ZipRealty (ZIPR) Appoints Eric Mersch as CFO

April 9, 2012 8:03 AM EDT
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On April 6, 2012, the Board of Directors of ZipRealty, Inc. (Nasadq: ZIPR) appointed Eric L. Mersch as the Company’s Senior Vice President, Chief Financial Officer and Chief Accounting Officer, effective April 9, 2012. David A. Rector, our former Chief Financial Officer, will continue with the Company as Senior Vice President, Finance during a transition period until his retirement later this year.

Mersch, age 44, most recently served as Chief Financial Officer of Imaging Advantage, LLC, a provider of comprehensive radiology solutions to health centers and radiology groups, from November 2010 to August 2011. From February 2010 to May 2010, Mr. Mersch served as Chief Financial Officer of Sonim Technologies, Inc., a mobile phone manufacturer. From March 2008 to January 2010, Mr. Mersch co-founded Deer Valley Ventures and served as Chief Financial Officer of DemandFlex, LLC, a provider of virtual private data centers. From June 2007 to February 2008, Mr. Mersch served as Chief Financial Officer of Razorgator Inc., an Internet ticketing services company. From August 2006 to May 2007, Mr. Mersch served as Chief Financial Officer of VitalStream, Inc., a content delivery network provider. From March 2003 to August 2006, Mr. Mersch held several positions, including Vice President, Finance, with Harrah’s Entertainment (now Caesar’s Entertainment), a gaming and hospitality business. Mr. Mersch’s previous experience also includes seven years with the U.S. Navy as a Division Officer of the U.S.S. Los Angeles, a nuclear submarine. Mr. Mersch holds a Masters of Business Administration degree from Harvard Business School, a Masters of Nuclear Power Engineering degree from the Nuclear Engineering School (U.S. Military) and a Bachelor of Science degree in economics from the U.S. Naval Academy.

Mr. Mersch will receive an annual base salary of $275,000. The Compensation Committee of the Board has recommended that, on the date of the next regularly scheduled Board meeting, Mr. Mersch be granted an option to purchase up to 250,000 shares of the Company’s common stock with an exercise price equal to the closing price of the Company’s common stock on the date the option is granted. The option will have a Vesting Commencement Date equal to Mr. Mersch’s first date of employment and will vest pursuant to the Company’s standard vesting schedule of 25% upon the first anniversary of the Vesting Commencement Date and 75% prorated monthly over the subsequent three-year period, based upon Mr. Mersch's continued service relationship with the Company.

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