Qumu Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
July 24 2020 - 4:01PM
Business Wire
Qumu Corporation (Nasdaq: QUMU), the leading provider of
best-in-class video technology for the enterprise, today announced
that Qumu has granted a non-qualified stock option award to
purchase an aggregate of 457,692 shares of its common stock to TJ
Kennedy, Qumu’s new President and Chief Executive Officer. The
stock option award was made pursuant to the company's
previously-announced offer letter with Mr. Kennedy, and as a
material inducement to Mr. Kennedy joining Qumu as President and
Chief Executive Officer and a member of the board of directors.
In accordance with the offer letter with Mr. Kennedy and Qumu’s
policy regarding the granting of equity-based compensation awards,
the grant date of the stock option to Mr. Kennedy was July 22,
2020. The stock option has a seven-year term, an exercise price of
$4.90 per share, and will vest in equal annual installments over a
three year period, subject to Mr. Kennedy’s continued service with
Qumu through the applicable vesting dates. The exercise price of
the stock option was the last reported sale price of Qumu’s common
stock as reported by the Nasdaq Stock Market on the grant date,
which is the same method for setting the exercise price of stock
options granted under Qumu’s shareholder-approved 2007 Stock
Incentive Plan. The stock option has other terms that mirror in all
respects those of stock options granted under the 2007 Stock
Incentive Plan and Qumu’s standard form of non-qualified stock
option agreement. The stock option award was approved by the
compensation committee of the Qumu board of directors on July 14,
2020 and granted as an inducement equity award outside Qumu’s 2007
Stock Incentive Plan in accordance with Nasdaq Listing Rule
5635(c)(4).
About Qumu
Qumu Corporation (Nasdaq: QUMU) is the leading provider of a
best-in-class platform to create, manage, secure, distribute and
measure the success of live and on-demand video for the intelligent
enterprise. Backed by the most trusted and experienced team in the
industry, the Qumu platform enables global organizations to drive
employee engagement, increase access to video, and modernize the
workplace by providing a more efficient and effective way to share
knowledge.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200724005411/en/
Company Contact: Dave Ristow Chief Financial Officer Qumu
Corporation Dave.Ristow@qumu.com +1.612.638.9045
Investor Contact: Matt Glover or Tom Colton Gateway
Investor Relations QUMU@gatewayir.com +1.949.574.3860
Qumu (NASDAQ:QUMU)
Historical Stock Chart
From May 2024 to Jun 2024
Qumu (NASDAQ:QUMU)
Historical Stock Chart
From Jun 2023 to Jun 2024