VERNON, Calif.--(BUSINESS WIRE)--True Religion Apparel, Inc. (NASDAQ: TRLG) (the “Company”), announced that on February 22, 2011, the Company’s newly appointed Senior Vice President of North America Retail, David Chiovetti, was issued an inducement award of 30,000 shares of restricted common stock, par value $.0001 per share, of the Company (the “restricted stock”), outside the Company’s Amended and Restated 2009 Equity Incentive Plan. The restricted stock will vest over a three year period, with one third vesting on February 22, 2012, one third vesting on February 22, 2013, and one third vesting on February 22, 2014. The restricted stock shall be subject to transfer restrictions until fully vested, but Mr. Chiovetti will have the right to receive dividends on the restricted stock and direct the voting of such shares. The restricted stock award was granted to Mr. Chiovetti 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.
About True Religion Apparel, Inc.
True Religion Apparel, Inc. is a growing, design-based jeans and jeans-related sportswear brand. The company designs, manufactures and markets True Religion Apparel products, including its premium True Religion Brand Jeans. Its expanding product line, which includes high-quality, distinctive styling and fit in denim, sportswear, and licensed products, may be found in the Company’s branded retail stores as well as contemporary department stores and boutiques in 50 countries on six continents. The Company owns and operates 94 branded retail stores in the United States, four branded retail stores in Japan, one branded retail store in the United Kingdom, one branded retail store in Germany, and one branded retail store in Canada. For more information, please visit www.truereligionbrandjeans.com.
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including uncertainties as to the nature of the apparel industry, including changing customer demand and tastes, seasonality, customer acceptance of new products, the impact of competitive products and pricing, dependence on existing management and general economic conditions. Our Annual Report on Form 10-K, recent and forthcoming Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings discuss some of the important risk factors that may affect our business, results of operations and financial condition. The Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.