Subsequent Events

12 Months Ended

Dec. 31, 2020

)

Subsequent Events

On January 7, 2021, the Company acquired all of the outstanding stock of privately

held NimbeLink Corp., or NimbeLink, for approximately $15.0 million,

subject to working capital and other customary adjustments. In addition to the cash price, the Company assumed unvested common stock options of continuing employees and service providers. NimbeLink’s former equity-holders have the potential to earn a one-time payment of up to an additional

$8.0 million in cash based on the achievement of certain revenue targets for the

NimbeLink business in 2021.

On February 5, 2021, the

Company’s board of directors approved the 2021 Employment Inducement Incentive Award Plan (the Inducement Plan) which allows for the Company to issue up to 300,000 shares of common stock. On February 5, 2021, the Company granted inducement awards under the Inducement Plan. The inducement awards consisted of options to purchase an aggregate of

125,000

shares of Company common stock. The options have a

10-year term and an exercise price equal to $24.22. The options vest over a four-year period with 25% of the options vesting on the first anniversary of

employment

and the rest vesting in equal monthly installments thereafter.

On February 18, 2021, the Company announced the retirement of its Senior Vice President of Engineering effective May 7, 2021.