LSI Industries Inc. Reports Inducement Grants Under Nasdaq Listing Rules

Rhea-AI Summary

On June 1, 2020, LSI Industries (LYTS) granted Jonathon Towner, the new Vice President and Chief Information Officer, an inducement stock option to purchase 30,000 shares. The option has a ten-year term with an exercise price of $6.42 per share, matching the closing price on the grant date. This grant complies with NASDAQ Listing Rule 5635(c)(4) and is part of Towner's employment initiation. LSI operates as a leading manufacturer of lighting and graphics solutions in the U.S., employing roughly 1,200 personnel across its seven manufacturing plants.

Positive

• Inducement stock option grant of 30,000 shares to new executive, enhancing leadership incentive.
• Stock option exercise price aligns with market value, indicating strategic planning.

Negative

• None.

CINCINNATI, June 05, 2020 (GLOBE NEWSWIRE) -- LSI Industries Inc. (NASDAQ: LYTS, or the “Company”), a leading U.S. based manufacturer of indoor/outdoor lighting and graphics solutions, today announced an inducement grant in accordance with NASDAQ Listing Rule 5635(c)(4) to Jonathon Towner, Vice President - Chief Information Officer, effective June 1, 2020. The awards were granted by the Company’s Compensation Committee.

Mr. Towner was granted an inducement stock option to purchase up to 30,000 shares of the Company’s common stock. The award was approved in connection with the commencement of his employment with the Company on June 1, 2020 and has a ten-year term. The option is exercisable at a price of $6.42 per share (the closing price on June 1, 2020) and one-third of the option will vest on each anniversary of the grant date.

About LSI Industries Inc.

Headquartered in Blue Ash, Ohio (Greater Cincinnati), LSI Industries is a leading producer of high-performance, American-made lighting solutions. The Company’s strength in outdoor lighting applications creates opportunities for it to introduce additional solutions to its valued customers. LSI’s indoor and outdoor products and services, including its digital and print graphics capabilities, are valued by architects, engineers, distributors and contractors for their quality, reliability and innovation. The Company’s products are used extensively in automotive dealerships, petroleum stations, quick service restaurants, grocery stores and pharmacies, retail establishments, sports complexes, parking lots and garages, and commercial and industrial buildings. LSI has approximately 1,200 employees at seven manufacturing plants in the United States, including its corporate headquarters and international subsidiaries. Additional information about LSI is available at www.lsi-industries.com.

Forward-Looking Statements

For details on the uncertainties that may cause our actual results to be materially different than those expressed in our forward-looking statements, visit http://www.lsi-industries.com/fls as well as our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q which contain risk factors. 

Additional note: Today’s news release, along with past releases from LSI Industries Inc., is available on the Company’s internet site at www.lsi-industries.com. 

Investor contact: Noel Ryan, IRC; 770.778.2415; LYTS@vallumadvisors.com 

FAQ

What stock option was granted to Jonathon Towner at LSI Industries?

Jonathon Towner was granted an inducement stock option to purchase up to 30,000 shares at an exercise price of $6.42 per share.

When did Jonathon Towner begin his role at LSI Industries?

Jonathon Towner commenced his position as Vice President and Chief Information Officer on June 1, 2020.

What compliance rule did LSI Industries follow for the stock option grant?

The inducement stock option grant complies with NASDAQ Listing Rule 5635(c)(4).

How long is the term for Jonathon Towner's stock option?

The stock option granted to Jonathon Towner has a ten-year term.

How many employees does LSI Industries have?

LSI Industries has approximately 1,200 employees across seven manufacturing plants in the U.S.