WOODLAND HILLS, Calif., April 3, 2014 (GLOBE NEWSWIRE) -- ReachLocal, Inc. (Nasdaq:RLOC), a leader in powering local online marketing for small and medium-sized businesses (SMBs) is making this report in accordance with NASDAQ Listing Rule 5635. On April 1, 2014, ReachLocal granted Sharon Rowlands, ReachLocal's new Chief Executive Officer, an option to purchase 200,000 shares of ReachLocal's common stock as an "employment inducement" award granted to Ms. Rowlands as a material inducement to her entering into employment with the Company, pursuant to NASDAQ rules. ReachLocal also granted Ms. Rowlands an option to purchase 650,000 shares of ReachLocal's common stock pursuant to ReachLocal's Amended and Restated 2008 Stock Incentive Plan. Each option has an exercise price equal to $10.30, and vests 12.5% on October 1, 2014, 12.5% on April 1, 2015, and in equal monthly installments over the three years thereafter, subject to Ms. Rowlands' continued employment through the applicable vesting date. In addition, each stock option granted to Ms. Rowlands will be subject to accelerated vesting in connection with a change in control of ReachLocal and certain qualifying terminations of service.
About ReachLocal, Inc.
ReachLocal, Inc. (Nasdaq:RLOC) develops online marketing and transaction solutions that power local commerce for SMBs, from lead generation and lead conversion to booking and buying. Our global distribution network includes local Internet marketing consultants and service professionals, along with select third-party agencies and resellers, across 5 continents. ReachLocal is headquartered in Woodland Hills, Calif. Subscribe to ReachLocal's free newsletter to receive news, tips, and other online marketing insights.
For more information about ReachLocal, visit http://www.reachlocal.com, follow us at http://www.reachlocal.com/social, or email info@reachlocal.com.