Sprouts Farmers Market 2015 Annual Report Download - page 100

Download and view the complete annual report

Please find page 100 of the 2015 Sprouts Farmers Market annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 114

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114

92
The following table summarizes RSU activity:
Number of
RSUs
Weighted
Average
Grant Date
Fair Value
Outstanding at December 28, 2014................................................. 102,939 38.78
A
warded........................................................................................... 98,320 33.25
Released.......................................................................................... (39,311)38.82
Forfeited........................................................................................... (18,753)36.64
Outstanding at January 3, 2016 ...................................................... 143,195 35.26
PSAs
The PSAs were granted in March 2015 and are earned based on the Company’s achievement of
certain earnings per share performance targets during 2015. If earned, such PSAs vest 50% on the
second anniversary of the grant date (2017), and 50% on the third anniversary of the grant date (2018).
The PSAs only become immediately vested in the event of a change in control (as defined in the
applicable team member award agreement) if the awards are not continued or assumed by the acquiror
on a substantially equivalent basis. If the awards continue or are assumed on a substantially equivalent
basis, but employment is terminated by the Company or an acquirer without cause or by the team
member for good reason (as such terms are defined in the applicable team member award agreement)
within 24 months following the change in control, such awards will become immediately vested upon such
termination. Under all other scenarios, the awards continue to vest per the schedule outlined in the
applicable team member award agreement.
Shares issued for PSA vesting are newly issued shares.
The estimated fair values of PSAs granted during 2015 is $34.33, and was calculated based on the
closing price on the grant date.
The total grant date fair value of PSAs granted during 2015 was $2.5 million. There were no PSAs
released during 2015. The total grant date fair value of PSAs forfeited during 2015 was $0.1 million. The
grant date weighted average fair value of the 0.1 million PSAs issued but not released as of January 3,
2016 was $2.4 million. Subsequent to January 3, 2016, the Company’s board of directors determined that
the performance targets were met and 0.1 million PSAs were earned.
The following table summarizes PSA activity:
Number of
PSAs
Weighted
Average
Grant Date
Fair Value
Outstanding at December 28, 2014 ................................ — —
A
warded .......................................................................... 71,753 34.33
Released ......................................................................... — —
Forfeited .......................................................................... (1,614)34.33
Outstanding at January 3, 2016 ...................................... 70,139 34.33