Stein Mart Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)
February 22 2017 - 4:53PM
Stein Mart, Inc. (NASDAQ:SMRT) (the “Company”) today announced that
the Company granted its newly hired President, MaryAnne Morin, an
option to purchase 500,000 shares of the company's common stock
with a per share exercise price of $3.72, the closing price on the
grant date. The option will vest as to 20% of the total number of
shares subject to the option on the first anniversary of the grant
date and then 20% in each of the years following with 100% vesting
occurring on the fifth year anniversary of this grant. The stock
option was issued as an inducement material to the new employee
entering into employment with the Company. The award was approved
by the Company’s independent Compensation Committee as an
inducement award in accordance with NASDAQ Listing Rule 5635(c)(4).
About Stein MartStein Mart, Inc. (NASDAQ:SMRT)
is a national retailer offering designer and name-brand fashion,
accessories and home decor at everyday discount prices. Stein Mart
provides real value that customers will love every day both in
stores and online. The Company currently operates 288 stores across
31 states. Stein Mart is adding new modern brands to its stores to
offer discriminating shoppers even more of the fashion and savings
they want. For more information, please visit
www.steinmart.com.
For more information:
Linda L. Tasseff
Director, Investor Relations
(904) 858-2639
ltasseff@steinmart.com
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