The grants are a non-qualified stock option to purchase 100,000 shares of Bsquare common stock and a grant of 7,500 restricted stock units, each with a grant date of December 30, 2016. The options vest as to 25% of the underlying shares on the first anniversary of the grant date, with the balance vesting in equal monthly installments for three years thereafter, subject to Mr. Biere's continued service relationship with Bsquare. The option exercise price is $5.85 per share, which was the closing price of Bsquare's common stock on the grant date. The restricted stock units vest as to 25% of the underlying shares on the first anniversary of the grant date, with the balance vesting in equal quarterly installments for three years thereafter, subject to Mr. Biere's continued service relationship with Bsquare.
The grants were approved by the Bsquare Board of Directors on December 4, 2016, including a majority of its independent directors. In accordance with NASDAQ Listing Rule 5635(c)(4), the grants were made as an inducement material to Mr. Biere's entering into an employment relationship with Bsquare.
For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes. Bsquare DataV software solutions can be deployed by a wide variety of enterprises to create business-focused Internet of Things (IoT) systems that more effectively monitor device data, automate processes, predict events and produce better business outcomes. Bsquare goes a step further by coupling its purpose-built DataV software with comprehensive analytic and engineering services that can help organizations of all types make IoT a business reality. For more information, visit www.bsquare.com.
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