Centric Brands Inc. Announces Inducement Equity Grant
November 09 2018 - 5:12PM
Business Wire
Centric Brands Inc. (NASDAQ:CTRC) (the “Company”), a leading
lifestyle brands collective, granted to Anurup Pruthi, as an
inducement to accept his appointment as Chief Financial Officer of
the Company, 600,000 restricted stock units (the “RSUs”) with
respect to the Company’s common stock, $0.10 par value (“Common
Stock”). The grant was made as an inducement award and was not
granted under the Company’s 2016 Stock Incentive Compensation Plan
(the “2016 Plan”), but is subject to the same terms and conditions
as the 2016 Plan.
The RSUs shall vest in one-third increments on November 5, 2019,
November 5, 2020 and November 5, 2021, subject in each case to Mr.
Pruthi’s continued employment through the applicable vesting date;
provided, if Mr. Pruthi’s employment is terminated by the Company
without “cause” (and not due to his death or disability) or by him
for “good reason” (each such term as defined in his employment
agreement with the Company) then any unvested portion of the RSUs
will accelerate and become fully vested on the date of termination.
Any vested RSUs will be settled through the issuance of Common
Stock promptly following the applicable vesting date; provided that
in the event of the termination of Mr. Pruthi’s employment without
cause or for good reason, the settlement will take place on the
date that is thirty (30) days following the date of
termination.
In the event of a change of control (as such term is defined in
the 2016 Plan), any unvested portion of the RSUs shall accelerate
and become fully vested on the date of such change of control.
The RSUs described above are being granted as a material
inducement to Mr. Pruthi entering into employment with the Company
in accordance with NASDAQ Listing Rule 5635(c)(4), and are subject
to the terms and conditions of the award agreement.
About Centric Brands:
Centric Brands (NASDAQ: CTRC) is a leading lifestyle brands
collective, bringing together creative minds from the worlds of
fashion and commerce, sourcing, technology, marketing and digital.
We design, produce, manage and build kids’ wear and women’s and
men’s accessories and apparel and distribute our products across
all retail and digital channels in North America and in
international markets. We also license over 100 brands across our
core product categories including kids’, women’s and men’s
accessories and apparel. Our company-owned brands are Hudson®, a
designer and marketer of women's and men's premium, branded denim
and apparel, Robert Graham®, a sophisticated, eclectic apparel and
accessories brand seeking to inspire a global movement, and SWIMS®,
a Scandinavian lifestyle brand best known for its range of
fashion-forward, water-friendly footwear, apparel and accessories.
We employ approximately 4,000 employees in offices in New York
City, Greensboro, Los Angeles and Montreal, and in stores
throughout North America. For more information, please visit
Centric Brands’ website: www.centricbrands.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20181109005585/en/
ICRInvestor RelationsTom Filandro / Caitlin Morahan,
203-682-8200CentricBrandsIR@icrinc.comorMedia RelationsJessica
Liddell / Brittany Fraser,
203-682-8200CentricBrandsPR@icrinc.com
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