NEW YORK, April 27, 2017 /PRNewswire/ -- Weight Watchers International, Inc. (NYSE: WTW) announced that, in connection with the previously announced appointment of Mindy Grossman as President and Chief Executive Officer, it has agreed to grant her an employment inducement equity award. As previously disclosed in a Current Report on Form 8-K filed with the Securities and Exchange Commission on April 26, 2017 (the "Prior 8-K"), Weight Watchers has agreed to grant Ms. Grossman initial equity awards on her first day of employment, which will include a grant of 500,000 nonqualified stock options with an exercise price per share equal to $60.00 (the "Inducement Options"). These Inducement Options will have a seven year term and proportionately vest annually over a four year period beginning with the first anniversary of Ms. Grossman's employment commencement date. These Inducement Options will be granted in reliance on the employment inducement exemption provided under the New York Stock Exchange Listed Company Manual Rule 303A.08. The award of these Inducement Options, along with the other previously disclosed initial equity awards intended to be granted under the Weight Watchers stock incentive plan, were a material inducement for Ms. Grossman to join Weight Watchers. The material terms of all of these initial equity awards were described in the Prior 8-K.
Ms. Grossman will commence service on July 5, 2017.
About Weight Watchers International, Inc.
Weight Watchers International, Inc. is one of the most recognized and trusted brand names among weight-conscious consumers. Weight Watchers provides commercial weight management services through a global network of Company-owned and franchise operations and offers innovative, digital weight management products through its websites, mobile sites and apps. These services and products are built on the Company's weight management program, which helps millions of people around the world lose weight through sensible and sustainable food plans, activity, behavior modification and group support. Weight Watchers has an unparalleled network of service providers to assist members on their journey and also offers a wide range of products, publications and programs for those interested in weight loss and healthier living.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and beliefs, as well as a number of assumptions concerning future events. These statements are subject to risks, uncertainties, assumptions and other important factors. Readers are cautioned not to put undue reliance on such forward-looking statements because actual results may vary materially from those expressed or implied. The reports filed by the Company pursuant to United States securities laws contain discussions of these risks and uncertainties. The Company assumes no obligation to, and expressly disclaims any obligation to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are advised to review the Company's filings with the United States Securities and Exchange Commission (which are available from the SEC's EDGAR database at www.sec.gov, at various SEC reference facilities in the United States and via the Company's website at www.weightwatchersinternational.com).
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SOURCE Weight Watchers International, Inc.