PARAMUS, N.J., April 4, 2008 /PRNewswire-FirstCall/ -- Smart Balance Inc. announced appointments in its sales organization today. Kenneth Messick has been named to the position of vice president, business development. Gerald Edel has been named to the position of vice president, general manager, Midwest. Brett Meltzer has been named to the position of vice president, general manager, West. All three are new employees of the Company.
"I am looking forward to the contributions that Ken, Jerry, and Brett will make to the Smart Balance sales efforts," said Terry Schulke, the Company's executive vice president and chief customer officer. Terry added "They bring a wealth of experience that will help us achieve our growth goals."
The Company issued to Messick inducement stock options to purchase 175,000 shares of common stock with an exercise price of $8.31 per share, which is the last sale price of common stock on April 1, 2008, the date of the option grant and Messick's first date of employment with the Company. Fifty percent of the options vest quarterly in arrears over a four year period. Twenty-five percent of the options vest when the closing stock price is at least $16.75 per share for twenty out of thirty consecutive trading days. The remaining twenty-five percent vest when the closing price is at least $20.25 per share for twenty out of thirty consecutive trading days. All of the options are subject to accelerated vesting in the event of death, disability, or after a "change of control." The stock option grants meet the "employee inducement" exception to NASDAQ Marketplace Rule 4350 requiring shareholder approval of equity-based incentive plans.
The Company issued to Edel inducement stock options to purchase 150,000 shares of common stock with an exercise price of $8.31 per share, which is the last sale price of common stock on April 1, 2008, the date of the option grant and Edel's first date of employment with the Company. Fifty percent of the options vest quarterly in arrears over a four year period. Twenty-five percent of the options vest when the closing stock price is at least $16.75 per share for twenty out of thirty consecutive trading days. The remaining twenty-five percent vest when the closing price is at least $20.25 per share for twenty out of thirty consecutive trading days. All of the options are subject to accelerated vesting in the event of death, disability, or after a "change of control." The stock option grants meet the "employee inducement" exception to NASDAQ Marketplace Rule 4350 requiring shareholder approval of equity-based incentive plans.
The Company issued to Meltzer inducement stock options to purchase 150,000 shares of common stock with an exercise price of $8.31 per share, which is the last sale price of common stock on April 1, 2008, the date of the option grant and Meltzer's first date of employment with the Company. Fifty percent of the options vest quarterly in arrears over a four year period. Twenty-five percent of the options vest when the closing stock price is at least $16.75 per share for twenty out of thirty consecutive trading days. The remaining twenty-five percent vest when the closing price is at least $20.25 per share for twenty out of thirty consecutive trading days. All of the options are subject to accelerated vesting in the event of death, disability, or after a "change of control." The stock option grants meet the "employee inducement" exception to NASDAQ Marketplace Rule 4350 requiring shareholder approval of equity-based incentive plans.
About Smart Balance Inc.
Smart Balance Inc. is committed to providing superior tasting heart healthier alternatives in every category it enters by avoiding trans fats naturally, balancing fats and/or reducing saturated fats, total fat and cholesterol. The company's products include Smart Balance(R) Buttery Spreads, Milk, Butter Blend Sticks, Cream Cheese, Peanut Butter, Microwave Popcorn, Cooking Oil, Mayonnaise, Non-Stick Cooking Spray and Cheese. Smart Balance Inc. is one of the five fastest growing food companies in the United States, according to Nielsen sales figures. For more information about products and the Smart Balance(TM) Food Plan, visit http://www.smartbalance.com/.
Smart Balance Inc.
