Brightcove Reports Inducement Grants to CEO Jeff Ray Under Nasdaq Listing Rule 5635(c)(4)

News: Phones / IT Briefings   Date:

Brightcove Inc. (NASDAQ-NMS: 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.

Article source - Business Wire, all right reserved. Copyright 2018
Trademarks, logos, pictures and other items may be copyright of firms mentioned in this article.

This article comes from

The URL for this story is: