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

Rhea-AI Summary

Select Interior Concepts (SIC) appointed Deme Christian as Chief Human Resources Officer, effective immediately. As part of her inducement to join, the Company granted her 125,000 restricted stock units (62,500 time-based and 62,500 performance-based). The time-based units vest over four years, while the performance-based units depend on the stock closing above set price hurdles for 20 consecutive trading days, both contingent on her continued employment. This move aligns with NASDAQ Listing Rule 5635(c)(4).

Positive

• Appointment of Deme Christian expected to enhance the Company's HR capabilities.
• Issuance of 125,000 restricted stock units may incentivize long-term performance.

Negative

• None.

ATLANTA, Aug. 10, 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 Deme Christian as Chief Human Resources Officer of the Company, effective immediately, the Company granted to Ms. Christian 62,500 time-based restricted stock units and 62,500 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 Ms. Christian’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 Ms. Christian’s continued employment with the Company.

The restricted stock units were negotiated and approved as an inducement to Ms. Christian’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 is the stock symbol for Select Interior Concepts?

The stock symbol for Select Interior Concepts is SIC.

What are the terms of the restricted stock units granted to Deme Christian?

Deme Christian received 62,500 time-based and 62,500 performance-based restricted stock units, each vesting based on specific conditions.

When was Deme Christian appointed Chief Human Resources Officer?

Deme Christian was appointed Chief Human Resources Officer effective August 10, 2020.

What is the significance of NASDAQ Listing Rule 5635(c)(4) in this appointment?

NASDAQ Listing Rule 5635(c)(4) governs the granting of inducement awards when hiring new employees.