Logitech to Grant Equity Inducement Awards to Bracken P. Darrell
FREMONT, Calif. — March 14, 2012 and MORGES, Switzerland, March 15, 2012 — In accordance with NASDAQ Stock Market rules regarding equity inducement awards, Logitech International (SIX: LOGN) (Nasdaq: LOGI) announced that it plans to grant, in the middle of April 2012, equity inducement awards totaling 500,000 stock options, 100,000 restricted stock units (RSUs) and 1,200,000 premium-priced stock options to Bracken P. Darrell, the company’s new president, in connection with the commencement of his employment on April 9, 2012.
Mr. Darrell’s grant of 500,000 stock options will have an exercise price per share equal to the fair market value of Logitech’s shares on the grant date, and vests over four years, with 25% of the options vesting on each annual anniversary of the grant date. Each stock option has a ten-year term. Mr. Darrell’s grant of 100,000 RSUs vests over four years, with 25% of the RSUs vesting on each annual anniversary of the grant date.
Mr. Darrell’s grant of 1,200,000 premium priced stock options will have exercise prices as follows: 400,000 stock options will have an exercise price per share of 1.75 times the fair market value of Logitech shares on the grant date, 400,000 stock options will have an exercise price per share of 2 times the fair market value of Logitech shares on the grant date, and 400,000 stock options will have an exercise price per share of 2.5 times the fair market value of Logitech’s shares on the grant date. These stock options will vest in full if and only when Logitech’s average closing share price, over a consecutive ninety-day trading period, meets or exceeds the respective exercise price of the options. Each stock option has a ten-year term.
If Mr. Darrell’s employment is terminated other than for cause within one year after his employment start date, 25% of Mr. Darrell’s grant of 500,000 options, and 25% of his 100,000 RSUs, will vest. All Mr. Darrell’s inducement awards will fully vest if his employment terminates within one year following a change of control of the company.
Logitech is a world leader in products that connect people to the digital experiences they care about. Spanning multiple computing, communication and entertainment platforms, Logitech’s combined hardware and software enable or enhance digital navigation, music and video entertainment, gaming, social networking, audio and video communication over the Internet, video security and home-entertainment control. Founded in 1981, Logitech International is a Swiss public company listed on the SIX Swiss Exchange (LOGN) and on the Nasdaq Global Select Market (LOGI).
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