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Mobile Mini, Inc. (NASDAQ GS: MINI) today announced that in accordance with NASDAQ rules regarding employment inducement awards, Mobile Mini has granted equity compensation awards to Erik Olsson in connection with his employment as the Company’s President and Chief Executive Officer. Details of this grant were also previously disclosed in the Company’s Form 8-K filing dated March 20, 2013.
Mr. Olsson's inducement awards consist of stock options in three separate tranches. The first tranche of stock options grants Mr. Olsson the right to purchase 1,000,000 shares of common stock at the closing market price as of March 18, 2013 of $28.27 per share. The vesting of these options is subject to the achievement of certain EBITDA and net debt targets in 2013, 2014 and 2015. The second tranche of stock options grant Mr. Olsson the right to purchase 500,000 shares of common stock at a price of $32.51, which represents a 15% premium to the closing market price as of March 18, 2013. The third tranche of options grant Mr. Olsson the right to purchase 500,000 shares of common stock at a price of $36.75, which represents a 30% premium to the closing market price as of March 18, 2013. In addition to the performance criteria required the first tranche, each of these tranches will vest over three years.
In granting these stock options, the Board focused on a number of factors, particularly the performance nature of the options. Substantially all of the elements of Mr. Olsson’s equity compensation were issued above current market prices or have vesting criteria that require the achievement of certain performance objectives. Additionally, Mr. Olsson’s annual cash bonus opportunity will also be based on the achievement of performance criteria defined by the Board. Thus, the Board believes that Mr. Olsson’s overall compensation package is heavily performance based and thus aligns him well with the shareholders of the Company.