Quantum Announces Inducement Grant under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Quantum Corporation (NASDAQ: QMCO) announced the grant of 250,000 restricted stock units (RSUs) to John Hurley, the newly-appointed Chief Revenue Officer, under its 2021 Inducement Plan. This grant, effective September 1, 2021, is designed to attract talent and is compliant with Nasdaq Listing Rule 5635(c)(4). The RSUs will vest over three years in installments of 34% after the first year and 33% in each of the following years, contingent upon Hurley's continued employment. Quantum aims to enhance data management solutions in various sectors, reinforcing its commitment to innovation.

Positive

• Granting 250,000 RSUs to attract a new Chief Revenue Officer demonstrates a commitment to leadership and talent acquisition.
• RSUs vesting over three years indicate confidence in long-term growth and employee retention.

Negative

• None.

SAN JOSE, Calif., Sept. 3, 2021 /PRNewswire/ -- Quantum Corporation (NASDAQ: QMCO) a global leader in data and storage management solutions for unstructured data (the "Company"), announced today that effective September 1, 2021, the Leadership and Compensation Committee of the Board of Directors (the "Board") has granted 250,000 restricted stock units ("RSUs") to John Hurley, the Company's newly-appointed Chief Revenue Officer, under the Company's 2021 Inducement Plan (the "Inducement Plan").  The Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously an employee or non-employee director of the Company (or following a bona fide period of non-employment) as an inducement material to such individual's entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).

The RSUs will vest over three years in three equal installments – 34% at first anniversary, and 33% each at second and third anniversary, subject to continued employment with the Company. Other terms of the RSU grant are as determined by the Board and set forth in the Inducement Plan and applicable award agreements covering the grant.

About Quantum 

Quantum technology, software, and services provide the solutions that today's organizations need to make video and other unstructured data smarter – so their data works for them and not the other way around. With over 40 years of innovation, Quantum's end-to-end platform is uniquely equipped to orchestrate, protect, and enrich data across its lifecycle, providing enhanced intelligence and actionable insights. Leading organizations in cloud services, entertainment, government, research, education, transportation, and enterprise IT trust Quantum to bring their data to life, because data makes life better, safer, and smarter. Quantum is listed on Nasdaq (QMCO) and the Russell 2000^® Index. For more information visit www.quantum.com.

Quantum and the Quantum logo are registered trademarks of Quantum Corporation and its affiliates in the United States and/or other countries. All other trademarks are the property of their respective owners. 

Media contact:
Kerry Quintiliani
Red Lorry Yellow Lorry
quantum@rlyl.com     
t +1 310 773 3763

View original content to download multimedia:https://www.prnewswire.com/news-releases/quantum-announces-inducement-grant-under-nasdaq-listing-rule-5635c4-301368909.html

SOURCE Quantum Corp.

FAQ

What stock symbol is Quantum Corporation listed under?

Quantum Corporation is listed under the stock symbol QMCO.

When was the RSU grant to John Hurley effective?

The RSU grant to John Hurley was effective on September 1, 2021.

How many RSUs were granted to the Chief Revenue Officer of Quantum?

Quantum granted 250,000 restricted stock units (RSUs) to its Chief Revenue Officer.

What is the vesting schedule for the RSUs granted to John Hurley?

The RSUs will vest over three years, with 34% vesting after the first year and 33% each on the second and third anniversaries.