SANTA CLARA, Calif., Dec. 8, 2017 /PRNewswire/ -- Echelon Corporation (Nasdaq: ELON), a leading independent control networking company for the Industrial Internet of Things (IIoT), today reported an equity inducement award grant to a newly hired key employee, as required by NASDAQ Stock Market Rules.
As an inducement to entering into employment with the Company, and in accordance with NASDAQ Listing Rule 5635(c)(4), the Compensation Committee of the Board of Directors of the Company granted an award, effective as of December 11, 2017, of 12,000 restricted stock units (the "RSU Award") to a new key employee. The RSU Award was made outside of the Company's current equity plan, but will be subject to terms and conditions generally consistent with those in the Company's 2016 Equity Incentive Plan. The RSU Award will vest as to one-third of the shares on December 11, 2018 and one-third on each annual anniversary thereafter, subject to continued service by such employee through each applicable vesting date.
About Echelon Corporation
For 25 years Echelon (NASDAQ:ELON) has pioneered the development of open-standard networking platforms for connecting, monitoring and controlling devices in commercial and industrial applications. With more than 110 million devices installed worldwide, Echelon's proven, scalable solutions host a range of applications enabling customers to reduce energy and operational costs, improve safety and comfort, and create efficiencies through optimizing physical systems. Echelon focuses today on two IoT (Internet of Things) market areas: creating smart cities and smart enterprises through connected outdoor lighting systems, and enabling device makers to bring connected products to market faster via a range of IoT-optimized embedded systems. More information about Echelon can be found at www.echelon.com.
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SOURCE Echelon Corporation