Logitech to Grant Equity Inducement Awards to Bracken P. Darrell
FREMONT, Calif. & MORGES, Switzerland--(BUSINESS WIRE)--
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
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
Logitech, the Logitech logo, and other Logitech marks are registered in
Switzerland and other countries. All other trademarks are the property
of their respective owners. For more information about Logitech and its
products, visit the company's Web site at www.logitech.com.
(LOGI — IR)
Joe Greenhalgh, 510-713-4430
President, Investor Relations — USA
Nancy Morrison, 510-713-4948
President, Corporate Communications — USA
Laura Scorza, +41-(0)
Sr. Public Relations Manager — Europe
Source: Logitech International
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