SUNNYVALE, Calif., Aug. 13 /EMWPresswire/ -- SonicWALL, Inc. (Nasdaq: SNWL), a leading secure network infrastructure company, today announced that on August 8, 2008 the Compensation Committee of the company's Board of Directors approved the grants of options to purchase up to 34,800 shares of common stock with an exercise price equal to the fair market value on the grant date to a total of fifty three (53) new employees of the company, of which forty four (44) employees joined the company in connection with the in-sourcing of certain technical support functions in Bangalore, India and Tempe, Arizona. Each option is a non-qualified stock option and has an exercise price equal to the fair market value of the underlying shares as of the grant date. The options vest as to 25% of the covered shares on the first anniversary of the grant date and as to 1/48 of the covered shares each moth thereafter, so as to be 100% vested on the fourth anniversary of the grant date, subject to the employee's continued service. The options have a maximum term of seven (7) years. The options were granted as inducements material to employment under the company's 2008 Inducement Equity Incentive Plan in accordance with NASDAQ Marketplace Rule 4350(i)(l)(A)(iv).
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