Web.com Group Inc. closed the acquisition of Donweb.com, a Latin American web hosting and domain registration company.
Moreover, the company offered inducement awards to 85 newly hired employees under the Web.com Group Inc. 2017 DonWeb Inducement Award Plan. The inducement awards consist of 25,000 options and 106,382 restricted share awards covering 131,382 shares of Web.com's common stock.
The awards were granted, effective Jan. 31, and the options have a 10-year term and an exercise price equal to $18.95 per share, which was the closing price of Web.com's common stock on the date of grant. The option and restricted stock awards vest over the course of four years subject to the employee's continued service with Web.com on each vesting date.
For options, 50% vest on the second 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.