Descartes Reports Certain Inducement Grants Under NASDAQ Listing Rule 5635(c)
July 07 2014 - 8:00PM
Descartes Systems Group ("Descartes") (TSX:DSG) (Nasdaq:DSGX), a
global leader in uniting logistics-intensive businesses in
commerce, today announced that its Board of Directors has approved
certain inducement awards for two recently-hired executive
officers.
Allan Brett joined Descartes as Chief Financial Officer on May
29, 2014. As an inducement material to his employment, Mr. Brett
was awarded options to purchase 100,000 common shares of Descartes
at an exercise price equal to the closing price of the common
shares on July 2nd, 2014. The options have a seven year term and
vest over five years, with twenty percent vesting after the first
year of the vesting period and the balance vesting in equal
quarterly amounts over the remainder of the five years. In
addition, and as a further inducement to his employment, Mr. Brett
has been awarded 6,642 restricted stock units and 6,642 performance
stock units. The restricted stock units vest in equal annual
amounts over a three year period. The performance share units
vest at the end of a three year period based upon achievement of
certain performance criteria established by the Compensation
Committee of Descartes' Board of Directors.
Michael Verhoeve joined Descartes as Executive Vice President,
Legal, General Counsel and Corporate Secretary on May 26,
2014. As an inducement material to his employment, Mr.
Verhoeve was awarded options to purchase 75,000 common shares of
Descartes at an exercise price equal to the closing price of the
common shares as of July 2nd, 2014. The options have a seven year
term and vest over five years, with twenty percent vesting after
the first year of the vesting period and the balance vesting in
equal quarterly amounts over the remainder of the five years.
About Descartes
Descartes is a global leader in uniting logistics-intensive
businesses. Descartes has over 173,000 parties using its
cloud-based services. Customers use our modular,
software-as-a-service solutions to route, schedule, track and
measure delivery resources; plan, allocate and execute shipments;
rate, audit and pay transportation invoices; file customs and
security documents for imports and exports; and complete numerous
other logistics processes by participating in the world's largest,
collaborative multi-modal logistics community. Our headquarters are
in Waterloo, Ontario, Canada and we have offices and partners
around the world.
CONTACT: Descartes Investor Contact
Laurie McCauley
(519) 746-6114 x202358
investor@descartes.com
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