Minim Announces New Employment Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
Minim, Inc. (NASDAQ: MINM) announced the granting of 188,274 restricted stock units (RSUs) to new employee Bill Wallace, effective December 1, 2021. This grant, approved by the Board of Directors and its Compensation Committee, serves as a material inducement to employment under Nasdaq Listing Rule 5635(c)(4). The RSUs will vest in three equal bi-monthly installments over five months, contingent upon Wallace's continued service with Minim. Minim specializes in intelligent networking products under the Motorola brand, enhancing the home WiFi experience for users.
- Grant of 188,274 RSUs indicates commitment to attracting talent.
- RSUs serve as a retention tool through vesting schedule.
- Dependence on new hires raises concerns regarding talent acquisition in a competitive market.
- Potential risks associated with retention of key personnel post-grant.
MANCHESTER, NH, Dec. 06, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Minim, Inc. (NASDAQ: MINM), the creator of intelligent networking products under the globally recognized Motorola brand, today announces that the Minim Board of Directors and its Compensation Committee approved a grant of restricted stock units (RSUs) to new employee Bill Wallace, covering an aggregate of 188,274 shares of common stock.
The effective grant date of the RSUs is December 1, 2021, and the RSUs are being granted as a material inducement to employment in accordance with Nasdaq Listing Rule 5635(c)(4). The RSUs will vest in three equal bi-monthly installments over a five-month period starting on the first month anniversary of the grant date, subject to the applicable new employee’s continued service with Minim through the applicable vesting dates. The RSUs were granted outside of the company’s equity incentive plans.
About Minim
Minim, Inc. (NASDAQ: MINM) is the creator of intelligent networking products that dependably connect people to the information they need and the people they love. Headquartered in Manchester, NH, the company delivers smart software-driven communications products under the globally recognized Motorola brand and Minim® trademark. Minim end users benefit from a personalized and secure WiFi experience, leading to happy and safe homes where things just work. To learn more, visit https://www.minim.com.
MOTOROLA and the Stylized M Logo are trademarks or registered trademarks of Motorola Trademark Holdings, LLC and are used under license.
Media Contact:
Nicole Zheng at (908) 337-2481 or nicole@minim.com
Investor Relations Contact:
James Carbonara, Hayden IR at (646) 755-7412 or james@haydenir.com
About Motorola Strategic Brand Partnerships
For over 90 years the Motorola brand has been known around the world for high quality, innovative and trusted products. Motorola’s Strategic Brand Partnership program seeks to leverage the power of this iconic brand by teaming with dynamic companies who offer unique, high quality products that enrich consumers’ lives. Strategic brand partners work closely with Motorola engineers while developing and manufacturing their products, ensuring that their products meet the exacting safety, quality, and reliability standards that consumers have come to expect from Motorola. To learn more about Motorola strategic brand partnerships, follow us @ShopMotorola.
Forward-Looking Statements
This press release contains “forward-looking statements”, within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to Minim’s plans, expectations, and intentions. Actual results may be materially different from expectations as a result of known and unknown risks, including: risks associated with Minim’s potential inability to realize intended benefits of the acquisition by merger of Zoom Connectivity, Inc.; the potential increase in tariffs on the company's imports; the potential supply interruptions from manufacturing the company’s products in Vietnam; risks relating to global semiconductor shortages; potential changes in NAFTA; the potential need for additional funding which Minim may be unable to obtain; declining demand for certain of Minim’s products; delays, unanticipated costs, interruptions or other uncertainties associated with Minim’s production and shipping; Minim’s reliance on several key outsourcing partners; uncertainty of key customers’ plans and orders; risks relating to product certifications; Minim’s dependence on key employees; uncertainty of new product development, including certification and overall project delays, budget overruns; the risk that newly introduced products may contain undetected errors or defects or otherwise not perform as anticipated; costs and senior management distractions due to patent related matters; risks from a material weakness in our internal control over financial reporting; the impact of the COVID-19 pandemic; and other risks set forth in Minim’s filings with the Securities and Exchange Commission. Minim cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Minim expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in Minim’s expectations or any change in events, conditions or circumstance on which any such statement is based.
FAQ
What is the significance of the restricted stock unit grant for Minim (MINM)?
When did Minim grant restricted stock units to Bill Wallace?
How many shares are covered by the RSUs granted to Bill Wallace at Minim (MINM)?
What is the vesting schedule for the RSUs granted by Minim (MINM)?
