Global IaaS data center services and cloud solutions provider, INAP (NASDAQ: INAP), has hired Michael T. Sicoli as President and Chief Financial Officer. Mr. Sicoli joins INAP from cloud networking services provider GTT Communications.
Prior to joining GTT Communications in April 2015, Michael T. Sicoli served as principal of MTS Advisors, LLC, a consulting and advisory services firm he founded in 2013.
In connection with his appointment, INAP granted Mr. Sicoli an inducement award consisting of restricted shares of the company’s common stock. The company granted Mr. Sicoli’s inducement award of 150,000 shares of restricted stock, effective on his first day of employment. One-half of the shares of restricted stock (75,000) are subject to time-based vesting on each of the first, second and third anniversaries of Mr. Sicoli’s start date. And, one-half of the shares of restricted stock (75,000) are subject to performance-based vesting based on INAP achieving performance targets.
The performance-based shares will vest in 3-year annual increments subject to achievement of performance targets. Vesting of the shares of restricted stock is conditioned upon Mr. Sicoli’s continued employment with INAP. It is also subject to acceleration upon certain events – including a change of control of the company as defined in the award agreement.
As a global data center and cloud solutions provider, INAP has over 100 network Points of Presence (PoPs) worldwide. INAP operates in 21 metropolitan markets, primarily in North America, with data centers connected by a “low-latency, high-capacity” fiber network. The IaaS hosting services company has over one million gross square feet in its portfolio, with approximately 600,000 square feet of sellable data center space.