In a recent release, Bsquare reported two grants under its 2011 Inducement Award Plan to Sean O'Neil, who has joined Bsquare as its Vice President of Engineering effective January 4, 2018.
The grants will be made pursuant to an Offer Letter accepted December 21, 2017, 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 January 4, 2018. That date constitutes the later of the grant date of December 22, 2017, and Mr. O'Neill's start date of January 4, 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 December 2018, subject to Mr. O'Neil's continued service relationship with Bsquare.
The grants were approved by the Bsquare Board of Directors on December 22, 2017, 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. O'Neil's agreement to enter into an employment relationship with Bsquare.