SANTA CLARA, Calif.,
Dec. 8, 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), the
Compensation Committee of the Board of Directors of the Company
granted an award, effective as of December 11, 2017, 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 December 11, 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 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.
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