European Wax Center, Inc. Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
PLANO, Texas, April 07, 2025 (GLOBE NEWSWIRE) -- European Wax Center, Inc. (NASDAQ:EWCZ) (the "Company" or "European Wax Center"), the leading franchisor and operator of out-of-home waxing services in the United States, announced that effective as of April 7, 2025, and in connection with the previously announced appointment of Thomas Kim as the Company's Chief Financial Officer, the Company's Board of Directors approved grants of (i) restricted stock units ("RSUs") covering 200,000 shares of the Company's Class A common stock (the "Kim RSUs"), (ii) non-qualified stock option awards to purchase 310,000 shares of the Company's Class A common stock with an exercise price of $3.51, which is equal to the closing price of the Company's Class A common stock on the Nasdaq Stock Market on April 7, 2025, (iii) non-qualified stock option awards to purchase 212,500 shares of the Company's Class A common stock with an exercise price of $9.00, and (iv) non-qualified stock option awards to purchase 212,500 shares of the Company's Class A common stock with an exercise price of $12.00 ((ii), (iii) and (iv) collectively, the "Kim Options").
The Kim RSUs and Kim Options were granted pursuant to the Company's 2025 Inducement Plan. The Kim RSUs will vest in equal installments on each of the first four anniversaries of April 7, 2025, and the Kim Options will vest in full on the fourth anniversary of April 7, 2025, in each case subject to Mr. Kim's continued employment with the Company on each such date. The Kim RSUs and Kim Options are subject to the terms and conditions of the Company's 2025 Inducement Plan and the terms and conditions of the RSU award agreement and stock option award agreement covering the applicable grant.
The Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of the Company (or following a bona fide period of non-employment), as an inducement material to such individuals' entering into employment with the Company, pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. The Kim RSUs and Kim Options were granted as such inducement material to Mr. Kim entering into employment with the Company.
About European Wax Center, Inc.
European Wax Center, Inc. (NASDAQ:EWCZ) is the leading franchisor and operator of out-of-home waxing services in the United States. European Wax Center locations perform more than 23 million services per year, providing guests with an unparalleled, professional personal care experience administered by highly trained wax specialists within the privacy of clean, individual waxing suites. The Company continues to revolutionize the waxing industry with its innovative Comfort Wax® formulated with the highest quality ingredients to make waxing a more efficient and relatively painless experience, along with its collection of proprietary products to help enhance and extend waxing results. By leading with its values – We Care About Each Other, We Do the Right Thing, We Delight Our Guests, and We Have Fun While Being Awesome – the Company is proud to be Certified™ by Great Place to Work®. European Wax Center, Inc. was founded in 2004 and is headquartered in Plano, Texas. Its network, which includes more than 1,000 centers in 45 states, generated sales of $951 million in fiscal 2024. For more information, including how to receive your first wax free, please visit: https://waxcenter.com.
Investor Contact
European Wax Center, Inc.
Bethany Johns
[email protected]
469-270-6888
Media Contact
Edelman Smithfield
Josh Hochberg & Ashna Vasa
[email protected]
Zeno Group
Sophia Tortorella
[email protected]
312-752-6851
