Tuesday Morning Corporation Announces Paul Metcalf as Chief Merchant
September 16 2021 - 7:00AM
Tuesday Morning (NASDAQ:TUEM), a leading off-price retailer of home
goods and décor (the “Company”), today announced that Mr. Paul
Metcalf, has been named Principal and Chief Merchant effective
September 14, 2021. Mr. Metcalf is a well-respected off-price
merchant leader with a proven history of optimizing financial
growth for retail businesses.
Fred Hand, the Company’s Chief Executive Officer, stated, “I am
very pleased to welcome Paul as a permanent member of the team.
Paul is an exceptional merchant and his experience and successful
track record will help advance Tuesday Morning’s repositioning as
we work to return the Company to a leader in the off-price
segment.”
Mr. Metcalf has been in a consultant capacity with the Company
as Acting Chief Merchant since April 2019. Mr. Metcalf has over 30
years of retail experience. Prior to his consulting role at Tuesday
Morning, he was the Executive Vice President and Chief
Merchandising Officer at Burlington Stores, Inc. While there, Mr.
Metcalf successfully led the transformation of the merchant
organization and helped to take the company public in 2013. Prior
to his role at Burlington Stores, Inc., Mr. Metcalf was a senior
leader in the merchant organization for The TJX Companies, Inc.
Most recently Mr. Metcalf led a similar successful merchandise
turnaround at the off-price retailer, Gabriel Brothers. He began
his career with May Department Stores, where he held a variety of
positions within the merchant organization.
Mr. Metcalf will lead Tuesday Morning’s merchant and planning
and allocation organizations.
“I am very excited about the opportunities at Tuesday Morning
and look forward to once again working with Fred and Marc Katz, as
well as the entire Tuesday Morning organization”, said Mr.
Metcalf.
Inducement Grant Pursuant to NASDAQ Listing Rules
Awarded to Chief Operating Officer and Chief Merchant Following
Recent Appointment
Tuesday Morning Corporation today announced that, in connection
with the appointment of Marc Katz as the Company’s Principal and
Chief Operating Officer on September 9, 2021, the Company granted
to Mr. Katz an award of 867,052 time-based restricted stock units
(the “RSUs”) and an award of 867,052 performance-based restricted
stock units (the “PSUs”), effective September 15, 2021, as an
inducement material to Mr. Katz’s acceptance of employment with the
Company pursuant to Rule 5635(c)(4) of the NASDAQ Listing
Rules.
The RSUs generally will vest in equal annual installments over
three years following the grant date, subject to Mr. Katz’s
continued service with the Company. The PSUs are subject to both
time-based and performance-based vesting and only fully vest when
both time-based and performance-based vesting conditions are met.
The PSUs time vest as follows; 50% on the 36-month anniversary of
grant date, 30% on the 48-month anniversary of the grant date, and
20% on the 60-month anniversary of the grant date, in each case,
subject to Mr. Katz’s continued service with the Company. The PSUs
are divided into three equal tranches (Tranches A, B, and C), each
of which will performance vest if the value of the Company’s common
stock equals or exceeds a specified threshold for a period of 30
consecutive trading days as follows: Tranche A, $6.00 per share;
Tranche B, $9.00 per share; and Tranche C, $12.00 per share. The
inducement grants were approved by the Company’s Board of Directors
and will be issued outside of the Company’s 2014 Long-Term
Incentive Plan.
In connection with the appointment of Paul Metcalf as the
Company’s Principal and Chief Merchant on September 14, 2021, the
Company granted to Mr. Metcalf an award of 289,017 RSUs and an
award of 578,035 PSUs, effective September 15, 2021, as an
inducement material to Mr. Metcalf’s acceptance of employment with
the Company pursuant to Rule 5635(c)(4) of the NASDAQ Listing
Rules.
The RSUs generally will vest in equal annual installments over
three years following the grant date, subject to Mr. Metcalf’s
continued service with the Company. The PSUs are subject to both
time-based and performance-based vesting and only fully vest when
both time-based and performance-based vesting conditions are met.
The PSUs time vest as follows: 50% on the 24-month anniversary of
grant date, 25% on the 36-month anniversary of the grant date, and
25% on the 48-month anniversary of the grant date, in each case,
subject to Mr. Metcalf’s continued service with the Company. The
PSUs are divided into two equal tranches (Tranches A and B), each
of which will performance vest if the value of the Company’s common
stock equals or exceeds a specified threshold for a period of 30
consecutive trading days as follows: Tranche A, $9.00 per share and
Tranche B, $12.00 per share. The inducement grants were approved by
the Company’s Board of Directors and will be issued outside of the
Company’s 2014 Long-Term Incentive Plan.
INVESTOR RELATIONS:Caitlin
ChurchillICR203-682-8200Caitlin.Churchill@icrinc.com
MEDIA:TuesdayMorning@edelman.com
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