CINCINNATI, Feb. 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 inducement grants in accordance with NASDAQ Listing Rule 5635(c)(4) to Jeffrey Davis, the head of LSI sales and Brian Vincent, Chief Support Officer, effective February 4, 2020. The awards were granted by the Company's Compensation Committee.
Mr. Davis was granted an inducement stock option to purchase up to 100,000 shares of the Company's common stock. The award was approved in connection with the commencement of his employment with the Company and has a 10-year term. The option is exercisable at a price of $6.51 per share (the closing price on February 4, 2020) and will vest only if Mr. Davis remains an employee of the Company for three years.
Mr. Vincent was granted an inducement stock option to purchase up to 50,000 shares of the Company's common stock in connection with the commencement of his employment with the Company and has a 10-year term. The option is exercisable at a price of $6.51 per share (the closing price on February 4, 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.
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 website at www.lsi-industries.com.
Contact: Investors: Noel Ryan, IRC, (720) 778-2415, LYTS@vallumadvisors.com