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Salesforce.com Grants Equity Awards Under Its Inducement Equity Incentive Plan
Jan 26, 2011 (03:01 PM EST)
SAN FRANCISCO, Jan. 26, 2011 /PRNewswire/ -- Salesforce.com (NYSE: CRM), the enterprise cloud computing (http://www.salesforce.com/cloudcomputing/) company, today reported that it granted equity awards under its 2006 Inducement Equity Incentive Plan (the "Plan") to new employees who joined salesforce.com in connection with its previously announced acquisitions of Heroku and Dimdim. The Plan was originally adopted by the Board of Directors in May 2006 in accordance with New York Stock Exchange Rule 303A.08.
Heroku is the leading Ruby platform-as-a-service, built from the ground up to work in an open environment and take advantage of the Ruby language. Ruby has become the leading development language used to write Cloud 2 apps that are social, collaborative and deliver real-time access to information across mobile devices.
Dimdim was founded in 2007 with a focus on developing enterprise applications on a cloud-based communication platform. Salesforce.com will use the acquisition to bring new real-time communication capabilities, such as presence and messaging, to the Chatter collaboration platform. More than 60,000 customers have deployed Chatter since its release in June -- making it the company's most-popular product introduction.
Salesforce.com announced it completed the Heroku acquisition on Jan. 3, 2011, and announced the completion of the Dimdim acquisition on Jan. 6, 2011.
Under the Plan, on Jan. 25, 2011 salesforce.com granted restricted stock awards ("RSAs") and restricted stock units ("RSUs") to non-executive employees who were previously Heroku employees and joined salesforce.com as a result of the acquisition. RSAs have been granted to 26 employees and cover a total of 200,391 shares of salesforce.com common stock. These RSAs generally vest in equal quarterly installments, and will be fully vested on the fourth anniversary of their applicable vesting commencement date, subject to continued service through each applicable vesting date. Certain RSAs also provide for an initial one year vesting period, with 25 percent of such RSAs vesting on the first anniversary of their applicable vesting commencement date. RSUs have been granted to one employee and cover a total of 4,517 shares of salesforce.com common stock. RSUs are subject to a five-year term and vest over four years with 25 percent of the RSUs vesting on the first anniversary of the grant date and the balance vesting in equal quarterly installments, subject to continued service through each applicable vesting date.
Under the Plan, salesforce.com granted non-qualified options to two non-executive employees to purchase a total of 39,000 shares of its common stock. Each of the new employees was previously a Dimdim employee who joined salesforce.com as a result of the acquisition. The grants were made as of Jan. 25, 2011 at an exercise price of $123.97 per share. All of the above stock options were granted on terms that include the following: exercise price equal to the closing price of salesforce.com common stock on the New York Stock Exchange on the date of grant, five-year term and vesting over four years with 25 percent of the shares 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.
Salesforce.com also plans to grant a total of 26,300 RSUs to 34 non-executive employees under the Plan in Feb. 2011. Each of the new employees was previously a Dimdim employee who joined salesforce.com as a result of the Dimdim acquisition. These RSUs will be subject to a five-year term and vest over four years with 25 percent of the RSUs vesting on the first anniversary of the grant date and the balance vesting in equal quarterly installments, subject to continued service through each applicable vesting date.
Salesforce.com is the trusted enterprise cloud computing company. Based on salesforce.com's real-time, multitenant architecture, the company's Force.com platform and apps (http://www.salesforce.com/crm) have revolutionized the way companies collaborate and communicate. Salesforce.com's cloud offerings include:
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