Quantum Corporation a global leader in data and storage management solutions for unstructured data (the “Company”), announced today that effective September 1, 2021, the Leadership and Compensation Committee of the Board of Directors (the “Board”) has granted 250,000 restricted stock units (“RSUs”) to John Hurley, the Company’s newly-appointed Chief Revenue Officer, under the Company’s 2021 Inducement Plan (the “Inducement Plan”). The 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).
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The RSUs will vest over three years in three equal installments – 34% at first anniversary, and 33% each at second and third anniversary, subject to continued employment with the Company. Other terms of the RSU grant are as determined by the Board and set forth in the Inducement Plan and applicable award agreements covering the grant.
