OREANDA-NEWS. August 15, 2016. Echelon Corporation (NASDAQ:ELON),
a leading independent control networking company for the Industrial
Internet of Things (IIoT), today reported certain equity inducement
award grants to newly hired key employees, as required by NASDAQ Stock
Market Rules.
As an inducement to entering into employment with the Company, and in
accordance with NASDAQ Listing Rule 5635(c)(4), on August 10, 2016, the
Compensation Committee of the Board of Directors granted an aggregate of
45,000 restricted stock units to three new key employees. The RSU awards
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. Each RSU award will vest as to one-third of
the shares on August 10, 2017 and on each annual anniversary thereafter,
in each case subject to continued service by each such employee through
each applicable vesting date.
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.
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