Jamba, Inc. Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
May 20 2016 - 4:05PM
Business Wire
Jamba, Inc. (NASDAQ:JMBA) (“Jamba”
or the “Company”) today announced that
Marie Perry, who recently joined Jamba to succeed Karen Luey,
Jamba’s current Executive Vice President, Chief Financial and
Administration Officer after a transition period, has been granted
(i) (a) nonqualified stock options to purchase up to 75,000 shares
of the Company's common stock at an exercise price per share of
$11.65, equal to the closing price of the Company’s common stock on
the date of grant and (b) 6,000 restricted stock units, in each
case vesting annually over three years subject to her employment;
and (ii) an award of 85,000 restricted stock units of which 40,000,
25,000 and 20,000 would vest upon achievement of stock price
targets of $19.50, $24.00 and $28.50 during the three year period
after grant, respectively (targeting an approximate 15%, 22.5% and
30% total stockholder return over a three year period), so long as
Ms. Perry remains an employee of Jamba Juice Company and/or its
affiliates. Additionally, upon a change of control during the three
year period after the grant date whereby the Company’s stockholders
receive per-share consideration equaling or exceeding any of the
price targets listed above, the units will vest in the amounts
listed above for each price target (as adjusted for any stock
splits, dividends, or similar transactions).
The grants were made as an inducement that was a material
component of Ms. Perry’s compensation and subsequent acceptance of
employment with the company and was granted as an employment
inducement award pursuant to NASDAQ Listing Rule 5635(c)(4)
approved by the majority of the company’s independent
directors.
About Jamba, Inc.
Jamba, Inc., owns and franchises Jamba Juice® stores through its
wholly-owned subsidiary, Jamba Juice Company. Jamba Juice Company
is a leading restaurant retailer of better-for-you, specialty
beverage and food offerings, which include great tasting, whole
fruit smoothies, fresh-squeezed juices and juice blends, and a
variety of food items including, hot oatmeal, breakfast wraps,
sandwiches, Artisan Flatbreads™, Energy Bowls™, baked goods and
snacks. As of March 29, 2016, there were 885 store locations
globally. There were 68 Company-owned and operated stores and 752
Franchise-operated stores in the United States, and 65
Franchise-operated international stores. Jamba Juice Company
expanded the Jamba® brand by direct selling of consumer packaged
goods (“CPG”) and licensing its
trademarks. CPG products for at-home enjoyment are also available
online, through select retailers across the nation and in Jamba®
outlets in the United States.
Fans of Jamba Juice® can find out more about Jamba Juice's
locations as well as specific offerings and promotions by visiting
the Jamba Juice website at www.jambajuice.com or by contacting
Jamba’s Guest Services team at 1-866-4R-FRUIT (473-7848).
Forward-Looking Statements
This press release (including information incorporated or deemed
incorporated by reference herein) contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are those involving
future events and future results that are based on current
expectations, estimates, forecasts, and projections as well as the
current beliefs and assumptions of the Company’s management. Words
such as “outlook”, “believes”, “expects”, “appears”, “may”, “will”,
“should”, “anticipates”, or the negative thereof or comparable
terminology, are intended to identify such forward-looking
statements. Any statement that is not a historical fact, including
estimates, projections, future trends and the outcome of events
that have not yet occurred, is a forward-looking statement.
Forward-looking statements are only predictions and are subject to
risks, uncertainties and assumptions that are difficult to predict.
Therefore, actual results may differ materially and adversely from
those expressed in any forward-looking statements. Factors that
might cause or contribute to such differences include, but are not
limited to factors discussed under the section entitled “Risk
Factors” in the Company’s reports filed with the SEC. Many of such
factors relate to events and circumstances that are beyond the
Company’s control. You should not place undue reliance on
forward-looking statements. The Company does not assume any
obligation to update the information contained in this press
release.
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version on businesswire.com: http://www.businesswire.com/news/home/20160520005706/en/
ICRDara Dierks, 203-682-8200investors@jambajuice.comorJamba
JuiceMike Fuccillo, 510-596-0100, X-7Dir. Corporate
Communicationsmfuccillo@jambajuice.com
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