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.
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