SANTA CLARA, Calif.,
Nov. 10, 2017 /PRNewswire/
-- Echelon Corporation (NASDAQ:ELON), a leading independent
control networking company for the Industrial Internet of Things
(IIoT), today reported an equity inducement award grant to a newly
hired key employee, 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 November
10, 2017, the Compensation Committee of the Board of Directors of
the Company granted an award of 12,000 restricted stock units (the
"RSU Award") to a new key employee. 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 Equity Incentive Plan. The RSU Award will vest as to one-third
of the shares on November 10, 2018 and one-third on each annual
anniversary thereafter, subject to continued service by such
employee through each applicable vesting date.
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 focusses
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.
Investor Relations Contact:
Annie Leschin
Streetsmart Investor Relations
(415) 775-1788
annie@streetsmartir.com
Echelon and the Echelon logo are trademarks of Echelon
Corporation that may be registered in the
United States and other countries. Other product or service
names mentioned herein are the trademarks of their respective
owners.
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SOURCE Echelon Corporation