UNION, N.J., Nov. 4, 2019 /PRNewswire/ -- Bed Bath &
Beyond Inc. (Nasdaq: BBBY) today announced that, as previously
reported on its Form 8-K filed on October
10, 2019, effective November 4,
2019, Bed Bath & Beyond granted equity-based awards, in
accordance with Nasdaq Listing Rule 5635(c)(4), to Mark J. Tritton
as an inducement material to Mr. Tritton entering into an
employment agreement with Bed Bath & Beyond and commencing
employment as its President and Chief Executive Officer. Mr.
Tritton received three equity-based awards: (1) 39,105 restricted
stock units ("RSUs"), which will vest on November 4, 2020; (2)
539,648 RSUs, of which 273,734 will vest on March 31, 2020, 132,957
will vest on September 30, 2020, and 132,957 will vest on March 31,
2021; and (3) 273,735 performance stock units, which will vest, if
at all, on November 4, 2021, based on performance goals relating to
a three-year strategic plan with respect to the business of Bed
Bath & Beyond, in each case and in general, provided that Mr.
Tritton remains in Bed Bath & Beyond's employ through each
applicable vesting date and subject to the terms and conditions of
the applicable award agreement.
About the Company
Bed Bath & Beyond Inc. and subsidiaries (the "Company")
is an omnichannel retailer that is the trusted expert for the home
and heart-felt life events. The Company sells a wide assortment of
domestics merchandise and home furnishings. The Company also
provides a variety of textile products, amenities and other goods
to institutional customers in the hospitality, cruise line,
healthcare and other industries. Additionally, the Company is a
partner in a joint venture which operates retail stores in
Mexico under the name Bed
Bath & Beyond.
Forward-Looking Statements
This press release contains forward-looking statements,
including, but not limited to, the Company's outlook for its
progress and anticipated progress towards its long-term objectives.
Many of these forward-looking statements can be identified by use
of words such as may, will, expect, anticipate, approximate,
estimate, assume, continue, model, project, plan, goal, and similar
words and phrases. The Company's actual results and future
financial condition may differ materially from those expressed in
any such forward-looking statements as a result of many factors.
Such factors include, without limitation: general economic
conditions including the housing market, a challenging overall
macroeconomic environment and related changes in the retailing
environment; consumer preferences, spending habits and adoption of
new technologies; demographics and other macroeconomic factors that
may impact the level of spending for the types of merchandise sold
by the Company; civil disturbances and terrorist acts; unusual
weather patterns and natural disasters; competition from existing
and potential competitors across all channels; pricing pressures;
liquidity; the ability to achieve anticipated cost savings, and to
not exceed anticipated costs, associated with organizational
changes and investments; the ability to attract and retain
qualified employees in all areas of the organization, the cost of
labor, merchandise and other costs and expenses; potential supply
chain disruption due to trade restrictions, political instability,
labor disturbances, product recalls, financial or operational
instability of suppliers or carriers, and other items; the ability
to find suitable locations at acceptable occupancy costs and other
terms to support the Company's plans for new stores; the ability to
establish and profitably maintain the appropriate mix of digital
and physical presence in the markets it serves; the ability to
assess and implement technologies in support of the Company's
development of its omnichannel capabilities; uncertainty in
financial markets; volatility in the price of the Company's common
stock and its effect, and the effect of other factors, on the
Company's capital allocation strategy; risks associated with the
ability to achieve a successful outcome for its business concepts
and to otherwise achieve its business strategies; the impact of
intangible asset and other impairments; disruptions to the
Company's information technology systems including but not limited
to security breaches of systems protecting consumer and employee
information or other types of cybercrimes or cybersecurity attacks;
reputational risk arising from challenges to the Company's or a
third party product or service supplier's compliance with various
laws, regulations or standards, including those related to labor,
health, safety, privacy or the environment; reputational risk
arising from third-party merchandise or service vendor performance
in direct home delivery or assembly of product for customers;
changes to statutory, regulatory and legal requirements, including
without limitation proposed changes affecting international trade;
changes to, or new, tax laws or interpretation of existing tax
laws; new, or developments in existing, litigation, claims or
assessments; changes to, or new, accounting standards; foreign
currency exchange rate fluctuations; and the integration of
acquired businesses. The Company does not undertake any obligation
to update its forward-looking statements.
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SOURCE Bed Bath & Beyond Inc.