Brightcove Reports Inducement Grants to CEO Marc DeBevoise Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Brightcove Inc. (NASDAQ: BCOV) announced on February 9, 2022, that it has entered an employment agreement with Marc DeBevoise, effective April 4, 2022. The agreement includes the granting of 300,000 time-based and 500,000 performance-based restricted stock units. The time-based units will vest over three years, while the performance-based units depend on certain stock-price metrics achieved within four years. The awards follow NASDAQ Listing Rule 5635(c)(4) and are part of the 2022 Inducement Plan.

Positive

• Granting of 300,000 time-based restricted stock units to Marc DeBevoise.
• Issuance of 500,000 performance-based restricted stock units linked to stock-price metrics.

Negative

• None.

BOSTON--(BUSINESS WIRE)-- Brightcove Inc. (Nasdaq: BCOV), the leading intelligent video streaming, monetization, and communications platform, announced on Wednesday, February 9, 2022 that the Company entered into an employment agreement with Marc DeBevoise (the “Agreement”) which provides for the grant of restricted stock unit awards to Mr. DeBevoise effective as of April 4, 2022. These inducement awards were approved on February 8, 2022 by a majority of the independent members of the Brightcove Board of Directors and granted as inducement equity awards outside the Company's 2021 Stock Incentive Plan in accordance with NASDAQ Listing Rule 5635(c)(4).

Pursuant to the terms of the Agreement, subject to his commencement of employment, Brightcove will grant Mr. DeBevoise an award of 300,000 time-based restricted stock units (the “Time-Based Award”) and an award of 500,000 performance-based restricted stock units (the “Performance Award”), each unit representing the right to acquire one share of the Company’s common stock.

Mr. DeBevoise’s Time-Based Award will vest in equal annual installments over a period of three years following Mr. DeBevoise’s start date, subject to Mr. DeBevoise’s continued employment with the Company on the applicable vesting dates. Mr. DeBevoise’s Performance Award will be earned upon the achievement of certain stock-price based performance metrics within four years of his start date and any such earned restricted stock units will vest 50% upon the date of achievement of the applicable performance metric and 50% upon the earlier of the three year anniversary of the commencement of his employment or the one-year anniversary of the achievement of the applicable performance metric, subject to Mr. DeBevoise’s continued employment with the Company through the applicable vesting date.

The awards are subject to the terms of the Brightcove Inc. 2022 Inducement Plan and the individual award agreements. The awards are intended to qualify as “employment inducement awards” within the meaning of NASDAQ Listing Rule 5635(c)(4). For further details regarding the awards, please see Brightcove’s Current Report on Form 8-K filed February 9, 2022 with the Securities and Exchange Commission.

About Brightcove Inc.
Brightcove creates the world’s most reliable, scalable, and secure video technology solutions to build a greater connection between companies and their audiences, no matter where they are or on which devices they consume content. In more than 70 countries, Brightcove’s intelligent video platform enables businesses to sell to customers more effectively, media leaders to stream and monetize content more reliably, and every organization to communicate with team members more powerfully. With two Technology and Engineering Emmy® Awards for innovation, uptime that consistently leads the industry, and unmatched scalability, we continuously push the boundaries of what video can do. Follow Brightcove on Twitter, LinkedIn, and Facebook. Visit www.brightcove.com. Brightcove. Video that means business™.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220211005442/en/

Media:

Sara Griggs

Brightcove

sgriggs@brightcove.com

+1 929 888 4866

Source: Brightcove Inc.

FAQ

What is the purpose of the employment agreement with Marc DeBevoise at Brightcove?

The employment agreement with Marc DeBevoise at Brightcove includes granting stock awards aimed at incentivizing him based on company performance.

How many restricted stock units has Brightcove granted to Marc DeBevoise?

Brightcove has granted Marc DeBevoise a total of 800,000 restricted stock units: 300,000 time-based and 500,000 performance-based.

When will the restricted stock units for Marc DeBevoise vest?

The time-based restricted stock units will vest in equal annual installments over three years, while the performance-based units depend on achieving specific stock-price metrics.

What is NASDAQ Listing Rule 5635(c)(4) in relation to Brightcove's stock grants?

NASDAQ Listing Rule 5635(c)(4) allows companies to issue inducement awards outside of their stock incentive plans to attract and retain key employees.