DALLAS, July 10, 2020 /PRNewswire/ -- CECO Environmental Corp. ("CECO",Nasdaq: CECE), a leading global air quality and fluid handling technology company, today announced that, as previously disclosed in its Form 8-K filed with the Securities and Exchange Commission on July 6, 2020, CECO made inducement grants to Todd Gleason, the newly-appointed Chief Executive Officer of CECO.
CECO's Board of Directors and Compensation Committee approved, pursuant to Rule 5635(c)(4) of the Nasdaq Stock Market Listing Rules, grants of inducement equity awards to Mr. Gleason consisting of a premium priced nonqualified stock option to purchase 898,204 shares of CECO's common stock (the "Premium Option Award") at an exercise price of $12.72 per share, a nonqualified stock option to purchase 316,902 shares of CECO's common stock (the "Standard Option Award") at an exercise price of $6.36 per share, and restricted stock units covering 94,340 shares of CECO's common stock (plus cash-based dividend equivalents) (the "RSU Award"). These awards were granted outside of CECO's 2017 Equity and Incentive Compensation Plan as inducements material to Mr. Gleason's acceptance of employment with CECO. The grant date for the awards is July 6, 2020 (the "Grant Date"), Mr. Gleason's first day of employment with CECO.
The Standard Option Award has an exercise price equal to the closing price of CECO's common stock on July 2, 2020, the last trading day preceding the Grant Date, and the Premium Option Award has an exercise price equal to two times the closing price of CECO's common stock on July 2, 2020, the last trading day preceding the Grant Date. Both the Standard Option Award and the Premium Option Award generally expire on the seventh anniversary of the Grant Date.
The Standard Option Award, the Premium Option Award, and the RSU Award each generally vest, subject to continued employment or other specified events, in substantially equal installments on each of the first four anniversaries of the Grant Date.
CECO Environmental is a global leader in air quality and fluid handling serving the energy, industrial and other niche markets. Providing innovative technology and application expertise, CECO helps companies grow their business with safe, clean and more efficient solutions that help protect our shared environment. In regions around the world, CECO works to improve air quality, optimize the energy value chain and provide custom engineered solutions for applications including oil and gas, power generation, water and wastewater, battery production, poly silicon fabrication, chemical and petrochemical processing along with a range of others. CECO is listed on Nasdaq under the ticker symbol "CECE". For more information, please visit www.cecoenviro.com.