United Natural Foods Reports Employment Inducement Grant

Rhea-AI Summary

United Natural Foods, Inc. (NYSE: UNFI) announced the grant of a time-based restricted stock unit (RSU) award to Matthew T. Echols, its Chief Corporate Affairs Officer, covering 14,484 shares. The RSU will vest in three annual installments starting on the first anniversary of the grant date, March 11, 2022. This award was approved by the Compensation Committee and is in compliance with NYSE Listing Standards Rule 303A.08. The RSU terms align with those of grants given to other UNFI employees.

Positive

• Matthew T. Echols received an RSU award, indicating confidence in his leadership.
• The RSU structure aligns incentives with shareholder interests.

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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 11, 2022, it granted to Matthew T. Echols, its Chief Corporate Affairs Officer, an inducement time-based restricted stock unit (“RSU”) award covering a total of 14,484 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. Echols’ 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. Echols 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/20220311005464/en/

INVESTOR CONTACT:

Steve Bloomquist

Vice President, Investor Relations

952-828-4144

Source: United Natural Foods, Inc.

FAQ

What is the recent RSU grant by UNFI?

UNFI granted Matthew T. Echols an RSU covering 14,484 shares, vesting over three years.

When will Matthew T. Echols' RSU vest?

The RSU will vest in three equal installments starting on the first anniversary of the grant date, March 11, 2022.

What is the purpose of this RSU grant?

The RSU is an inducement grant to attract and retain leadership talent at UNFI.

Is the RSU awarded to Echols part of UNFI's standard employee compensation?

Yes, the RSU terms are substantially the same as those of other grants to UNFI employees.

What stock symbol is associated with United Natural Foods?

The stock symbol for United Natural Foods is UNFI.