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SonicWALL Reports Inducement Grants Under Nasdaq Marketplace Rule 4350

2008-08-13 11:13:00

    SUNNYVALE, Calif., Aug. 13 /EMWNews/ -- 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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