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 Joe Christina, the company's new President and Chief Operating Officer. The award, consisting of 160,000 time-based RSUs, was granted outside of the Company's 2023 Stock Incentive Plan and in accordance with Nasdaq Listing Rule 5635(c)(4).
The RSUs will vest over a four-year period, with one-fourth vesting on each anniversary of Christina's start date, contingent upon his continued employment with the company.
Positive
- Appointment of new President and COO strengthens executive leadership team
- Equity-based compensation aligns executive interests with shareholders
Negative
- Potential dilution from 160,000 new RSUs
News Market Reaction – NDLS
On the day this news was published, NDLS declined 7.58%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
BROOMFIELD, Colo., March 10, 2025 (GLOBE NEWSWIRE) -- Noodles & Company (NASDAQ: NDLS) (the “Company”) today announced that its Board of Directors (the “Board”) granted an equity award to Joe Christina as an equity inducement award outside of the Company’s 2023 Stock Incentive Plan and material to Mr. Christina’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. Christina’s appointment as President and Chief Operating Officer, the Company granted Mr. Christina an award of 160,000 time-based RSUs. One-fourth of the RSUs will vest on each anniversary of Mr. Christina’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 Joe Christina?
What is the vesting schedule for Joe Christina's RSUs at Noodles & Company (NDLS)?
What position was Joe Christina appointed to at Noodles & Company (NDLS)?
Under which rule was the NDLS equity inducement award granted?
