European Wax Center, Inc. Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

European Wax Center (NASDAQ: EWCZ) announced equity grants to newly appointed Chief Commercial Officer Katie Mullen on March 21, 2025. The compensation package includes:

• 160,000 restricted stock units (RSUs) of Class A common stock
• 220,000 stock options at $3.99 exercise price
• 180,000 stock options at $9.00 exercise price
• 180,000 stock options at $12.00 exercise price

The RSUs will vest in equal installments over four years starting January 28, 2025, while all stock options will fully vest on January 28, 2029. These grants were made under the company's 2025 Inducement Plan, specifically designed for new employees as per Nasdaq Rule 5635(c)(4).

PLANO, Texas, March 21, 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 on March 21, 2025, and in connection with the previously announced appointment of Katie Mullen as the Company’s Chief Commercial Officer, the Company’s Board of Directors approved grants of (i) restricted stock units (“RSUs”) covering 160,000 shares of the Company’s Class A common stock (the “Mullen RSUs”), (ii) non-qualified stock option awards to purchase 220,000 shares of the Company’s Class A common stock with an exercise price of $3.99, which is equal to the closing price of the Company’s Class A common stock on the Nasdaq Stock Market on March 21, 2025, (iii) non-qualified stock option awards to purchase 180,000 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 180,000 shares of the Company’s Class A common stock with an exercise price of $12.00 ((ii), (iii) and (iv) collectively, the “Mullen Options”).

The Mullen RSUs and Mullen Options were granted pursuant to the Company’s 2025 Inducement Plan. The Mullen RSUs will vest in equal installments on each of the first four anniversaries of January 28, 2025, and the Mullen Options will vest in full on the fourth anniversary of January 28, 2025, in each case subject to Ms. Mullen’s continued employment with the Company on each such date. The Mullen RSUs and Mullen 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 Mullen RSUs and Mullen Options were granted as such inducement material to Ms. Mullen 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
Bethany.Johns@myewc.com
469-270-6888

Media Contact
Edelman Smithfield
Josh Hochberg & Ashna Vasa
EWCIR@edelman.com

Zeno Group
Sophia Tortorella
sophia.tortorella@zenogroup.com
312-752-6851

FAQ

What equity compensation package did EWCZ grant to Katie Mullen?

EWCZ granted 160,000 RSUs and 580,000 total stock options at various exercise prices ($3.99, $9.00, and $12.00) to Katie Mullen as Chief Commercial Officer.

When will the EWCZ stock options granted to Katie Mullen vest?

The stock options will fully vest on the fourth anniversary of January 28, 2025, subject to continued employment.

What is the vesting schedule for EWCZ's RSUs granted in March 2025?

The RSUs will vest in equal installments over four years, starting from January 28, 2025.

What was the exercise price of EWCZ's stock when granting options on March 21, 2025?

The market-based stock options were granted at $3.99, which was EWCZ's closing price on Nasdaq on March 21, 2025.