Noodles Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Noodles & Company (NASDAQ: NDLS) announced that its Board of Directors has granted an equity inducement award to Steve Kennedy upon his appointment as Executive Vice President, Marketing. The award, consisting of 50,000 time-based RSUs, was granted outside the Company's 2023 Stock Incentive Plan and approved in accordance with Nasdaq Listing Rule 5635(c)(4). The RSUs will vest in four equal annual installments, with one-fourth vesting on each anniversary of Kennedy's start date, contingent upon his continued employment.

Positive

• Strengthening executive team with new EVP of Marketing appointment

Negative

• Potential dilution of existing shareholders through 50,000 new RSUs

BROOMFIELD, Colo., Nov. 19, 2024 (GLOBE NEWSWIRE) -- Noodles & Company (NASDAQ: NDLS) (the “Company”) today announced that its Board of Directors (the “Board”) granted an equity award to Steve Kennedy as an equity inducement award outside of the Company’s 2023 Stock Incentive Plan and material to Mr. Kennedy’s acceptance of employment with the company. The equity award was approved by the Board, in accordance with Nasdaq Listing Rule 5635(c)(4).

In connection with Mr. Kennedy’s appointment as Executive Vice President, Marketing, the Company granted Mr. Kennedy an award of 50,000 time-based RSUs. One-fourth of the RSUs will vest on each anniversary of Mr. Kennedy’s start date, subject to his continued employment with the Company on such vesting dates.

About Noodles & Company

Since 1995, Noodles & Company has been serving guests Uncommon Goodness and noodles your way, with noodles and flavors you know and love and new ones you’re about to discover. From indulgent Wisconsin Mac & Cheese to better-for-you Zoodles, Noodles serves a world of flavor in every bowl. Made up of more than 450 restaurants and 8,000 passionate team members, Noodles is dedicated to nourishing and inspiring every guest who walks through the door. To learn more or find the location nearest you, visit www.noodles.com.

Contacts:

Investor Relations
investorrelations@noodles.com

Danielle Moore
Press@noodles.com

FAQ

How many RSUs did Noodles & Company (NDLS) grant to Steve Kennedy?

Noodles & Company granted Steve Kennedy 50,000 time-based RSUs as an equity inducement award.

What is the vesting schedule for Steve Kennedy's RSUs at Noodles & Company (NDLS)?

The RSUs will vest in four equal installments, with one-fourth vesting on each anniversary of Kennedy's start date, subject to continued employment.

What position was Steve Kennedy appointed to at Noodles & Company (NDLS)?

Steve Kennedy was appointed as Executive Vice President, Marketing at Noodles & Company.