Required Disclosure under Nasdaq Listing Rule 5635 Regarding Inducement Grants

June 9, 2010 at 12:33 pm Leave a comment

True Religion Apparel, Inc., announced that on June 4, 2010, the Company’s newly appointed President, Michael Egeck, was issued an inducement award of 100,000 shares of restricted common stock, par value $.0001 per share, of the Company (the “restricted stock”), outside the Company’s 2009 Equity Incentive Plan. The restricted stock will vest over a three year period, with one third vesting on June 4, 2011, one third vesting on June 4, 2012 and one third vesting on June 4, 2013. The restricted stock shall be subject to transfer restrictions until fully vested, but Mr. Egeck will have the right to receive dividends on the restricted stock and direct the voting of such shares. Upon a termination of Mr. Egeck’s employment with the Company without “Cause” or for “Good Reason” as defined in Mr. Egeck’s employment agreement, the restricted stock shall vest in full. The restricted stock award was granted to Mr. Egeck as an “inducement material to employment with the Company,” as contemplated by NASDAQ Listing Rule 5635(c)(4) and this press release is being made pursuant to such rule.

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