BELLEVUE, Wash., Sept. 10, 2019 /PRNewswire/ – Bsquare Corporation (NASDAQ: BSQR) today reports a grant of a non-qualified stock option to purchase 129,173 shares of common stock under the company's 2011 Inducement Award Plan to Christopher Wheaton, who joined Bsquare as its Chief Financial officer on September 9, 2019 (the "grant date").
The option has a 10-year term and will vest 25% on the first anniversary of the grant date with the balance vesting in equal monthly installments for three years thereafter, subject to Mr. Wheaton's continued employment with the company, and the exercise price is $1.27 per share, which was the closing price of the company's common stock on the grant date.
The grant was approved on August 20, 2019 by the company's Compensation Committee including, a majority of its independent directors. In accordance with NASDAQ Listing Rule 5635(c)(4), the grant was made as an inducement material to Mr. Wheaton's entering into an employment relationship with Bsquare.
Bsquare builds technology that is powering the next generation of intelligent devices and the systems in which they operate. We believe the promise of IoT will be realized through the development of intelligent devices and intelligent systems that are cloud enabled, contribute data, facilitate distributed control & decision making, and operate securely at scale. Bsquare's suite of services and software components allow our customers to create new revenue streams and operating models while providing new opportunities for lowering costs and improving operations. We serve a global customer base from offices in Bellevue, Washington, the United Kingdom and Taiwan. For more information, please visit www.bsquare.com.
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