QUINCY, Mass.--(BUSINESS WIRE)--On February 15, 2021, J.Jill, Inc. (NYSE: JILL) made a grant to Claire Spofford of 300,000 restricted stock units in respect of the company’s common stock (“RSUs”). The grant of RSUs was offered as a material inducement to Ms. Spofford’s hiring as Chief Executive Officer of the company. Ms. Spofford, whose hiring was announced on October 7, 2020, joined the company on February 15, 2021.
The RSUs were granted outside the terms of the company’s 2017 Omnibus Equity Incentive Plan and approved by the company’s Board of Directors in reliance on the employment inducement exemption under the NYSE’s Listed Company Manual Rule 303A.08, which requires public announcement of inducement awards. The company is issuing this press release pursuant to Rule 303A.08.
The RSUs shall generally vest and become exercisable in equal installments on each of the first four anniversaries of the grant date, subject to Ms. Spofford’s continued employment with the company. Additionally, the RSUs may be subject to accelerated vesting in the event of certain qualifying terminations of employment of Ms. Spofford’s employment.
About J.Jill, Inc.
J.Jill is a premier omnichannel retailer and nationally recognized women’s apparel brand committed to delighting customers with great wear-now product. The brand represents an easy, relaxed, inspired style that reflects the confidence and comfort of a woman with a rich, full life. J.Jill offers a guiding customer experience through more than 270 stores nationwide and a robust e-commerce platform. J.Jill is headquartered outside Boston. For more information, please visit www.JJill.com. The information included on J.Jill’s website is not incorporated by reference herein.