Avaya Announces Inducement Grants under NYSE Rule
Avaya (News - Alert) Holdings Corp. (NYSE:AVYA), a global leader in solutions to enhance and simplify communications and collaboration, today announced that the Compensation Committee of Avaya's Board of Directors (the "Committee") granted certain equity awards to its Executive Vice President, Chief Product Officer, Mr. Anthony Bartolo (News - Alert), effective upon Mr. Bartolo's commencement of employment with the Company on December 9, 2019.
The Committee granted 87,873 time-based restricted stock units and nonqualified stock options to purchase 163,666 shares of Avaya common stock to Mr. Bartolo as a material inducement to Mr. Bartolo's commencing employment with Avaya in accordance with NYSE Listing Company Manual Rule 303A.08. The stock options have an exercise price per share that is equal to the closing price of Avaya common stock on the New York Stock Exchange on December 9, 2019.
Both awards vest over three years, with one-third of the total number of shares underlying the awards vesting on the irst established quarterly vesting date after the first anniversary of the date of grant and then in equal, quarterly increments over the next two years on such quarterly vesting dates, subject to Mr. Bartolo's continued employment with Avaya. The awards will be immediately vested if Mr. Bartolo resigns for "good reason" or is terminated by Avaya without "cause," in each case, either (i) during a "potential change in control period" (as defined in Avaya's Change in Control Severance Plan) or (ii) within 24 months following a change in control of Avaya.
Businesses are built on the experiences they provide, and everyday millions of those experiences are built by Avaya (NYSE: AVYA). For over one hundred years, we've enabled organizations around the globe to win - by creating intelligent communications experiences for customers and employees. Avaya builds open, converged and innovative solutions to enhance and simplify communications and collaboration - in the cloud, on-premise or a hybrid of both. To grow your business, we're committed to innovation, partnership, and a relentless focus on what's next. We're the technology company you trust to help you deliver Experiences that Matter. Visit us at www.avaya.com.
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