JACKSONVILLE, Fla., March 11, 2016 (GLOBE NEWSWIRE) -- Web.com Group, Inc. (Nasdaq:WEB), a leading provider of Internet services and online marketing solutions for small businesses, today announced that it has assumed outstanding stock options and its Board of Directors has granted equity awards to non-executive employees in connection with the previously announced acquisition of Yodle.
Web.com assumed approximately 1.3 million stock options with a weighted average exercise price of $19.19 per share and granted inducement awards to 22 newly hired employees under the Web.com Group, Inc. 2016 Inducement Award Plan. The 2016 Inducement Award Plan was adopted, and the grants were made, in connection with the acquisition of Yodle and the hiring of Yodle 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 260,000 option and 275,000 restricted share awards covering an aggregate of 535,000 shares of Web.com's common stock. The awards were granted effective March 9, 2016 and the options have a ten year term and an exercise price equal to $18.26 per share, which was the closing price of Web.com's common stock on the Nasdaq Global Select Market as such price was reported by NASDAQ on the date of grant. The option and restricted stock awards vest over the course of four years subject to the new employee’s continued service with Web.com on each vesting date. For options, 25% vest on the first anniversary of the grant date and the remaining shares vest monthly thereafter. For restricted shares, 25% vest annually on each anniversary of the grant date.
Web.com Group, Inc. (Nasdaq:WEB) provides a full range of Internet services to small businesses to help them compete and succeed online. Web.com meets the needs of small businesses anywhere along their lifecycle with affordable, subscription-based solutions including domains, hosting, website design and management, search engine optimization, online marketing campaigns, local sales leads, social media, mobile products and eCommerce solutions. For more information, please visit www.web.com; follow Web.com on Twitter @webdotcom or on Facebook at facebook.com/web.com.
Note to Editors: Web.com is a registered trademark of Web.com Group, Inc.