Aug. 9, 2010
JACKSONVILLE, Fla., Aug. 9, 2010 (GLOBE NEWSWIRE) -- Web.com Group, Inc. (Nasdaq:WWWW), a leading provider of online marketing for small businesses, today announced that its Board of Directors has granted equity awards to non-executive employees in connection with the previously-announced acquisition of Register.com.
Web.com Group, Inc. granted inducement awards to 379 newly hired employees under the Web.com Group, Inc. 2010 Inducement Award Plan. The 2010 Inducement Award Plan was adopted, and the grants were made, in connection with the acquisition of Register.com and the hiring of Register.com employees by Web.com. Since the plan was adopted without stockholder approval, NASDAQ Marketplace Rules require that Web.com publicly announce awards made under the plan. The inducement awards consist of two restricted stock awards covering an aggregate of 125,000 shares of Web.com's common stock and 379 option awards covering an aggregate of 340,900 shares of Web.com's common stock. The restricted stock awards were granted effective August 9, 2010, and vest over the course of four years, with 50% vesting on the second year anniversary of the grant date, 25% vesting on the third year anniversary of the grant date and 25% vesting on the fourth year anniversary of the grant date, subject to the new employee's continued service relationship with Web.com on such date. The options were granted effective August 6, 2010, have a ten year term and an exercise price equal to $4.59 per share, which was the closing price of Web.com's common stock on the Nasdaq Global Market as such price was reported by NASDAQ on the date of grant. Options to purchase an aggregate of 215,900 shares of Web.com's common stock vest over the course of four years, with 25% vesting on the one-year anniversary of the grant date and 1/48 of the shares vesting monthly thereafter so that all of the shares subject to the stock options shall be vested on the fourth anniversary of the grant date, subject to the new employee's continued service relationship with Web.com on such date. Options to purchase an aggregate of 125,000 shares of Web.com's common stock vest over the course of four years, with 50% vesting on the second year anniversary of the grant date and 1/48 of the shares vesting monthly thereafter so that all of the shares subject to the stock options shall be vested on the fourth anniversary of the grant date, subject to the new employee's continued service relationship with Web.com on such date.
About Web.com
Web.com Group, Inc. (Nasdaq:WWWW) is a leading provider of online marketing for small businesses. Web.com meets the needs of small businesses anywhere along their lifecycles by offering a full range of online services and support, including domain name registration services, website design, logo design, search engine optimization, search engine marketing and local sales leads, general contractor leads, franchise and homeowner association websites, shopping cart software, eCommerce web site design and call center services. For more information on the company, please visit http://www.web.com/ or call 1-800-GETSITE.
Note to Editors: Web.com is a registered trademark of Web.com Group, Inc.
CONTACT: Web.com
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