RESTON, Va., Oct. 01, 2019 (GLOBE NEWSWIRE) -- Internap Corporation (INAP), a leading-edge provider of high-performance data center and cloud solutions with global network connectivity, announced Michael T. Sicoli has joined INAP today as President and Chief Financial Officer.
As previously disclosed, in connection with his appointment, the company granted Mr. Sicoli an inducement award consisting of restricted shares of the company’s common stock. The inducement award was granted in accordance with NASDAQ Listing Rule 5635(c)(4) and approved by the Compensation Committee of the company’s Board of Directors.
INAP granted Mr. Sicoli's inducement award of 150,000 shares of restricted stock, effective on his first day of employment, with one-half of the shares of restricted stock (75,000) subject to time-based vesting on each of the first, second and third anniversaries of Mr. Sicoli’s start date, and one-half of the shares of restricted stock (75,000) subject to performance-based vesting based on INAP achieving performance targets. The performance-based shares will vest in three year annual increments subject to achievement of performance targets. Vesting of the shares of restricted stock is conditioned upon Mr. Sicoli’s continued employment with the company, and is subject to acceleration upon certain events. (including a change of control of the company as defined in the award agreement).
Additional information regarding the awards granted to Mr. Sicoli are described in a Current Report on Form 8-K, dated August 27, 2019, filed by INAP.
About Internap Corporation
Internap Corporation (INAP) is a leading-edge provider of high-performance data center and cloud solutions with over 100 network Points of Presence worldwide. INAP’s full-spectrum portfolio of high-density colocation, managed cloud hosting and network solutions supports evolving IT infrastructure requirements for customers ranging from the Fortune 500 to emerging startups. INAP operates in 21 metropolitan markets, primarily in North America, with data centers connected by a low-latency, high-capacity fiber network. INAP has over one million gross square feet in its portfolio, with approximately 600,000 square feet of sellable data center space. For more information, visit www.INAP.com.
Carolyn Capaccio/Jody Burfening