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Web.com Reports Results of Annual Shareholder Meeting.
2006-04-05, HostMan.biz Web.com, Inc. announced the voting results from its 2006 Annual Meeting of Shareholders held on Friday, March 31, 2006. The Company's three proposals were each approved by the shareholders. The shareholders of the Company elected the following persons to serve as Directors on the Board of Directors: Jack Balousek, Pat Crecine, Efrem Gerszberg, Seymour Holtzman, Alex Kazerani, Bob Lee, Robert Slezak, and Jeffrey M. Stibel. The shareholders of the Company also approved a proposal to increase the Company's authorized shares of common stock by five million shares, bringing the total number of authorized shares to 26 million. The shareholders of the Company also approved the Company's 2006 Equity Incentive Plan, which reserves one million shares of the Company's common stock for issuance under the Plan. In remarks given at the shareholder meeting, Jeffrey M. Stibel, Web.com's Chief Executive Officer, welcomed Joseph A. Newcomb as the Company's Executive Vice President and General Counsel. In connection with his employment, Mr. Newcomb has agreed to receive no cash salary until the Company becomes profitable on an EBITDA basis; however, he did receive an award of shares of the Company's common stock, subject to certain vesting restrictions, and a grant of options to purchase shares of the Company's common stock. The stock award and the options grant were issued outside of the Company's existing equity incentive plans and, as a result, Nasdaq Market Place Rule 4350(i)(l)(A)(iv) requires the Company to disclose certain facts regarding the award and the grant in a press release. In particular, the award of shares of the Company's common stock was in the amount of 100,000 shares, which will vest in equal monthly installments of 1.67% over a period of sixty months from the date of the award. The options grant consists of the right to purchase 100,000 shares of the Company's common stock at an exercise price of $5.93 per share, was fully vested upon grant, and has a termination date of March 31, 2016. The award and the grant were made by the Company as a material inducement for Mr. Newcomb to accept employment with the Company. |
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