SunOpta Inc. Reports Inducement Grants to CEO Brian W. Kocher Under NASDAQ Listing Rule 5635(c)(4)
SunOpta Inc. ("SunOpta" or the "Company") (NASDAQ:STKL) (TSX:SOY), a U.S.-based global pioneer fueling the future of sustainable, plant-based foods and beverages, today reported that in connection with the appointment of Brian W. Kocher as Chief Executive Officer, effective January 2, 2024, the Company granted a stock option award, restricted stock award and performance stock award. These awards were approved by the Compensation Committee of the SunOpta Board of Directors on December 1, 2023, 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. Kocher 144,404 restricted stock units, 230,804 time-based stock options and 288,808 performance stock units at target performance (not to exceed 577,616 units at 200% of target performance), effective on his first day of employment. SunOpta will issue additional restricted stock units to Mr. Kocher equal to the number of shares of common stock, not to exceed $1,000,000, purchased by Mr. Kocher 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. Kocher to receive one common share of SunOpta. The stock options will vest in equal annual installments over three years and will entitle Mr. Kocher 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 January 2, 2024. The vesting of the performance stock units will be subject to certain performance hurdles based on the Company's total shareholder return performance relative to certain Russell 3000 Food and Beverage companies during the performance period beginning January 1, 2024 and ending December 31, 2026. Each vested performance stock unit will entitle Mr. Kocher to receive one common share of SunOpta without payment of additional consideration.
About SunOpta Inc.
SunOpta (NASDAQ:STKL) (TSX:SOY) is a U.S.-based, global pioneer fueling the future of sustainable, plant-based food and beverages. Founded more than 50 years ago, SunOpta manufactures natural, organic and specialty products sold through retail and foodservice channels. SunOpta operates as a manufacturer for leading natural and private label brands, and also proudly produces its own brands, including SOWN ®, Dream®, and West LifeTM. For more information, visit www.sunopta.com and LinkedIn.
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