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Xata Announces Inducement Awards to New CFO
May 04, 2011 (06:05 PM EDT)
MINNEAPOLIS, May 4, 2011 /PRNewswire/ -- Xata Corporation (NASDAQ:XATA), the leader in trucking compliance and fleet optimization software, today announced certain equity inducement awards pursuant to NASDAQ Listing Rules.
On May 4, 2011, the Company's Board of Directors approved the grant of certain equity instruments to the Company's recently appointed chief financial officer, Scott Christian. The grants were made as an inducement to Mr. Christian to accept the Company's offer of employment and were made outside of the Company's 2007 Long-Term Incentive Stock Option Plan, as Amended and Restated February 4, 2009. Specifically, Mr. Christian was granted 60,670 restricted stock units and a non-incentive stock option with respect to 164,500 shares of the Company's common stock with an exercise price of $2.05 per share. Both equity grants vest ratably over three years. This press release is being issued pursuant to NASDAQ Listing Rule 5635(c)(4).
Xata Corporation (NASDAQ:XATA) provides intuitive, automated fleet management software solutions to the trucking industry. By delivering real-time critical information on vehicle and driver performance, Xata makes it easy for fleet managers, dispatchers and drivers to collect, sort, view and analyze data to help reduce costs, increase safety and compliance, and improve customer satisfaction.
Our award-winning solutions include 1) XataNet, a full-featured, enterprise-wide solution that helps private and for-hire fleets drive continuous improvement, and 2) Xata Turnpike, a technologically advanced, low-cost, easy-to-install solution that runs on drivers' existing cell phones, smartphones and tablet computers. Both solutions help fleet managers and drivers meet established and emerging electronic onboard recorder (EOBR) regulations. We also offer a portfolio of professional services, including implementation, training and consulting, to help our customers deliver bottom-line results. For more information, visit www.xata.com or call 1.800.745.9282.
SOURCE Xata Corporation