Backblaze Announces Inducement Grants under Nasdaq Listing Rule 5635(c)(4)

Backblaze (BLZE) has announced equity awards granted on November 29, 2024, as inducement to employment for two key executives.

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12/03/2024 - 07:18 PM

SAN MATEO, Calif.--(BUSINESS WIRE)-- Backblaze, Inc. (Nasdaq: BLZE), the cloud storage innovator providing a modern alternative to traditional cloud providers, today announced that it has granted equity awards on November 29, 2024 as their new hire awards and a material inducement to employment by the Company of its recently hired Chief Financial Officer, Marc Suidan, and Chief Revenue Officer, Jason Wakeam.

Backblaze granted Suidan and Wakeam inducement awards consisting of 300,000 and 112,740 restricted stock units (“RSUs”), respectively, under the Company’s 2024 New Employee Equity Incentive Plan. Each RSU is convertible into one share of the Company’s common stock upon vesting. The RSUs will vest 25% on the first anniversary of August 20, 2024 and the remainder in equal quarterly installments over the remaining 4 year period, subject to the applicable executive’s continuous employment on each vesting date.

The inducement awards to Suidan and Wakeam were granted as a material inducement to their employment and were approved by the Company’s Compensation Committee in accordance with Nasdaq Listing Rule 5635(c)(4).

About Backblaze

Backblaze is the cloud storage innovator providing a modern alternative to traditional cloud providers. We deliver high-performance, secure cloud object storage that customers use to develop applications, manage media, secure backups, build AI workflows, protect from ransomware, and more. Backblaze helps businesses break free from the walled gardens that traditional providers lock customers into, enabling them to use their data in open cloud workflows with the providers they prefer at a fraction of the cost. Headquartered in San Mateo, CA, Backblaze (NASDAQ: BLZE) was founded in 2007 and serves over 500,000 customers in 175 countries around the world. For more information, please go to www.backblaze.com.