Echelon Reports Key New Hire Inducement Grant Under NASDAQ Listing Rules

SANTA CLARA, Calif.--(BUSINESS WIRE)-- Echelon Corporation (NASDAQ:ELON), a leading independent control networking company for the Industrial Internet of Things (IIoT), today reported certain equity inducement award grants to newly hired key employees, 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), on August 10, 2016, the Compensation Committee of the Board of Directors granted an aggregate of 45,000 restricted stock units to three new key employees. The RSU awards were 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 1997 Stock Plan. Each RSU award will vest as to one-third of the shares on August 10, 2017 and on each annual anniversary thereafter, in each case subject to continued service by each such employee through each applicable vesting date.

About Echelon Corporation

Echelon Corporation (NASDAQ: ELON), a pioneer in developing open-standard control networking platforms, delivers elements necessary to design, install, monitor and control industrial-strength ‘communities of devices’ within the lighting, building automation, Internet of Things and related markets worldwide. Echelon sells its lighting products under the Lumewave by Echelon brand and its building automation and other IIoT-related products as part of its IzoT™ platform. With more than 100 million Echelon-powered devices installed worldwide, Echelon helps its customers easily and safely migrate existing control systems to the most modern platforms, while bringing new devices and applications into an ever-growing global Industrial Internet. Echelon helps its customers reduce operational costs, enhance satisfaction and safety, grow revenues and perform better in both established and emerging markets. More information about Echelon can be found at www.echelon.com.

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Investor Relations Contact:
StreetSmart Investor Relations
Annie Leschin, +1 415-775-1788
[email protected]

Source: Echelon Corporation

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