BALTIMORE--(BUSINESS WIRE)--Millennial Media, Inc. (NYSE: MM) today announced that it has made employment inducement equity awards to 6 employees. The inducement awards cover an aggregate of 85,000 shares of Millennial Media common stock in the form of 45,000 options to purchase shares of Millennial Media common stock and 40,000 restricted stock units of Millennial Media common stock, and are being made as a material inducement to employees entering into employment with Millennial Media in connection with the acquisition transaction.
The new stock options will vest over a period of four years, with 25% of the option vesting after one year and the remainder vesting in equal monthly installments for 36 months thereafter, subject to the grantee’s continued employment with Millennial Media on the applicable vesting date. The new restricted stock units will vest over a period of four years, with 25% of the restricted stock units vesting after one year, and the remainder vesting in equal quarterly installments thereafter, subject to the grantee’s continued employment with Millennial Media on the applicable vesting date. The awards are subject to the terms of the Millennial Media Inc. 2014 Equity Inducement Plan and the individual award agreements.
Millennial Media’s board of directors unanimously approved the Millennial Media Inc. 2014 Equity Inducement Plan and the Compensation Committee of the Millennial Media’s Board of Directors subsequently approved the awards granted thereunder. The awards are intended to qualify as “employment inducement awards” within the meaning of Section 303A.08 of the New York Stock Exchange Listed Company Manual.
About Millennial Media
Millennial Media is the leading independent mobile ad marketplace, making mobile advertising simple for the world’s top brands, app developers, and mobile web publishers. Millennial Media's unique data and technology assets enable its advertising clients to connect with their target audiences at scale. Millennial Media also drives monetization for its publisher and developer partners by connecting them to networks, advertisers, and a real-time-bidding, or RTB, exchange. For more information, visit www.millennialmedia.com.