Millennial Media, Inc. Reports Employment Inducement Equity Grants in Connection with Closing of Nexage Acquisition

BALTIMORE--(BUSINESS WIRE)--

Millennial Media MM, the leading independent mobile marketplace, today announced that it has made employment inducement equity awards to 82 new employees in connection with its acquisition of Nexage, Inc. The inducement awards cover an aggregate of 7,467,067 shares of Millennial Media common stock in the form of options to purchase shares of Millennial Media common stock and restricted stock units of Millennial Media common stock, and are being made as a material inducement to employees entering into employment with Millennial Media in connection with the acquisition transaction.

Options to purchase 5,447,989 shares of Millennial Media common stock were issued in exchange for options to purchase common stock of Nexage, and these inducement awards will remain subject to the same vesting terms as the prior Nexage stock options for which they were exchanged. New retention inducement awards covering an aggregate of 2,019,078 shares of Millennial Media common stock include options to purchase shares of Millennial Media common stock and restricted stock units of Millennial Media common stock. The new stock option awards will vest over a period of four years, with 25% of the option vesting after one year and the remainder vesting in equal monthly installments for 36 months thereafter, subject to such grantee's continued employment with Millennial Media on the applicable vesting date. The new restricted stock unit awards will vest over a period of four years, with 25% of the restricted stock units vesting after one year, and the remainder vesting in equal quarterly installments thereafter, subject to such grantee's continued employment with Millennial Media on the applicable vesting date. The awards are subject to the terms of the Millennial Media Inc. 2014 Equity Inducement Plan and the individual award agreements.

The independent directors of Millennial Media's board of directors unanimously approved the Millennial Media Inc. 2014 Equity Inducement Plan and the Compensation Committee of Millennial Media's Board of Directors subsequently approved the awards granted thereunder in connection with the Nexage acquisition. The awards are intended to qualify as “employment inducement awards” within the meaning of Section 303A.08 of the New York Stock Exchange Listed Company Manual.

About Millennial Media

Millennial Media MM is the leading independent mobile marketplace, supporting the world's top brands and mobile content providers. The company's unique data and technology assets enable its clients to connect with their target audiences as they move across screens, media, and moments. Millennial Media drives meaningful results at scale through a diverse suite of products fueled by innovation and the industry's smartest minds. For more information, visit www.millennialmedia.com.