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.
The Compensation Committee of the Company’s Board of Directors granted the above awards on March 18, 2013 in accordance with NASDAQ Listing Rule 5635(c)(4).
About Mobile Mini
Mobile Mini, Inc. is the world’s leading provider of portable storage solutions. Mobile Mini is included on the Russell 2000® and 3000® Indexes and the S&P Small Cap Index. For more information visit www.mobilemini.com.
This news release contains forward-looking statements, particularly regarding the momentum of our business and our expectations regarding results this year, which involve inherent risks and uncertainties. Statements that are not historical facts, including statements about Mobile Mini, Inc.'s beliefs, plans or expectations, are forward-looking statements. These statements are based on current plans, estimates and expectations. Actual results may differ materially from those projected in such forward-looking statements and therefore you should not place undue reliance on them. A non-exclusive list of the important factors that could cause actual results to differ materially from those in such forward looking statements is set forth in Mobile Mini, Inc.'s most recent report on Form 10-K and Mobile Mini’s other documents on file with the Securities and Exchange Commission. Mobile Mini, Inc. undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.