HanesBrands Reports Inducement Equity Awards for New Chief Human Resource Officer Pursuant to NYSE Rule 303A.08
September 08 2020 - 5:06PM
Business Wire
HanesBrands (NYSE: HBI), a leading global marketer of branded
everyday basic apparel, today announced the granting of equity
awards to Kristin L. Oliver who has joined the company as chief
human resources officer. The company agreed to grant equity awards
to induce Oliver to commence employment today, Sept. 8, 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. The HanesBrands Compensation Committee
of the Board of Directors approved the inducement awards on Aug.
31, 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 with a
grant-date value equal to $325,000 and performance stock units with
a grant-date target amount equal to $125,000 based on the closing
price of company common stock on Sept. 8, 2020.
RSUs with a grant-date value equal to $125,000 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. RSUs with a
grant-date value equal to $200,000 are scheduled to vest over two
years, with one-half of the units vesting on each of the first two
anniversaries of the grant date. 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. Vesting of
the RSUs and PSUs are subject to continued service as an employee
of HanesBrands through the vesting date.
The company believes that these equity grants create a strong
alignment of interests between company management and 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.
HanesBrands is a socially responsible leading marketer of
everyday basic innerwear and activewear apparel in the Americas,
Europe, Australia and Asia-Pacific. The company sells its products
under some of the world’s strongest apparel brands, including
Hanes, Champion, Bonds, DIM, Maidenform, Bali, Playtex, Lovable,
Bras N Things, Nur Die/Nur Der, Alternative, L’eggs, JMS/Just My
Size, Wonderbra, Berlei and Gear for Sports. For news about
HanesBrands, visit the company’s newsroom at
https://newsroom.hanesbrands.com/.
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version on businesswire.com: https://www.businesswire.com/news/home/20200908006006/en/
News Media, contact: Matt Hall, (336) 519-3386
Analysts and Investors, contact: T.C. Robillard, (336)
519-2115
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