Mobile Mini Reports Inducement Grants Under NASDAQ Listing Rule 5635(C)(4)
TEMPE, Ariz. -- March 22, 2013
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
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
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.
Mobile Mini, Inc.
Mark Funk, 480-477-0241
Executive VP & Chief Financial Officer
INVESTOR RELATIONS COUNSEL:
The Equity Group Inc.
Fred Buonocore, 212-836-9607
Linda Latman, 212-836-9609
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