Qumu Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
MINNEAPOLIS--(BUSINESS WIRE)-- Qumu Corporation (Nasdaq: QUMU), the leading provider of cloud-based enterprise video technology, announced today that Qumu has granted a non-qualified stock option award to purchase an aggregate of 200,000 shares of its common stock to Thomas A. Krueger, Qumu’s newly hired Chief Financial Officer. The stock option award was made pursuant to the company's previously-announced offer letter with Mr. Krueger, and as a material inducement to Mr. Krueger joining Qumu as Chief Financial Officer.
In accordance with the offer letter with Mr. Krueger and Qumu’s policy regarding the granting of equity-based compensation awards, the grant date of the stock option to Mr. Krueger was December 6, 2021. The stock option has a seven-year term, an exercise price of $2.12 per share, and will vest in equal annual installments over a four year period, subject to Mr. Krueger’s continued service with Qumu through the applicable vesting dates. The exercise price of the stock option was the last reported sale price of Qumu’s common stock as reported by the Nasdaq Stock Market on the grant date, which is the same method for setting the exercise price of stock options granted under Qumu’s shareholder-approved 2007 Stock Incentive Plan. The stock option has other terms that mirror in all respects those of stock options granted under the 2007 Stock Incentive Plan and Qumu’s standard form of non-qualified stock option agreement. The stock option award was approved by Qumu’s compensation committee and was granted as an inducement equity award outside Qumu’s 2007 Stock Incentive Plan in accordance with Nasdaq Listing Rule 5635(c)(4).
About Qumu Corporation
Qumu (Nasdaq: QUMU) is a leading provider of best-in-class tools to create, control, deliver, experience and analyze live and asynchronous video at scale. Backed by an experienced team of software and video experts, Qumu’s software enables globally distributed organizations to drive employee, customer and partner engagement, modernizing business by providing more efficient and effective ways to communicate and collaborate.
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Source: Qumu Corporation
Released December 7, 2021