Noodles & Company announced on November 19, 2024, that its Board of Directors granted an equity inducement award to Stephen Kennedy, Executive Vice President of Marketing. The award consists of 50,000 time-based Restricted Stock Units (RSUs). This grant was made outside of the company’s 2023 Stock Incentive Plan and was material to Mr. Kennedy’s acceptance of employment.
The equity award was approved by the Board in accordance with Nasdaq Listing Rule 5635(c)(4). One-fourth of the RSUs will vest on each anniversary of Mr. Kennedy’s start date. Vesting is contingent upon his continued employment with the company on the respective vesting dates.
This inducement grant is a key component of Mr. Kennedy's compensation package, designed to incentivize his long-term commitment and performance. His role involves leading the company's brand strategy and customer growth initiatives, making his retention and motivation important for the company's strategic objectives.
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