JAB has also granted the underwriter a 30-day option to purchase up to an additional 9 million shares.
Following the completion of the offering, JAB will beneficially own approximately 16.5% of KDP's outstanding common stock, or approximately 15.8% assuming full exercise of the underwriter's option to purchase additional shares. The remaining shares beneficially owned by JAB will be subject to a 90-day lock-up agreement with the underwriter.
Additionally, to fill the vacancy on the KDP Board of Directors left by JAB Partner Lubomira Rochet, who notified the Company of her immediate resignation, the Board has appointed Frank Engelen, Managing Partner and CFO of JAB, as a director.
