J.Jill, Inc. Announces Inducement Grant Under New York Stock Exchange Rule 303A.08

Rhea-AI Summary

On February 15, 2021, J.Jill (NYSE: JILL) granted 300,000 restricted stock units (RSUs) to CEO Claire Spofford as an inducement to her hiring. This grant, approved by the Board and outside the 2017 Omnibus Equity Incentive Plan, is in compliance with NYSE Rule 303A.08. The RSUs will vest in equal installments over four years, contingent upon Ms. Spofford's continued employment, with potential accelerated vesting for qualifying terminations. J.Jill operates over 270 stores and a strong e-commerce platform, focusing on women's apparel.

Positive

• Appointment of Claire Spofford as CEO, indicating strategic leadership.
• Issuance of 300,000 RSUs could enhance executive retention and alignment with shareholder interests.

Negative

• None.

On February 15, 2021, J.Jill, Inc. (NYSE: JILL) made a grant to Claire Spofford of 300,000 restricted stock units in respect of the company’s common stock (“RSUs”). The grant of RSUs was offered as a material inducement to Ms. Spofford’s hiring as Chief Executive Officer of the company. Ms. Spofford, whose hiring was announced on October 7, 2020, joined the company on February 15, 2021.

The RSUs were granted outside the terms of the company’s 2017 Omnibus Equity Incentive Plan and approved by the company’s Board of Directors in reliance on the employment inducement exemption under the NYSE’s Listed Company Manual Rule 303A.08, which requires public announcement of inducement awards. The company is issuing this press release pursuant to Rule 303A.08.

The RSUs shall generally vest and become exercisable in equal installments on each of the first four anniversaries of the grant date, subject to Ms. Spofford’s continued employment with the company. Additionally, the RSUs may be subject to accelerated vesting in the event of certain qualifying terminations of employment of Ms. Spofford’s employment.

About J.Jill, Inc.

J.Jill is a premier omnichannel retailer and nationally recognized women’s apparel brand committed to delighting customers with great wear-now product. The brand represents an easy, relaxed, inspired style that reflects the confidence and comfort of a woman with a rich, full life. J.Jill offers a guiding customer experience through more than 270 stores nationwide and a robust e-commerce platform. J.Jill is headquartered outside Boston. For more information, please visit www.JJill.com. The information included on J.Jill’s website is not incorporated by reference herein.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210218006008/en/

FAQ

What is the significance of the 300,000 RSUs granted to Claire Spofford?

The RSUs signify a material inducement for her joining as CEO, aligning her interests with shareholders over her tenure.

When did Claire Spofford officially start at J.Jill?

Claire Spofford officially joined J.Jill on February 15, 2021.

How will the RSUs vest for Claire Spofford?

The RSUs will vest in equal installments on the first four anniversaries of the grant date, subject to her continued employment.

What is NYSE Rule 303A.08?

NYSE Rule 303A.08 requires public companies to announce inducement awards to attract key executives.

How does the RSU grant affect J.Jill's stock performance?

The RSU grant may positively impact stock performance by enhancing executive retention and motivating management.