United Natural Foods Reports Employment Inducement Grant

Rhea-AI Summary

United Natural Foods, Inc. (NYSE: UNFI) announced on March 22, 2022, that it granted an inducement restricted stock unit (RSU) award to Louis Martin, its Chief Strategy and Transformation Officer, covering 20,310 shares of common stock. The RSU will vest in three equal annual installments beginning on the first anniversary of the grant date. This award was approved by the Company’s Compensation Committee based on employment inducement exemptions. The terms of this RSU are similar to those granted to other employees.

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• Inducement RSU award of 20,310 shares granted to Louis Martin, aligning management interests with shareholder value.

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• None.

PROVIDENCE, R.I.--(BUSINESS WIRE)-- United Natural Foods, Inc. (NYSE: UNFI)(the “Company” or “UNFI”) announced today that on March 22, 2022, it granted to Louis Martin, its Chief Strategy and Transformation Officer, an inducement time-based restricted stock unit (“RSU”) award covering a total of 20,310 shares of common stock of UNFI. The RSU will vest in three equal annual installments, beginning on the first anniversary of the date of grant.

The RSU was awarded pursuant to Mr. Martin’s previously announced appointment, with the number of shares determined based on the market price on the date of grant. The RSU was approved by the Company’s Compensation Committee as an inducement grant in reliance on the employment inducement exemption under Rule 303A.08 of the New York Stock Exchange (NYSE) Listing Standards. This announcement is being made pursuant to the requirements of Rule 303A.08.

The terms of the RSU awarded to Mr. Martin are substantially the same as those of other RSUs granted to other UNFI employees. The RSU was not issued under the Plan but will be governed by the terms of such plan as if they were so issued.

About United Natural Foods

UNFI is North America's premier food wholesaler delivering the widest variety of products to customer locations throughout North America including natural product superstores, independent retailers, conventional supermarket chains, ecommerce retailers, and food service customers. By providing this deeper ‘full-store’ selection and compelling brands for every aisle, UNFI is uniquely positioned to deliver great food, more choices, and fresh thinking to customers everywhere. Today, UNFI is the largest publicly traded grocery distributor in America. To learn more about how UNFI is Fueling the Future of Food, visit www.unfi.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220322006135/en/

INVESTOR CONTACT:

Steve Bloomquist

Vice President, Investor Relations

952-828-4144

Source: United Natural Foods, Inc.

FAQ

What is the recent RSU award announced by UNFI?

United Natural Foods granted an inducement RSU award of 20,310 shares to Louis Martin on March 22, 2022.

When will the RSU granted to Louis Martin vest?

The RSU will vest in three equal annual installments starting from the first anniversary of the grant date.

What is the role of Louis Martin in UNFI?

Louis Martin is the Chief Strategy and Transformation Officer at United Natural Foods.

What was the reason for granting the RSU to Louis Martin?

The RSU was granted as part of an inducement package related to his appointment.

What is NYSE Rule 303A.08 in relation to UNFI's RSU award?

Rule 303A.08 allows companies to grant inducement awards to attract top talent without needing shareholder approval.