Redback Discloses Stock Option Grants Under NASDAQ Marketplace Rule 4350
November 07 2006 - 7:00PM
Business Wire
Redback Networks Inc. (NASDAQ:RBAK) today announced, in accordance
with NASDAQ Marketplace Rule 4350, that on October 31, 2006, 30
newly hired employees who are non-officers were granted inducement
stock options in a total amount of 159,400 shares of common stock.
Pursuant to NASDAQ Marketplace Rule 4350 (i)(1)(A)(iv), the options
were granted under Redback�s 2004 Employment Inducement Plan, which
Redback�s board of directors adopted to facilitate the granting of
stock options as an inducement to new employees to join the
Company. In accordance with NASDAQ rules, these grants of stock
options were made under a stock option plan without stockholder
approval. NASDAQ rules require a public announcement of option
grants to be made under this type of plan. Each option has been
classified as a non-qualified stock option, has an exercise price
equal to the fair market value on the grant date, has a ten-year
term, and vests 25% on the one year anniversary of the option grant
date with an additional 2.0833% vested each month thereafter, with
100% being vested and exercisable four years from the option grant
date. About Redback Networks Redback Networks Inc. manages 50
million broadband connections for 15 of the top 20 carriers
worldwide (SMS+SmartEdge products). Redback�s multi-service routing
platform delivers next generation broadband services such as VoIP,
IPTV, On-Demand Video and on-line gaming. Redback Networks has more
than 500 carrier customers worldwide and is based in San Jose, CA.
In 2006, Redback marks its 10 year anniversary, celebrating ten
years of broadband innovation. For more information, visit Redback
Networks at www.redback.com REDBACK and SmartEdge are trademarks
registered at the U.S. Patent and Trademark Office and in other
countries. NetOp is a trademark of Redback Networks Inc. All other
products or services mentioned are the trademark, service marks,
registered trademarks or registered service marks of their
respective owners. Redback Networks Inc. (NASDAQ:RBAK) today
announced, in accordance with NASDAQ Marketplace Rule 4350, that on
October 31, 2006, 30 newly hired employees who are non-officers
were granted inducement stock options in a total amount of 159,400
shares of common stock. Pursuant to NASDAQ Marketplace Rule 4350
(i)(1)(A)(iv), the options were granted under Redback's 2004
Employment Inducement Plan, which Redback's board of directors
adopted to facilitate the granting of stock options as an
inducement to new employees to join the Company. In accordance with
NASDAQ rules, these grants of stock options were made under a stock
option plan without stockholder approval. NASDAQ rules require a
public announcement of option grants to be made under this type of
plan. Each option has been classified as a non-qualified stock
option, has an exercise price equal to the fair market value on the
grant date, has a ten-year term, and vests 25% on the one year
anniversary of the option grant date with an additional 2.0833%
vested each month thereafter, with 100% being vested and
exercisable four years from the option grant date. About Redback
Networks Redback Networks Inc. manages 50 million broadband
connections for 15 of the top 20 carriers worldwide (SMS+SmartEdge
products). Redback's multi-service routing platform delivers next
generation broadband services such as VoIP, IPTV, On-Demand Video
and on-line gaming. Redback Networks has more than 500 carrier
customers worldwide and is based in San Jose, CA. In 2006, Redback
marks its 10 year anniversary, celebrating ten years of broadband
innovation. For more information, visit Redback Networks at
www.redback.com REDBACK and SmartEdge are trademarks registered at
the U.S. Patent and Trademark Office and in other countries. NetOp
is a trademark of Redback Networks Inc. All other products or
services mentioned are the trademark, service marks, registered
trademarks or registered service marks of their respective owners.
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