Jamba, Inc. Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
EMERYVILLE, Calif. - (BUSINESS WIRE) - May 20, 2016 - Jamba, Inc.(NASDAQ:JMBA) (“Jamba” or the “Company”) today announced that Marie Perry, who recently joined Jamba to succeed Karen Luey, Jamba’s current Executive Vice President, Chief Financial and Administration Officer after a transition period, has been granted (i) (a) nonqualified stock options to purchase up to 75,000 shares of the Company's common stock at an exercise price per share of$11.65, equal to the closing price of the Company’s common stock on the date of grant and (b) 6,000 restricted stock units, in each case vesting annually over three years subject to her employment; and (ii) an award of 85,000 restricted stock units of which 40,000, 25,000 and 20,000 would vest upon achievement of stock price targets of $19.50, $24.00 and $28.50 during the three year period after grant, respectively (targeting an approximate 15%, 22.5% and 30% total stockholder return over a three year period), so long as Ms. Perry remains an employee of Jamba Juice Company and/or its affiliates. Additionally, upon a change of control during the three year period after the grant date whereby the Company’s stockholders receive per-share consideration equaling or exceeding any of the price targets listed above, the units will vest in the amounts listed above for each price target (as adjusted for any stock splits, dividends, or similar transactions).
The grants were made as an inducement that was a material component of Ms. Perry’s compensation and subsequent acceptance of employment with the company and was granted as an employment inducement award pursuant to NASDAQ Listing Rule 5635(c)(4) approved by the majority of the company’s independent directors.
About Jamba, Inc.
Jamba, Inc., owns and franchises Jamba Juice® stores through its wholly-owned subsidiary, Jamba Juice Company. Jamba Juice Company is a leading restaurant retailer of better-for-you, specialty beverage and food offerings, which include great tasting, whole fruit smoothies, fresh-squeezed juices and juice blends, and a variety of food items including, hot oatmeal, breakfast wraps, sandwiches, Artisan Flatbreads™, Energy Bowls™, baked goods and snacks. As of March 29, 2016, there were 885 store locations globally. There were 68 Company-owned and operated stores and 752 Franchise-operated stores in the United States, and 65 Franchise-operated international stores. Jamba Juice Company expanded the Jamba® brand by direct selling of consumer packaged goods (“CPG”) and licensing its trademarks. CPG products for at-home enjoyment are also available online, through select retailers across the nation and in Jamba® outlets in the United States.
Fans of Jamba Juice® can find out more about Jamba Juice's locations as well as specific offerings and promotions by visiting the Jamba Juice website atwww.jambajuice.com or by contacting Jamba’s Guest Services team at 1-866-4R-FRUIT (473-7848).
This press release (including information incorporated or deemed incorporated by reference herein) contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those involving future events and future results that are based on current expectations, estimates, forecasts, and projections as well as the current beliefs and assumptions of the Company’s management. Words such as “outlook”, “believes”, “expects”, “appears”, “may”, “will”, “should”, “anticipates”, or the negative thereof or comparable terminology, are intended to identify such forward-looking statements. Any statement that is not a historical fact, including estimates, projections, future trends and the outcome of events that have not yet occurred, is a forward-looking statement. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions that are difficult to predict. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to factors discussed under the section entitled “Risk Factors” in the Company’s reports filed with the SEC. Many of such factors relate to events and circumstances that are beyond the Company’s control. You should not place undue reliance on forward-looking statements. The Company does not assume any obligation to update the information contained in this press release.
SOURCE Jamba, Inc.
Dir. Corporate Communications