Vuzix Announces SaaS-based Integration Solutions Business Unit
Vuzix today announced the establishment of an Integrated Solutions Business Unit within Vuzix and an inducement grant of restricted stock made to in connection with his appointment as Managing Director of this newly created unit.
The equity award was granted pursuant to Nasdaq Listing Rule 5635(c)(4) inducement grant exception as a component of Mr. Spiliotis’s employment compensation and was granted as an inducement material to his acceptance of employment with Vuzix. This grant was approved by Vuzix’ Board of Directors on July 22, 2021.
As Managing Director of the newly created Integrated Solutions Business Unit, Mr. Spiliotis will oversee the acceleration of Vuzix’ Smart Glasses in enterprise focused solutions including the company’s ongoing software and service subscriptions.
Mr. Spiliotis is a senior executive with strong experience in the high tech electro-optical field. His areas of expertise include business and software development and the development of strategic partnership alliances with Fortune 500 companies. From 2006 to March 2019, he served as the CEO and Co-Founder of FluxData, Inc, where he created and led a new factory automation business for inline color measurement services. His company was acquired in 2017 by Halma, a leading safety, health and environmental technology group based in Great Britain, after it had achieved $35M in sales with a 90% gross margin and 50% EBITDA margin in its last 4 years of operation before its acquisition.
Mr. Spiliotis’s inducement grant consists of a stock award of 300,000 shares subject to vesting, including 50,000 shares that may be earned over 3 years based on continued employment with the Company, and 250,000 shares that may be earned upon achievement of revenue and EBITDA operational milestones for the Integration Solutions Business Unit within specified periods of time over 5 years.
“Pano has a proven track record of building highly skilled, high value teams that are able to identify novel markets and quickly help deliver valuable solutions,” said Paul Travers, President and CEO of Vuzix. “Our new solutions group will develop additional tools and support for current and future partners while helping to explore and identify business opportunity in various verticals. The group will continue to support Vuzix’ digital solutions strategy for its Smart Glasses customers by helping to integrate the company’s products and services into the entire internet of things.