Ruby Tuesday, Inc. (NYSE: RT) today announced that, in accordance with New York Stock Exchange rules regarding employment inducement awards, Ruby Tuesday has granted equity compensation awards comprised of 497,546 shares of service-based restricted stock, 102,433 shares of performance-based restricted stock assuming maximum performance is achieved, and options to purchase up to 752,939 shares of Ruby Tuesday’s common stock to JJ Buettgen, its newly-appointed President and Chief Executive Officer.
The service-based restricted stock will cliff vest after 30 months and will be subject to a six-month holding period. The performance-based restricted stock will be measured using the same performance period as that for other members of Company management, which is the fiscal year 2013. The performance-based restricted stock will cliff vest at the greater of target or achievement of the performance criteria during the performance period, after 30 months, and will be subject to a six-month holding period. Service-based options to purchase up to 502,939 shares of Ruby Tuesday’s common stock will vest in equal installments over the next three years and a performance-based option to purchase up to an additional 250,000 shares of Ruby Tuesday’s common stock will cliff vest after 36 months only if the Company’s stock price appreciates to $14 per share for a period of 20 consecutive trading days within Mr. Buettgen’s first three years of employment.
These inducement awards were granted outside of Ruby Tuesday’s current equity compensation plans. Except as described above, the awards generally have the same terms and conditions as other awards granted by Ruby Tuesday to its executive officers.
ABOUT RUBY TUESDAY
Ruby Tuesday, Inc. has Company-owned and/or franchise Ruby Tuesday brand restaurants in 45 states, the District of Columbia, 12 foreign countries, and Guam. As of September 4, 2012, we owned and operated 712 Ruby Tuesday restaurants and franchised 78 Ruby Tuesday restaurants, comprised of 34 domestic and 44 international restaurants. Our Company-owned and operated restaurants are concentrated primarily in the Southeast, Northeast, Mid-Atlantic, and Midwest of the United States, which we consider to be our core markets.