TEMPE, Ariz.--(BUSINESS WIRE)-- Limelight Networks, Inc. (NASDAQ:LLNW, news, filings) (Limelight), a leading provider of edge cloud services, today announced the Compensation Committee of the Board of Directors of Limelight Networks, Inc. approved a stock for salary program, wherein Messrs. Robert Lento, Sajid Malhotra and Michael DiSanto elect to receive payment of half of their respective 2019 base salary in shares of Limelight’s common stock beginning on February 1, 2019.
“As I stated during our recent earnings call, I am more excited than I have ever been about the opportunity that lies ahead for Limelight,” said Lento, Limelight’s Chief Executive Officer. “We believe that 2019 will be a record year for our company across several financial and non-financial metrics, despite the early headwinds, as demonstrated by our full year guidance. The deep disconnect in what we see as the long-term opportunity and the current equity value is stark in our view. As a result, and to demonstrate our confidence in Limelight’s ability to execute against the company’s 2019 guidance, Sajid, Mike and I are each willing to replace half of our base salary with equity, similar to what the three of us did in 2016.”
On the last trading day of each calendar month, each participant will receive the number of shares of Limelight’s common stock determined by dividing (i) 1/12th of his or her enrolled salary by (ii) the trailing 30-day closing average of Limelight’s common stock, rounded up to the nearest whole share. The election by Messrs. Lento, Malhotra and DiSanto is irrevocable and will continue throughout 2019, subject to certain market conditions. The shares of common stock will be issued under Limelight’s Amended and Restated 2007 Equity Incentive Plan. The program is designed to comply with the requirements of Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.
Limelight Networks, Inc. (NASDAQ: LLNW), a leading provider of digital content delivery, video, cloud security, and edge computing services, empowers customers to provide exceptional digital experiences. Limelight’s edge services platform includes a unique combination of global private infrastructure, intelligent software, and expert support services that enable current and future workflows. For more information, visit www.limelight.com, follow us on Twitter, Facebook and LinkedIn.
Copyright (C) 2019 Limelight Networks, Inc. All rights reserved. All product or service names are the property of their respective owners.
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Limelight Networks, Inc.
Sajid Malhotra, 602-850-5778
Source: Limelight Networks, Inc.