SunOpta Inc. Reports Inducement Grants to CEO Joseph D. Ennen Under NASDAQ Listing Rule 5635(c)(4)
April 02 2019 - 06:45AM
Business Wire
SunOpta Inc. ("SunOpta") (Nasdaq:STKL) (TSX:SOY), a leading
global company focused on organic, non-genetically modified and
specialty foods, today reported that in connection with the
appointment of Joseph D. Ennen as Chief Executive Officer,
effective April 1, 2019, the Company entered into an employment
agreement with Mr. Ennen which provided for the grant of a stock
option award, restricted stock award and performance stock award.
These inducement awards were approved by the Compensation Committee
of the SunOpta Board of Directors on March 29, 2019 and granted as
an inducement equity award outside the Company's 2013 Stock
Incentive Plan in accordance with NASDAQ Listing Rule
5635(c)(4).
SunOpta granted Mr. Ennen 297,619 restricted stock units,
960,061 time-based stock options and 1,785,714 performance stock
units, effective on his first day of employment. SunOpta will issue
additional restricted stock units to Mr. Ennen equal to the number
of shares of common stock, not to exceed $1,000,000, purchased by
Mr. Ennen in the open marked within a designated timeframe. The
restricted stock units will vest in equal annual installments over
three years, and each vested restricted stock unit will entitle Mr.
Ennen to receive one common share of SunOpta. The stock options
will vest on April 1, 2022 and will entitle Mr. Ennen to purchase
one common share of SunOpta at an exercise price equal to the
closing price of SunOpta’s common shares as reported on Nasdaq on
April 1, 2019. The vesting of the performance stock units will be
subject to the satisfaction of EBITDA and stock price performance
conditions during the performance period beginning April 1, 2019
and ending December 31, 2022. Each vested performance stock unit
will entitle Mr. Ennen to receive one common share of SunOpta
without payment of additional consideration. Additional information
regarding the awards and the terms of Mr. Ennen’s other
compensation will be described in a Current Report on Form 8-K to
be filed by SunOpta.
About SunOpta Inc.
SunOpta Inc. is a leading global company focused on organic,
non-genetically modified ("non-GMO") and specialty foods. SunOpta
specializes in the sourcing, processing and packaging of organic
and non-GMO food products, integrated from seed through packaged
products; with a focus on strategic vertically integrated business
models. SunOpta's organic and non-GMO food operations revolve
around value-added grain, seed, fruit and vegetable-based product
offerings, supported by a global sourcing and supply
infrastructure.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190402005431/en/
Scott Van WinkleICR617-956-6736scott.vanwinkle@icrinc.com
SunOpta (TSX:SOY)
Historical Stock Chart
From Feb 2024 to Mar 2024
SunOpta (TSX:SOY)
Historical Stock Chart
From Mar 2023 to Mar 2024