Salesforce Grants Equity Awards to Vlocity Employees Under Its Inducement Equity Incentive Plan
Salesforce, the global leader in CRM, announced it has granted equity awards under its 2014 Inducement Equity Incentive Plan (the “Plan”) to new employees who joined Salesforce in connection with the acquisition of Vlocity, Inc.. The Plan was adopted by the Salesforce Board of Directors in July 2014, in accordance with New York Stock Exchange Rule 303A.08.
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Vlocity’s feature set will continue to enhance and complement Salesforce’s industry capabilities and product knowledge, open up new industry capabilities built on the Salesforce platform and provide customers with even more tools and expert guidance to digitally transform.
Through the Plan, Vlocity employees received various equity awards as provided below. Each of the employees who received an equity award is a non-executive officer.
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Under the Plan, Salesforce granted a total of 363,731 restricted stock units (“RSUs”) and 88,463 stock options to 703 Vlocity employees. The RSUs vest over four years with 25 percent of the RSUs vesting on the first anniversary of the grant date and the balance vesting quarterly thereafter in 12 equal installments, subject to continued service through each applicable vesting date. The stock options vest over four years with 25 percent of the options vesting on the first anniversary of the grant date and the balance vesting monthly thereafter in 36 equal installments, subject to continued service through each applicable vesting date.
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