Salesforce Grants Equity Awards to Vlocity Employees Under Its Inducement Equity Incentive Plan

Rhea-AI Summary

Salesforce (NYSE: CRM) announced the granting of equity awards to 703 employees of Vlocity, Inc. as part of its 2014 Inducement Equity Incentive Plan. A total of 363,731 restricted stock units (RSUs) and 88,463 stock options were distributed. The RSUs vest over four years, with 25% vesting on the first anniversary. The stock options also vest over four years, with 25% vesting on the first anniversary, followed by monthly vesting. This initiative aims to enhance Salesforce's industry capabilities and provide further tools for customer digital transformation.

Positive

• Enhances Salesforce's industry capabilities with Vlocity integration.
• Attracts and retains talent through equity awards for 703 new employees.

Negative

• None.

SAN FRANCISCO, Aug. 26, 2020 /PRNewswire/ -- Salesforce (NYSE: CRM), the global leader in CRM, today announced it has granted equity awards under its 2014 Inducement Equity Incentive Plan (the "Plan") to new employees who joined Salesforce in connection with the acquisition of Vlocity, Inc.. The Plan was adopted by the Salesforce Board of Directors in July 2014, in accordance with New York Stock Exchange Rule 303A.08.

Vlocity's feature set will continue to enhance and complement Salesforce's industry capabilities and product knowledge, open up new industry capabilities built on the Salesforce platform and provide customers with even more tools and expert guidance to digitally transform.

Through the Plan, Vlocity employees received various equity awards as provided below. Each of the employees who received an equity award is a non-executive officer. 

Under the Plan, Salesforce granted a total of 363,731 restricted stock units ("RSUs") and 88,463 stock options to 703 Vlocity employees. The RSUs vest over four years with 25 percent of the RSUs vesting on the first anniversary of the grant date and the balance vesting quarterly thereafter in 12 equal installments, subject to continued service through each applicable vesting date.  The stock options vest over four years with 25 percent of the options vesting on the first anniversary of the grant date and the balance vesting monthly thereafter in 36 equal installments, subject to continued service through each applicable vesting date.

About Salesforce
Salesforce is the global leader in Customer Relationship Management (CRM), bringing companies closer to their customers in the digital age. Founded in 1999, Salesforce enables companies of every size and industry to take advantage of powerful technologies—cloud, mobile, social, internet of things, artificial intelligence, voice and blockchain—to create a 360-degree view of their customers. For more information about Salesforce (NYSE: CRM), visit: www.salesforce.com.

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SOURCE Salesforce

FAQ

What equity awards were granted to Vlocity employees by Salesforce?

Salesforce granted 363,731 restricted stock units (RSUs) and 88,463 stock options to 703 Vlocity employees.

How do the RSUs and stock options vest for Vlocity employees?

The RSUs vest over four years with 25% on the first anniversary, while stock options vest similarly with 25% on the first anniversary and monthly thereafter.

What is the purpose of the equity awards provided by Salesforce?

The equity awards aim to enhance Salesforce's industry capabilities and retain talent following the acquisition of Vlocity.

When was the Inducement Equity Incentive Plan adopted by Salesforce?

The Inducement Equity Incentive Plan was adopted by Salesforce's Board of Directors in July 2014.

How many employees received equity awards under the Plan?

A total of 703 employees received equity awards under the 2014 Inducement Equity Incentive Plan.