Select Interior Concepts Announces Employment Inducement Award Pursuant to Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Select Interior Concepts (SIC) announced the appointment of Patrick Dussinger as President – ASG, effective immediately. To incentivize his role, the Company granted him 225,000 restricted stock units (112,500 time-based and 112,500 performance-based). The time-based units vest over four years, while the performance-based units are contingent on the stock price achieving specific thresholds for 20 consecutive trading days. This grant aligns with NASDAQ Listing Rule 5635(c)(4) as an inducement for his employment.

Positive

• Appointment of Patrick Dussinger as President could enhance leadership and operational efficiency.
• Granting of 225,000 restricted stock units may align Mr. Dussinger's interests with shareholder value.

Negative

• None.

ATLANTA, July 27, 2020 (GLOBE NEWSWIRE) -- Select Interior Concepts, Inc. (“SIC” or the “Company”) (NASDAQ: SIC), a premier installer and nationwide distributor of interior building products, today announced that in connection with the appointment of Patrick Dussinger as President – ASG of the Company, effective immediately, the Company granted to Mr. Dussinger 112,500 time-based restricted stock units and 112,500 performance-based restricted stock units, each representing the right to earn one share of the Company’s common stock. The time-based restricted stock units vest in equal annual installments over four years, subject to Mr. Dussinger’s continued employment with the Company. The performance-based restricted stock units vest based on the closing price of the Company’s common stock exceeding specific price hurdles for 20 consecutive trading days, and subject to Mr. Dussinger’s continued employment with the Company.

The restricted stock units were negotiated and approved as an inducement to Mr. Dussinger’s entering into employment with the Company in accordance with NASDAQ Listing Rule 5635(c)(4).

ABOUT SELECT INTERIOR CONCEPTS

Select Interior Concepts is a premier installer and nationwide distributor of interior building products with leading market positions in highly attractive markets. Headquartered in Atlanta, Georgia, Select Interior Concepts is listed on the NASDAQ. The Residential Design Services segment provides integrated design, sourcing and installation solutions to customers, in the selection of a broad array of interior products and finishes, including flooring, cabinets, countertops, window treatments, and related interior items. The Architectural Surfaces Group segment distributes natural and engineered stone through a national network of distribution centers and showrooms under proprietary brand names such as AG&M, Modul and Pental. For more information, visit: www.selectinteriorconcepts.com.

CONTACTS:

Investor Relations:
Tully Brown
(470) 548-7370
IR@selectinteriorconcepts.com

FAQ

What are the details of the stock units granted to Patrick Dussinger at SIC?

Patrick Dussinger was granted 225,000 restricted stock units (112,500 time-based and 112,500 performance-based) as part of his appointment as President – ASG at Select Interior Concepts.

How do the performance-based stock units work for Patrick Dussinger?

The performance-based stock units for Patrick Dussinger vest based on the Company’s stock price exceeding specific thresholds for 20 consecutive trading days.

Why were the restricted stock units granted to Patrick Dussinger?

The restricted stock units were granted as an inducement for Patrick Dussinger to enter into his employment with Select Interior Concepts, in line with NASDAQ Listing Rules.

When did Patrick Dussinger assume his role at SIC?

Patrick Dussinger's appointment as President – ASG at Select Interior Concepts was effective immediately as of July 27, 2020.