Echelon Reports New Employment Inducement Grant for Recently Announced SVP of Sales Schuett
Public Company Information:
SANTA CLARA, Calif.--(BUSINESS WIRE)--Echelon Corporation (NASDAQ:ELON), a leading independent control networking company for the Industrial Internet of Things (IIoT), announced that Erich “Rick” Schuett has been granted an inducement grant under NASDAQ listing rules. On April 25, 2016, Echelon announced that Mr. Schuett had joined the company as SVP of Global Sales.
As an inducement to Mr. Schuett entering into employment with the company, and in accordance with NASDAQ Listing Rule 5635(c)(4), on May 10, 2016, the Compensation Committee of the Board of Directors of the company granted Mr. Schuett an option to purchase 60,000 shares of the company’s common stock (the “Option Award”) and 15,000 restricted stock units (the “RSU Award”). The Option Award and the RSU Award were made outside of the company’s current equity plan, but will be subject to terms and conditions generally consistent with those in the company’s 1997 Stock Plan. The Option Award has a 10-year maximum term and an exercise price per share equal to the closing price of a share of the company’s common stock on the date of grant. The Option Award and the RSU Award will each vest as to one-third of the shares on May 10, 2017 and on each annual anniversary thereafter, in each case subject to Mr. Schuett’s continued service through each applicable vesting date. In the event Mr. Schuett’s employment is involuntarily terminated prior May 10, 2017, and following a change in control merger of the company, the vesting of one-third of the shares subject to each of the Option Award and the RSU Award will be accelerated and shall vest immediately. In the event Mr. Schuett’s employment is involuntarily terminated on or after May 10, 2017, and within the twelve-month period following a change in control merger of the company, all of the unvested shares subject to each of the Option Award and the RSU Award will be accelerated and shall vest immediately.
About Echelon Corporation
Echelon Corporation (NASDAQ:ELON), a pioneer in developing open-standard control networking platforms, delivers elements necessary to design, install, monitor and control industrial-strength ‘communities of devices’ within the lighting, building automation, Internet of Things and related markets worldwide. Echelon sells its lighting products under the Lumewave by Echelon brand and its building automation and other IIoT-related products as part of its IzoT™ platform. With more than 100 million Echelon-powered devices installed worldwide, Echelon helps its customers easily and safely migrate existing control systems to the most modern platforms, while bringing new devices and applications into an ever-growing global Industrial Internet. Echelon helps its customers reduce operational costs, enhance satisfaction and safety, grow revenues and perform better in both established and emerging markets. More information about Echelon can be found at www.echelon.com.