MINNEAPOLIS--(BUSINESS WIRE)--Jan. 10, 2013--
SUPERVALU Inc. (NYSE: SVU) announced today, in conjunction with the
announcement of its definitive agreement for the sale of five retail
grocery banners to a Cerberus-led investment group and the related
tender offer to be conducted for up to 30 percent of SUPERVALU shares
(the “Transactions”), that grocery retail veteran Sam Duncan would be
named President and Chief Executive Officer following the closing of the
Transactions. At that time, the Board will grant Mr. Duncan stock
options to acquire 1,500,000 shares of Company common stock with an
exercise price equal to the closing price of a share of Company common
stock on the New York Stock Exchange (the “NYSE”) on that date. These
stock options will have the same terms and conditions as stock options
generally granted during the Company’s fiscal year ending February 22,
2014 to other executives of the Company under the Company’s 2012 Stock
Plan. They will vest in three equal annual installments on each
anniversary of the grant date, with accelerated vesting upon the
achievement of a per share price of Company common stock determined at
the time of grant, subject to Mr. Duncan’s continued employment. These
options will be granted outside of the terms of the Company’s 2012 Stock
Plan in reliance on the employment inducement award exemption under the
NYSE’s Listed Company Manual Rule 303A.08. Pursuant to the rule, the
Company is issuing this press release.
About SUPERVALU Inc.
SUPERVALU Inc. is one of the largest companies in the U.S. grocery
channel with annual sales of approximately $35 billion. SUPERVALU serves
customers across the United States through a network of approximately
4,350 stores composed of 1,068 traditional retail stores, including 778
in-store pharmacies; 1,329 Save-A-Lot stores, of which 946 are operated
by licensee owners; and 1,950 independent stores serviced primarily by
the Company’s food distribution business. SUPERVALU has approximately
125,000 employees. For more information about SUPERVALU visit www.supervalu.com.
SUPERVALU undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Source: SUPERVALU Inc.
Mike Siemienas, 952-828-4245