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As previously announced, on February 5, 2013, Jay Margolis joined Cache, Inc. (NASDAQ: CACH) as Chairman of the Board of Directors and Chief Executive Officer. In connection with his employment by Cache, Mr. Margolis was awarded stock options that qualify as an inducement grant pursuant to the NASDAQ Listing Rules. The NASDAQ Listing Rules require the distribution of a press release in connection with any inducement grant. This press release is intended to satisfy those requirements.
In connection with his employment by Cache, Mr. Margolis was granted an option to purchase 1,000,000 shares of Cache's common stock. The option will vest in equal installments on the first, second and third anniversary of the grant date, subject to accelerated vesting upon a change of control or termination of employment without cause. Any unvested portion of the option will be forfeited upon a termination of employment by Mr. Margolis for any reason or due to death or disability. The vested and unvested portions of the option will be forfeited upon a termination of employment for cause. The exercise price of the option is $3.34 per share.
About Cache, Inc.
Cache is a nationwide, mall-based specialty retailer of sophisticated sportswear and social occasion dresses targeting style-conscious women who have a youthful attitude and are self-confident. The Company currently operates 261 stores, primarily situated in central locations in high traffic, upscale malls in 42 states, the Virgin Islands and Puerto Rico.