For more information visit: www.rimagecorp.com
Unedited press release follows:
Rimage Announces Inducement Award Under Nasdaq Listing Rule 5635(c)(4)
Qumu Acquisition Closed
MINNEAPOLIS –Rimage Corporation (Nasdaq: RIMG), today announced that it has granted an inducement award to Ray Hood in connection with his appointment as Senior Vice President of Rimage and General Manager of Qumu, as previously-announced in a press release dated October 10, 2011. Mr. Hood will receive an “inducement award” as defined by Nasdaq Marketplace Rules, consisting of a nonqualified stock option to purchase 150,000 shares of Rimage’s common stock. The option was granted on October 10, 2011 and has an exercise price equal to the fair market value of Rimage’s common stock on the date of the grant. The shares will vest in four equal installments on each of the first four anniversaries of the date of grant and will have a term of seven years. The inducement award will be granted outside of the terms of the existing Rimage equity incentive plans, was approved by the Compensation Committee of Rimage’s Board of Directors, and was granted pursuant to Nasdaq Listing Rule 5635(c)(4).
The Company also announced the closing of its acquisition of Qumu, Inc., effective October 10, 2011.
About Rimage Corporation
Founded in 1978, Rimage Corporation (NASDAQ: RIMG) helps businesses deliver digital content directly and securely to their customers and employees. Its disc publishing business, based in Minneapolis, Minnesota, supplies more than 10,000 customers in North America, Europe and Asia with industry-leading solutions that archive, distribute and protect content on CDs, DVDs and Blu-Ray Discs™. With its acquisition of Qumu, Rimage is a leader in the rapidly growing enterprise video communications market. The combination of Qumu and Rimage’s disc publishing business and virtual publishing initiative enables businesses to securely deliver their videos, documents, audio files and images in today’s multi-platform, multi-device world. Additional information can be found at www.rimagecorp.com.