SunOpta Inc. Reports Inducement Grants to CEO David J. Colo Under NASDAQ Listing Rule 5635(c)(4)
SunOpta Inc. ("SunOpta") (Nasdaq:STKL) (TSX:SOY), a leading global
company focused on organic, non-genetically modified and specialty
foods, today reported that in connection with the appointment of David
J. Colo as President and Chief Executive Officer, effective February 6,
2017, the Company entered into an employment agreement with Mr. Colo
which provided for the grant of a stock option award and restricted
stock award. These inducement awards were approved by the SunOpta Board
of Directors and granted as an inducement equity award outside the
Company's 2013 Stock Incentive Plan in accordance with NASDAQ Listing
SunOpta granted Mr. Colo 50,000 restricted stock units, 473,940
performance-based stock options and 277,780 performance stock units,
effective on his first day of employment. SunOpta will issue an
additional 50,000 restricted stock units to Mr. Colo in the event he
purchases an aggregate value of $1,000,000 of SunOpta common shares in
the open market within a designated timeframe. The restricted stock
units will vest in equal annual installments over three years, and each
vested restricted stock unit will entitle Mr. Colo to receive one common
share of SunOpta. The vesting of the stock options and the performance
stock units will be subject to the satisfaction of stock price
performance conditions during the three-year period ending February 6,
2020. One-third of the stock options and performance stock units will
vest upon achieving a stock price of USD$11.00, one-third will vest upon
achieving a stock price of USD$14.00, and one-third will vest upon
achieving a stock price of USD$18.00, in each case for 20 consecutive
trading days, subject to Mr. Colo's continued employment during the
three-year performance period. Each vested stock option will entitle Mr.
Colo to purchase one common share of SunOpta at an exercise price equal
to the closing price of SunOpta's common shares as reported on Nasdaq on
February 6, 2017. Each vested performance stock unit will entitle Mr.
Colo to receive one common share of SunOpta without payment of
additional consideration. Additional information regarding the awards
and the terms of Mr. Colo's other compensation will be described in a
Current Report on Form 8-K to be filed by SunOpta.
About SunOpta Inc.
SunOpta Inc. is a leading global company focused on organic,
non-genetically modified ("non-GMO") and specialty foods. The Company
specializes in the sourcing, processing and packaging of organic and
non-GMO food products, integrated from seed through packaged products,
with a focus on strategic vertically integrated business models. The
Company's organic and non-GMO food operations revolve around value-added
grain, seed, fruit and vegetable-based product offerings, supported by a
global sourcing and supply infrastructure.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170207005622/en/
Dan Gagnier, 646-273-9391
Van Winkle, 617-956-6736
Source: SunOpta Inc.
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