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LSI Industries Inc. Reports Inducement Grants Under NASDAQ Listing Rules
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LSI Industries Inc. granted an inducement stock option to Michael Romano, Senior Vice President of Procurement and Logistics, under NASDAQ Listing Rule 5635(c)(4). The option allows him to purchase up to 10,000 shares of the Company's common stock at $14.17 per share, with full vesting on the third anniversary of the grant.
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CINCINNATI--(BUSINESS WIRE)--
LSI Industries Inc. (NASDAQ: LYTS, or the “Company”), a leading U.S. based manufacturer of commercial lighting and display solutions, today announced an inducement grant in accordance with NASDAQ Listing Rule 5635(c)(4) to Michael Romano, Senior Vice President of Procurement and Logistics, effective April 15, 2024. The awards were granted by the Company’s Compensation Committee.
Mr. Romano was granted an inducement stock option to purchase up to 10,000 shares of the Company’s common stock. The award was approved in connection with the commencement of his employment with the Company on April 15, 2024 and has a ten-year term. The option is exercisable at a price of $14.17 per share (the closing price on April 15, 2024). The options will vest in full on the third anniversary date of grant.
About LSI Industries Inc.
Headquartered in Cincinnati, LSI Industries (Nasdaq: LYTS) specializes in the creation of advanced lighting, graphics, and display solutions. The company's American-made products, which include lighting, print graphics, digital graphics, refrigerated, and custom displays, are engineered to elevate brands in competitive markets. With a workforce of nearly 1,600 employees and 11 facilities throughout North America, LSI is dedicated to providing top-quality solutions to its customers. Additional information about LSI is available at www.lsicorp.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 https://investors.lsicorp.com 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.
What inducement grant did LSI Industries Inc. announce?
LSI Industries Inc. announced an inducement grant to Michael Romano, Senior Vice President of Procurement and Logistics, under NASDAQ Listing Rule 5635(c)(4).
Who was granted the inducement stock option by LSI Industries Inc.?
Michael Romano, Senior Vice President of Procurement and Logistics, was granted the inducement stock option by LSI Industries Inc.
How many shares can Michael Romano purchase with the stock option?
Michael Romano can purchase up to 10,000 shares of LSI Industries Inc.'s common stock with the stock option.
At what price can the stock option be exercised?
The stock option can be exercised at a price of $14.17 per share, based on the closing price on April 15, 2024.
When will the options granted to Michael Romano vest?
The options granted to Michael Romano will vest in full on the third anniversary date of the grant.
