HanesBrands Reports Inducement Equity Awards for New Chief Executive Officer Pursuant to NYSE Rule 303A.08
July 31 2020 - 4:05PM
Business Wire
HanesBrands (NYSE: HBI), a leading global marketer of branded
everyday basic apparel, today announced the granting of equity
awards to incoming Chief Executive Officer Stephen B. Bratspies.
Consistent with the disclosures contained in the company’s Form 8-K
filed with the U.S. Securities and Exchange Commission on June 9,
2020, the company agreed to grant equity awards to induce Bratspies
to commence employment as its chief executive officer on Aug. 3,
2020, the grant date.
These equity awards are being made in reliance on the employment
inducement exemption under the New York Stock Exchange’s Listed
Company Manual Rule 303A.08, which requires that the Compensation
Committee of the Board of Directors approves the inducement awards
and that the company make a public announcement of the grant of the
inducement awards. The Compensation Committee approved the
inducement awards on July 27, 2020, and the company is announcing
the grant of the equity awards in this news release to comply with
Rule 303A.08.
The approved equity awards are restricted stock units (RSUs)
with a grant date value equal to $1,406,250, performance stock
units (PSUs) with a grant date target amount equal to $1,406,250,
and options to purchase 250,000 shares of company common stock.
The RSUs are scheduled to vest over three years, with one-third
of the units vesting on each of the first three anniversaries of
the grant date, subject to Bratspies’ continued service as an
employee of HanesBrands through the applicable vesting dates.
Each PSU represents the contingent right to receive 0% to 200%
of the number of shares of company stock covered by the award,
subject to the company’s achievement of applicable fiscal-year
performance metrics. The PSUs are scheduled to vest on the
three-year anniversary of the grant date, subject to Bratspies’
continued service as an employee of HanesBrands through the vesting
date.
The options are scheduled to vest in three tranches, with one
tranche of the options vesting on each of the first three
anniversaries of the grant date. The respective exercise prices of
the first, second and third tranches of options will be 100%, 120%
and 140% of the closing price of HanesBrands’ common stock on the
grant date.
The company believes that these equity grants create a strong
alignment of interests between Bratspies and company shareholders.
The equity awards were granted outside of the company’s 2020
Omnibus Incentive Plan but generally have terms and conditions
consistent with those set forth in that plan. The company intends
to file a Form S-8 covering these equity awards.
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