BELLEVUE, Wash., April 3, 2018 /PRNewswire/ -- Bsquare (NASDAQ: BSQR) today reported two grants under its 2011 Inducement Award Plan Michael Cossy who will join Bsquare as its Senior Director of Enterprise loT Sales effective April 9, 2018.
The grants will be made pursuant to an Offer Letter accepted April 2, 2018, for an award of 5,000 restricted stock units and an award of non-qualified stock options to purchase up to 30,000 shares of Bsquare common stock. The option has a 10-year term and an exercise price which will be determined based on the closing price of Bsquare's common stock on April 9, 2018.
The restricted stock units and option each vest annually in equal installments over four years from the grant date, with the first vesting date in April 2019, subject to Cossy's continued service relationship with Bsquare.
The grants were approved by the Bsquare Board of Directors on April 3, 2018, 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. Cossy'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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