SANTA CLARA, Calif., Sept. 15, 2017 /PRNewswire/ -- Echelon Corporation (NASDAQ:ELON), the original Industrial Internet of Things (IIoT) company, announced that Andy Lovit has been granted an inducement grant under NASDAQ listing rules. Mr. Lovit joined the company as Senior Vice President of Worldwide Sales on September 11, 2017.
In accordance with NASDAQ Stock Market Rules, Echelon Corporation today reported equity inducement awards granted to Andy Lovit by the Company. As an inducement to Mr. Lovit entering into employment with the Company, and in accordance with NASDAQ Listing Rule 5635(c)(4), on September 12, 2017, the Compensation Committee of the Board of Directors of the Company approved an award of 60,000 restricted stock units (the "RSU Award") with a grant date to be effective as of October 10, 2017 to Mr. Lovit. The RSU Award was 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 2016 Inducement Equity Incentive Plan. The RSU Award will vest as to one-half of the shares on October 10, 2018 and one-half on the annual anniversary thereafter, subject to Mr. Lovit's continued service through each applicable vesting date. In the event Mr. Lovit's employment is involuntarily terminated due to and within twelve months of a Change in Control Merger of the Company, all of the unvested shares subject to the RSU Award will be accelerated and shall vest immediately.
About Echelon Corporation
For 25 years Echelon (NASDAQ:ELON) has pioneered the development of open-standard networking platforms for connecting, monitoring and controlling devices in commercial and industrial applications. With more than 110 million devices installed worldwide, Echelon's proven, scalable solutions host a range of applications enabling customers to reduce energy and operational costs, improve safety and comfort, and create efficiencies through optimizing physical systems. Echelon focuses today on two IoT (Internet of Things) market areas: creating smart cities and smart enterprises through connected outdoor lighting systems, and enabling device makers to bring connected products to market faster via a range of IoT-optimized embedded systems. More information about Echelon can be found at www.echelon.com.
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SOURCE Echelon Corporation