoT. That's why
the world's leading entertainment companies, sports franchises,
researchers, government agencies, enterprises, and cloud providers
are making the world happier, safer, and smarter on
Quantum. Quantum is listed on Nasdaq (QMCO) and was added to
the Russell 2000® Index in 2020. For more information
visit www.quantum.com.
Quantum and the Quantum logo are registered trademarks of
Quantum Corporation and its affiliates in the United
States and/or other countries.
Public Relations Contact:
Kerry Quintiliani
Red Lorry Yellow Lorry
quantum@rlyl.com
t +1 310 773 3763
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SOURCE Quantum Corp.