SonicWALL Reports Inducement Grants Under NASDAQ Marketplace Rule 5635

SAN JOSE, Calif., April 22 /PRNewswire-FirstCall/ -- SonicWALL, Inc. (Nasdaq: SNWL), a leading secure network infrastructure company, today announced that on April 21, 2010 the Compensation Committee of the company's Board of Directors approved the grants of options to purchase up to 27,900 shares of common stock with an exercise price equal to the fair market value on the grant date to a total of twenty-seven (27) new employees of the company hired during the first calendar quarter of 2010.  

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 month 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 5635(c)(4).

SOURCE SonicWALL, Inc.