Holley Announces Inducement Awards Under NYSE Section 303A.08 of the NYSE Listed Company Manual
May 17 2023 - 8:35AM
Business Wire
Holley Inc. (NYSE: HLLY), a leading platform serving performance
automotive enthusiasts, today announced the grant of inducement
equity awards to Matthew Stevenson, Holley’s newly appointed
President and Chief Executive Officer.
The inducement equity awards consist of (i) 1,000,000
time-vesting restricted stock units (“RSUs”), which will vest
ratably in one-fourth increments on each of the first four
anniversaries following the date of grant, and (ii) 1,520,000
performance-based stock units (“PSUs”), which will vest upon the
achievement of certain stock price metrics. Specifically, 300,000
PSUs will vest upon the achievement of a stock price threshold of
$5.00, $7.50 and $10.00, respectively, and the remaining 320,000
PSUs will vest upon the achievement of a $15.00 stock price
threshold. The vesting of the RSUs and PSUs is, in each case,
subject to Mr. Stevenson’s continued employment with Holley.
The RSUs and PSUs have been granted outside of Holley’s 2021
Omnibus Incentive Plan and were approved by Holley’s board of
directors in reliance on the employment inducement exemption under
Rule 303A.08 of the NYSE Listing Company Manual. Although the RSUs
and PSUs were granted outside of Holley’s 2021 Omnibus Incentive
Plan, the awards will have terms and conditions consistent with
those set forth under such plan.
About Holley
Holley Inc. (NYSE: HLLY) is a leading designer, marketer, and
manufacturer of high-performance products for car and truck
enthusiasts. Holley offers a leading portfolio of iconic brands
that deliver innovation and inspiration to a large and diverse
community of millions of avid automotive enthusiasts who are
passionate about the performance and personalization of their
classic and modern cars. Holley has disrupted the performance
category by putting the enthusiast consumer first, developing
innovative new products, and building a robust M&A process that
has added meaningful scale and diversity to its platform. For more
information on Holley, visit https://www.holley.com.
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Investor Relations: Ross Collins / Stephen Poe Alpha IR
Group 312-445-2870 HLLY@alpha-ir.com
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