Limelight Networks Grants Equity Awards to Moov Employees Under Its Inducement Equity Plan Pursuant to NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

On November 5, 2021, Limelight Networks (Nasdaq: LLNW) granted 10,691,757 restricted stock units (RSUs) to 56 new employees following its acquisition of Moov Corporation (Layer0) in September 2021. This RSU grant is part of a $30 million retention pool established to incentivize Layer0's team, with a third of the RSUs vesting over 3-4 years based on service and the remainder contingent on achieving financial and operational targets by June 30, 2025. The grants comply with NASDAQ Listing Rule 5635(c)(4).

Positive

• Granting 10.7 million RSUs indicates strong commitment to retaining talent from the Moov acquisition.
• The RSU retention pool of $30 million aligns employee interests with company growth objectives.

Negative

• None.

SCOTTSDALE, Ariz., Nov. 5, 2021 /PRNewswire/ -- Limelight Networks, Inc. (Nasdaq: LLNW), a leading provider of content delivery and AppOps at the edge, today announced that on November 5, 2021, it granted an aggregate of 10,691,757 restricted stock units ("RSUs") to 56 new employees who joined Limelight as a result of its acquisition of Moov Corporation (doing business as Layer0), which was completed in September 2021.

The RSUs were granted as inducements to employment in accordance with NASDAQ Listing Rule 5635(c)(4). As announced in our press release dated July 28, 2021, Limelight established this retention pool of $30 million worth of RSUs to be granted to the Layer0 team, with one-third of those RSUs subject to service-based vesting over a period of either 3 or 4 years and the remainder subject to vesting based on the achievement of certain financial and operational performance metrics by June 30, 2025. The grants will be subject to the terms and conditions of the Limelight Networks, Inc. 2021 Inducement Plan.

About Limelight Networks
Limelight Networks, Inc. (NASDAQ: LLNW) is an industry-leader in content delivery and AppOps at the edge that provides powerful tools and a client-first approach to optimize and deliver digital experiences at the edge. We are a trusted partner to the world's biggest brands and serve their global customers with experiences such as livestream sporting events, global movie launches, video games or file downloads for new phone apps. Limelight offers one of the largest, best-optimized private networks coupled with a global team of industry experts to provide edge services that are fast, secure and reliable. For more information, visit www.limelight.com, follow us on Twitter, Facebook and LinkedIn.

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SOURCE Limelight Networks

FAQ

What is the significance of the RSUs granted by Limelight Networks on November 5, 2021?

The RSUs are part of a $30 million retention plan to support employee retention post-acquisition of Moov.

How many RSUs did Limelight Networks grant to new employees in November 2021?

Limelight Networks granted 10,691,757 RSUs to 56 new employees.

What are the vesting conditions for the RSUs granted by Limelight Networks?

One-third of the RSUs are subject to service-based vesting over 3-4 years, while the remainder depend on achieving specific financial and operational metrics by June 30, 2025.

What does NASDAQ Listing Rule 5635(c)(4) entail?

It allows companies to grant equity awards as inducements to employment.

What was the reason for Limelight Networks' RSU grant to Moov employees?

The RSU grant is designed to retain talent from Moov Corporation following its acquisition.