PLANO,
Texas, Oct. 15, 2024 /PRNewswire/ -- Ribbon
Communications Inc. (Nasdaq: RBBN), a global provider of real time
communications technology and IP optical networking solutions to
many of the world's largest service providers, enterprises, and
critical infrastructure operators to modernize and protect their
networks, today announced that, in connection with his appointment
as Chief Financial Officer, the Board of Directors has awarded
John Townsend, as inducement awards,
sign-on equity grants consisting of one time-based vesting grant of
restricted share units ("RSUs") and two performance-based vesting
grants of restricted share units ("PSUs").
Subject to Mr. Townsend's continued employment, 128,205 RSUs are
eligible to vest on October 15, 2025,
with an additional 102,564 vesting in four equal instalments
through October 15, 2027. A grant of
230,769 PSUs (the "Financial Performance PSUs") will vest
based on the achievement of both (i) annual financial goals
established by the Compensation Committee of Ribbon's Board of
Directors for the years ended December 31,
2025 through 2027 (60% weighting) and (ii) the relative
total shareholder return on Ribbon's common stock for the period
from October 15, 2025 through
December 31, 2027 compared to the
relative shareholder return for the companies included in the
Nasdaq Telecom Index over the same period (40% weighting), in both
cases subject to Mr. Townsend's continued employment. The vesting
criteria and weighting of the Financial Performance PSUs are
structured similar to the Company's annual PSU grants and can vest
up to 200% of the target amount awarded. Additionally, a grant of
314,583 PSUs will vest based on both (i) the achievement of
specified stock prices for Ribbon's common stock and (ii) the
passage of time, subject to Mr. Townsend's continued service with
the Company. Upon vesting, the RSUs and PSUs will be settled
in shares of Ribbon's common stock.
The RSU and PSU awards were approved in accordance with Nasdaq
Listing Rule 5635(c)(4).
About Ribbon
Ribbon Communications (Nasdaq: RBBN) delivers communications
software, IP and optical networking solutions to service providers,
enterprises and critical infrastructure sectors globally. We engage
deeply with our customers, helping them modernize their networks
for improved competitive positioning and business outcomes in
today's smart, always-on and data-hungry world. Our innovative,
end-to-end solutions portfolio delivers unparalleled scale,
performance, and agility, including core to edge software-centric
solutions, cloud-native offers, leading-edge security and analytics
tools, along with IP and optical networking solutions for 5G and
broadband internet. We maintain a keen focus on our commitments to
Environmental, Social and Governance (ESG) matters, offering an
annual Sustainability Report to our stakeholders. To learn more
about Ribbon visit rbbn.com.
Important Information Regarding Forward-Looking
Statements
The information in this release contains
"forward-looking statements" within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995, which are subject to a
number of risks and uncertainties. All statements other than
statements of historical facts contained in this release are
forward-looking statements. Without limiting the foregoing, the
words "believes", "estimates", "expects", "expectations",
"intends", "may", "plans", "projects" and other similar language,
are intended to identify forward-looking statements.
Forward-looking statements are based on the Company's current
expectations and assumptions regarding its business, the economy
and other future conditions. Because forward-looking statements
relate to the future, they are subject to inherent uncertainties,
risks and changes in circumstances that are difficult to predict.
Actual results may differ materially from those contemplated in
these forward-looking statements due to various risks,
uncertainties and other important factors, including, among others,
the effects of geopolitical instabilities and wars, including in
Israel and Ukraine (and the impact of sanctions and trade
restrictions imposed as a result thereof); unpredictable
fluctuations in quarterly revenue and operating results; increases
in tariffs, trade restrictions or taxes on the Company's products;
the impact of restructuring and cost-containment activities;
operational disruptions at facilities located in Israel including as a result of military
call-ups of the Company's employees in Israel, closure of the offices there or the
temporary or long-term closure of contract manufacturing in the
region; the potential impact of litigation; risks related to supply
chain disruptions, including as a result of component availability;
risks resulting from higher interests rates and continued
inflationary pressures; risks related to cybersecurity and data
intrusion; failure to compete successfully against
telecommunications equipment and networking companies; failure to
grow the Company's customer base or generate recurring business
from existing customers; credit risks; the timing of customer
purchasing decisions and the Company's recognition of revenues;
macroeconomic conditions, including inflation; market acceptance of
the Company's products and services; rapid technological and market
change; the ability to protect Company intellectual property rights
and obtain necessary licenses; the ability to maintain partner,
reseller, distribution and vendor support and supply relationships;
the potential for defects in the Company's products; and currency
fluctuations.
These factors are not intended to be an all-encompassing list of
risks and uncertainties that may affect the Company's business and
results from operations. Additional information regarding these and
other factors can be found in the Company's reports filed with the
Securities and Exchange Commission, including, without limitation,
its Form 10-K for the year ended December
31, 2023. In providing forward-looking statements, the
Company expressly disclaims any obligation to update these
statements publicly or otherwise, whether as a result of new
information, future events or otherwise, except as required by
law.
Investor Contact
+1 (978) 614-8050
ir@rbbn.com
Media Contact
Catherine
Berthier
+1 (646) 741-1974
cberthier@rbbn.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/ribbon-communications-announces-inducement-equity-grants-to-john-townsend-under-nasdaq-listing-rule-5635c4-302276618.html
SOURCE Ribbon Communications Inc.