biz.yahoo.com/bw/081117/20081117007051.html?.v=1 -
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Published on: 11/17/2008
Last Visited: 11/17/2008
EMERYVILLE, Calif.--(BUSINESS WIRE)--Jamba, Inc. (NASDAQ:JMBA - News; NASDAQ:JMBAU - News; NASDAQ:JMBAW - News) today announced the appointment of James White as its President and Chief Executive Officer and as a member of its Board of Directors.
Mr. White's planned start date is December 1, 2008.
Steven R. Berrard, interim Chief Executive Officer and President, said "On behalf of the entire Board, I would like to welcome James to Jamba.
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In connection with Mr. White's appointment, Mr. Berrard will be stepping down as the Company's interim Chief Executive Officer and President but will remain as the Company's Chairman of the Board of Directors.
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Mr. White was most recently Senior Vice President of Consumer Brands at Safeway, Inc., a publicly-traded Fortune 100 food and drug retailer.
While at Safeway, he was most recently responsible for consumer brands operation spanning 35 different categories, including expanding private label into higher quality, premium priced categories.
In addition, Mr. White developed a robust pipeline of innovation including the launches of O Organic foods and Eating Right brands at Safeway.
Mr. White also held the position of Senior Vice President of Business Development, North America, for The Gillette Company.
At Gillette, he played a critical role in implementing company-wide global quality and service transformation and was responsible for supporting the North American businesses.
Mr. White also served in executive positions at Nestle Purina and began his career at The Coca-Cola Company.
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While there are clearly challenges ahead, I feel that Jamba is a world-class brand with unique growth and extension opportunities," stated Mr. White.
Disclosure Regarding Mr. White's Equity Award
The equity award to be granted to Mr. White in connection with his appointment as President and Chief Executive Officer is considered an "inducement award" as defined by NASDAQ Marketplace Rules.
The inducement award will consist of a nonqualified stock option award to purchase 1,500,000 shares of the Company's common stock with an exercise price equal to the fair market value of the Company's common stock on the date of the grant.
The shares subject to the inducement grant will vest over four years so long as Mr. White remains an employee, with twenty-five percent of the total number of shares subject to this award vesting on each anniversary of the date of the grant.
Mr. White will be entitled to one year of accelerated vesting in any unvested stock options in the event of a termination without cause or resignation for good reason (as such terms are defined in Mr. White's employment agreement).
The inducement award will be granted outside of the terms of the existing Company equity incentive plans, was approved by the Compensation Committee of the Company's Board of Directors and was granted pursuant to NASDAQ Marketplace Rule 4350(i)(1)(A)(iv).