SunOpta Inc. Reports Inducement Grants to CFO Scott E. Huckins Under NASDAQ Listing Rule 5635(c)(4)
September 05 2019 - 7:30AM
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 Scott E. Huckins as Chief Financial Officer,
effective September 3, 2019, the Company entered into an employment
agreement with Mr. Huckins 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 August 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. Huckins 173,319 restricted stock units,
262,182 time-based stock options and 346,638 performance stock
units, effective on his first day of employment. SunOpta will issue
additional restricted stock units to Mr. Huckins equal to the
number of shares of common stock, not to exceed $412,500, purchased
by Mr. Huckins in the open market within a designated timeframe.
Additionally, SunOpta shall issue an additional number of RSUs
determined by dividing $412,500 by the closing price of the
Company’s common stock on January 29, 2021. The restricted stock
units will vest in equal annual installments over three years, and
each vested restricted stock unit will entitle Mr. Huckins to
receive one common share of SunOpta. The stock options will vest on
September 3, 2022 and will entitle Mr. Huckins 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 September
3, 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 September 3,
2019 and ending December 31, 2022. Each vested performance stock
unit will entitle Mr. Huckins to receive one common share of
SunOpta without payment of additional consideration. Additional
information regarding the awards and the terms of Mr. Huckins’
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.
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Scott Van Winkle ICR 617-956-6736 scott.vanwinkle@icrinc.com
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