Pennsauken / NJ. (jj) J+J Snack Foods Corporation announced that the Company granted an inducement grant of 1,579 restricted shares of its common stock to Ken Plunk pursuant to an Inducement Restricted Stock Award Agreement. On September 21, 2020, J+J announced the appointment of Ken Plunk as Senior Vice President, Chief Financial Officer responsible for leading the company’s overall financial operations.
The Plunk Inducement Grant was approved by the Company’s compensation committee pursuant to a delegation by the Company’s board of directors and was issued as an inducement equity grant pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules, as an inducement material to Ken Plunk entering into employment with J+J. The Plunk Inducement Grant will vest over a period of three years, with one third of the shares underlying such equity grant vesting on the first anniversary of the grant and the remaining 2/3 thirds of the shares vesting upon each anniversary year thereafter. The vesting is subject to Plunk’s continued service with the Company through the applicable vesting dates. The Plunk Inducement Grant is subject to the terms and conditions of the form of award agreement covering the grant.