LSI Industries Inc. Reports Inducement Grant Under Nasdaq Listing Rules
2018年11月2日 - 6:50AM
LSI Industries Inc. (NASDAQ: LYTS) today announced
the grant of an inducement award to its newly appointed President
and Chief Executive Officer, James (Jim) A. Clark. The award was
approved by the Board of Director’s Compensation Committee on
October 15, 2018 as an inducement material to Mr. Clark’s entering
into employment with the Company in accordance with NASDAQ Listing
Rule 5635(c)(4). The award was approved in connection with the
commencement of his employment with the Company on November 1,
2018.
The inducement grant consists of an option to
purchase up to 500,000 shares of common stock and has a ten-year
term. The option will be exercisable at a price of $4.40 per share
(the closing price on November 1, 2018) and will vest as to 250,000
shares on November 1, 2021, as to an additional 125,000 shares if
the closing price per share of the Company’s common stock is at
least $9.50 per share prior to the expiration of the option, and as
to an additional 125,000 shares if the closing price per share of
the Company’s common stock is at least $15.00 per share prior to
the expiration of the option. The vesting of the option as to each
tranche of shares is subject to Mr. Clark’s continued employment
with the Company as President and Chief Executive Officer on
November 1, 2021.
"Safe Harbor" Statement under the Private Securities
Litigation Reform Act of 1995
This document contains certain forward-looking
statements that are subject to numerous assumptions, risks or
uncertainties. The Private Securities Litigation Reform
Act of 1995 provides a safe harbor for forward-looking
statements. Forward-looking statements may be identified
by words such as “estimates,” “anticipates,” “projects,” “plans,”
“expects,” “intends,” “believes,” “seeks,” “may,” “will,” “should”
or the negative versions of those words and similar expressions,
and by the context in which they are used. Such
statements, whether expressed or implied, are based upon current
expectations of the Company and speak only as of the date
made. Actual results could differ materially from those
contained in or implied by such forward-looking statements as a
result of a variety of risks and uncertainties over which the
Company may have no control. These risks and
uncertainties include, but are not limited to, the impact of
competitive products and services, product demand and market
acceptance risks, potential costs associated with litigation and
regulatory compliance, reliance on key customers, financial
difficulties experienced by customers, the cyclical and seasonal
nature of our business, the adequacy of reserves and allowances for
doubtful accounts, fluctuations in operating results or costs
whether as a result of uncertainties inherent in tax and accounting
matters or otherwise, tax law changes, failure of an acquisition or
acquired company to achieve its plans or objectives generally,
unexpected difficulties in integrating acquired businesses, the
ability to retain key employees, unfavorable economic and market
conditions, the impact of tariffs and trade wars, the results of
asset impairment assessments, the ability to maintain an effective
system of internal control over financial reporting, the ability to
remediate any material weaknesses in internal control over
financial reporting and any other risk factors that are identified
herein. You are cautioned to not place undue reliance on
these forward-looking statements. In addition to the
factors described in this paragraph, the risk factors identified in
our Form 10-K and other filings the Company may make with the SEC
constitute risks and uncertainties that may affect the financial
performance of the Company and are incorporated herein by
reference. The Company does not undertake and hereby
disclaims any duty to update any forward-looking statements to
reflect subsequent events or circumstances.
About the Company
LSI Industries Inc. is a U.S.-based designer,
manufacturer and marketer of lighting, graphics and technology
solutions for both indoor and outdoor applications. The
Company is a leader in the primary markets it serves including
petroleum, automotive, quick serve restaurants, grocery, banking,
retail, renovation, parking and warehousing. Products are
marketed throughout North America by a network of independent sales
representatives and distributors, as well as through national
accounts. LSI partners with its customers to provide a full
range of design support, engineering, installation and project
management services. Headquartered in Blue Ash, Ohio, LSI
currently employs over 1,200 employees and operates eight
facilities throughout the U.S. The Company’s common shares
are traded on the NASDAQ Global Select Market under the symbol
LYTS. Additional information can be found on the Investor
Relations page at www.lsi-industries.com.
For further information,
contact Jim Galeese, Executive Vice President and Chief
Financial Officer at (513) 793-3200.
Additional
note: Today’s news release, along with past
releases from LSI Industries, is available on the Company’s
internet site at www.lsi-industries.com or by email or fax, by
calling the Investor Relations Department at (513) 793-3200.
CONTACT: JIM GALEESE(513) 793-3200
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