TORONTO--(BUSINESS WIRE)--Apr. 2, 2019--
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 Joseph
D. Ennen as Chief Executive Officer, effective April 1, 2019, the
Company entered into an employment agreement with Mr. Ennen which
provided for the grant of a stock option award, restricted stock award
and performance stock award. These inducement awards were approved by
the Compensation Committee of the SunOpta Board of Directors on March
29, 2019 and granted as an inducement equity award outside the Company's
2013 Stock Incentive Plan in accordance with NASDAQ Listing Rule
5635(c)(4).
SunOpta granted Mr. Ennen 297,619 restricted stock units, 960,061
time-based stock options and 1,785,714 performance stock units,
effective on his first day of employment. SunOpta will issue additional
restricted stock units to Mr. Ennen equal to the number of shares of
common stock, not to exceed $1,000,000, purchased by Mr. Ennen in the
open marked 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. Ennen to receive one common share
of SunOpta. The stock options will vest on April 1, 2022 and will
entitle Mr. Ennen 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 April 1, 2019. The vesting of the performance stock units
will be subject to the satisfaction of EBITDA and stock price
performance conditions during the performance period beginning April 1,
2019 and ending December 31, 2022. Each vested performance stock unit
will entitle Mr. Ennen to receive one common share of SunOpta without
payment of additional consideration. Additional information regarding
the awards and the terms of Mr. Ennen’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. SunOpta
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.
SunOpta'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: https://www.businesswire.com/news/home/20190402005431/en/
Source: SunOpta Inc.
Scott Van Winkle
ICR
617-956-6736
scott.vanwinkle@icrinc.com