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

Rhea-AI Summary

Noodles & Company (NASDAQ: NDLS) has announced that its Board of Directors granted an equity inducement award to Scott Davis, the company's new Chief Concept Officer. The award, consisting of 94,595 time-based RSUs, was granted outside of the Company's 2023 Stock Incentive Plan and in accordance with Nasdaq Listing Rule 5635(c)(4). This equity award is considered material to Mr. Davis's acceptance of employment with Noodles & Company.

The RSUs will vest over a four-year period, with one-fourth vesting on each anniversary of Mr. Davis's start date, contingent upon his continued employment with the company. This grant demonstrates Noodles & Company's commitment to attracting top talent and aligning executive interests with those of shareholders.

Positive

• Attraction of new high-level talent with Scott Davis as Chief Concept Officer
• Alignment of executive interests with shareholders through equity-based compensation

Negative

• None.

BROOMFIELD, Colo., Aug. 14, 2024 (GLOBE NEWSWIRE) -- Noodles & Company (NASDAQ: NDLS) (the “Company”) today announced that its Board of Directors (the “Board”) granted an equity award to Scott Davis as an equity inducement award outside of the Company’s 2023 Stock Incentive Plan and material to Mr. Davis’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. Davis’s appointment as Chief Concept Officer, the Company granted Mr. Davis an award of 94,595 time-based RSUs. One-fourth of the RSUs will vest on each anniversary of Mr. Davis’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

What type of equity award did Noodles & Company (NDLS) grant to Scott Davis?

Noodles & Company granted Scott Davis 94,595 time-based Restricted Stock Units (RSUs) as an equity inducement award.

How will the RSUs granted to Scott Davis by Noodles & Company (NDLS) vest?

The RSUs will vest over four years, with one-fourth vesting on each anniversary of Scott Davis's start date, subject to his continued employment with the company.

Under what Nasdaq rule did Noodles & Company (NDLS) grant the equity award to Scott Davis?

The equity award was granted in accordance with Nasdaq Listing Rule 5635(c)(4), which allows for inducement grants outside of shareholder-approved equity plans.

What position did Scott Davis accept at Noodles & Company (NDLS)?

Scott Davis accepted the position of Chief Concept Officer at Noodles & Company.