ORLANDO, Fla., April 30, 2020 /PRNewswire/ -- Tupperware Brands
Corporation (NYSE: TUP) (the "Company") today announced that the
Compensation Committee of the Company's Board of Directors (the
"Committee") approved certain inducement equity awards to recently
hired new executives: Patricio
Cuesta, Executive Vice President & President,
Commercial, Worldwide; Luis Vazquez,
Senior Vice President, Sales & Marketing; and Hector Lezama, Senior Vice President, Expansion
& Turnaround Markets.
The awards were approved on April 8,
2020 to induce Mr. Cuesta, Mr. Vazquez and Mr. Lezama to
enter into employment with the Company in April 2020 and were granted outside of the
Company's stockholder approved equity incentive plan, in reliance
on the employment inducement award exception under NYSE Listing
Rule 303A.08. The Company is issuing this press release pursuant to
the requirements of that rule.
Mr. Cuesta, Mr. Vazquez, and Mr. Lezama received grants of
restricted stock, each with a grant date of April 29, 2020 and a fair market value calculated
using the closing share price on the date of grant of $400,000, $250,000
and $250,000, respectively. All three
grants will vest in full on the third anniversary of grant.
About Tupperware Brands Corporation
Tupperware Brands
Corporation is a leading global manufacturer and marketer of
innovative, premium products through social selling. Product brands
span several categories including design-centric food preparation,
storage and serving solutions for the kitchen and home through the
Tupperware brand and beauty and personal care products through the
Avroy Shlain, Fuller Cosmetics, NaturCare, Nutrimetics and Nuvo
brands. For more information, visit tupperwarebrands.com.
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SOURCE Tupperware Brands Corporation