• by Tobi Elkin  @tobielkin, March 23, 2017

The Rubicon Project said it offered employment inducement equity awards to Michael Barrett, its newly appointed President and CEO. The material inducement to Barrett’s hire is required for disclosure  by the New York Stock Exchange (NYSE).

On March 17, Rubicon granted Barrett 1,099,138 restricted stock units and a non-qualified option to purchase 634,780 shares of Rubicon Project common stock at an exercise price of $5.80. That was the closing price of Rubicon Project’s common stock on the NYSE on that date. The restricted stock units will vest, subject to Barrett’s continued service in segments starting Dec. 21, and continue throughout 2021.

The stock option will vest, subject to continued service, with respect to 25% of the underlying shares on the first anniversary of the grant. Then the remaining 75% of the underlying shares will vest in 36 equal consecutive monthly installments.