logo
Share SHARE
FONT-SIZE Plus   Neg

Rainmaker Systems Reports Inducement Grant Under NASDAQ Listing Rule

Rainmaker Systems Inc. (RMKR) announced that the Compensation Committee of Rainmaker's Board of Directors granted an inducement award to Donald Massaro in connection with his entering into employment as Rainmaker's President and Chief Executive Officer.

On December 13, 2012, Rainmaker previously announced the hiring of Massaro, with his employment beginning on December 11, 2012.

Massaro's inducement awards, granted under Rainmaker's 2012 Inducement Equity Incentive Plan adopted by Rainmaker's Board of Directors on December 21, 2012, consist of (1) a grant of 500,000 restricted shares of common stock which will vest 1/16th quarterly over a four year term, (2) an option to purchase 500,000 shares of common stock which will vest 1/16th quarterly over a four year term and (3) a grant of 250,000 restricted shares of common stock which will vest in a single installment on March 31, 2013.

The grant of 250,000 restricted shares vesting on March 31, 2013 was negotiated by Massaro as part of his initial compensation, as Massaro requested stock compensation in lieu of cash compensation for a specified period due to his confidence in Rainmaker's potential future stock price appreciation.

The Compensation Committee of Rainmaker's Board of Directors granted the awards on December 27, 2012 as inducements material to Massaro entering into employment with Rainmaker in accordance with NASDAQ Listing Rule 5635(c)(4).

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
AIG reported a plunge in second-quarter profit, hurt by a decline at its insurance business, debt-related losses and lower gains from the sale of investments. However, its earnings topped Street estimates, partly on contribution from aircraft leasing giant AerCap. AIG also announced a boost in dividend and said it would buyback an additional $5 billion stock. Automakers on Monday reported strong U.S. vehicle sales for the month of July, driven by continued demand for trucks and sport-utility vehicles amid an improving economy, lower gas prices and easy availability of credit. Detroit's Big Three - General Motors Co., Ford Motor Co. and FCA US, LLC - all reported vehicle sales above analyst expectations. British lender Lloyds Banking Group Plc. Friday reported higher profit in its first half, benefited by increased net interest income and margin as well as lower impairment. Looking ahead, the company lifted its net interest margin forecast.
comments powered by Disqus
Follow RTT