Brightcove Reports Inducement Grants to CEO Jeff Ray Under Nasdaq Listing Rule 5635(c)(4)
April 16 2018 - 4:05PM
Business Wire
Brightcove Inc. (Nasdaq: BCOV), the leading provider of cloud
services for video, announced today that the Company entered into
an employment agreement with Jeff Ray which provided for the grant
of a stock option award and restricted stock award. These
inducement awards were approved by the Brightcove Board of
Directors and granted as an inducement equity award outside the
Company's 2013 Stock Incentive Plan in accordance with NASDAQ
Listing Rule 5635(c)(4).
Brightcove granted Mr. Ray an option to purchase 440,000 shares
of Brightcove common stock at an exercise price equal to the
closing market price of a share of Brightcove common stock on the
effective date of grant which, in accordance with Brightcove’s
Equity Award Grant Policy, is expected to be on or around May 1,
2018, and an award of 400,000 restricted stock units, each unit
representing the right to acquire one share of Brightcove common
stock.
The stock option award described above will vest over a period
of four years, with 25% of the shares subject to the option vesting
every 12 months, subject to Mr. Ray’s continued employment with
Brightcove on the applicable vesting date. The restricted stock
unit award described above is a performance-based equity grant that
vests upon the achievement of certain performance metrics.
The awards were granted outside of Brightcove’s current
stockholder-approved stock option and incentive plans, were
approved by the Compensation Committee of Brightcove’s Board of
Directors, and are subject to the terms of the Brightcove Inc. 2018
Inducement Plan and the individual award agreements. The awards are
intended to qualify as “employment inducement awards” within the
meaning of NASDAQ Listing Rule 5635(c)(4). For further details
regarding the equity compensation of Mr. Ray, please see
Brightcove’s Current Report on Form 8-K filed April 11, 2018 with
the Securities and Exchange Commission.
About Brightcove
Brightcove Inc. (NASDAQ:BCOV) is the leading global provider of
powerful cloud solutions for delivering and monetizing video across
connected devices. The company offers a full suite of products and
services that reduce the cost and complexity associated with
publishing, distributing, measuring and monetizing video across
devices. Brightcove has thousands of customers in over 70 countries
that rely on the company's cloud solutions to successfully publish
high-quality video experiences to audiences everywhere. To learn
more, visit www.brightcove.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20180416006287/en/
Investor Contact:ICR for Brightcove Inc.Brian
Denyeau, 646-277-1251brian.denyeau@icrinc.comorPress
Contact:Brightcove Inc.Neil Lieberman,
617-500-4935press@brightcove.com
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