MINNEAPOLIS--(BUSINESS WIRE)--Qumu Corporation (Nasdaq: QUMU), the leading provider of best-in-class video technology for the enterprise, today announced that Qumu has granted a non-qualified stock option award to purchase an aggregate of 457,692 shares of its common stock to TJ Kennedy, Qumu’s new President and Chief Executive Officer. The stock option award was made pursuant to the company's previously-announced offer letter with Mr. Kennedy, and as a material inducement to Mr. Kennedy joining Qumu as President and Chief Executive Officer and a member of the board of directors.
In accordance with the offer letter with Mr. Kennedy and Qumu’s policy regarding the granting of equity-based compensation awards, the grant date of the stock option to Mr. Kennedy was July 22, 2020. The stock option has a seven-year term, an exercise price of $4.90 per share, and will vest in equal annual installments over a three year period, subject to Mr. Kennedy’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 the compensation committee of the Qumu board of directors on July 14, 2020 and granted as an inducement equity award outside Qumu’s 2007 Stock Incentive Plan in accordance with Nasdaq Listing Rule 5635(c)(4).
Qumu Corporation (Nasdaq: QUMU) is the leading provider of a best-in-class platform to create, manage, secure, distribute and measure the success of live and on-demand video for the intelligent enterprise. Backed by the most trusted and experienced team in the industry, the Qumu platform enables global organizations to drive employee engagement, increase access to video, and modernize the workplace by providing a more efficient and effective way to share knowledge.