ORLANDO, Fla., March 13, 2020 /PRNewswire/ -- (NYSE: TUP) --
Tupperware Brands Corporation (the "Company") today announced that
the Compensation Committee of the Company's Board of Directors
(the "Committee") granted certain inducement equity awards to its
new President and Chief Executive Officer, Miguel Fernandez, effective upon Mr. Fernandez's
commencement of employment with the Company on April 6, 2020, and that the Committee also
granted certain inducement equity awards to its new Executive Vice
Chairman, Richard ("Rich") Goudis, effective upon Mr. Goudis'
commencement of employment with the Company on March 12, 2020.
The awards were granted to induce Mr. Fernandez and Mr. Goudis
to enter into employment with the Company 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. Fernandez's offer letter with the Company contemplates that,
effective upon his commencement of employment with the Company, he
will receive a grant of two hundred thousand performance share
units, which vest upon the later of April 6,
2023 and the Company's common stock price exceeding a price
hurdle on or before April 6, 2025,
and a 2020 annual long-term equity award having a grant date value
of one million five hundred thousand dollars, divided between
performance share units (sixty percent), which cliff vest on
April 6, 2023 subject to satisfaction
of the applicable performance goals, and restricted stock units
(forty percent), which vest in three equal annual installments
beginning on April 6, 2021. Mr.
Goudis received a grant of eight hundred thousand performance share
units, which vest upon the later of March
12, 2023 and the Company's common stock price exceeding
escalating price hurdles on or before March
12, 2025, and a stock option covering one million shares
with an exercise price equal to one hundred fifteen percent of the
Company's common stock closing price on the grant date, which vests
on March 12, 2023. In each
case, the inducement awards are subject to accelerated vesting upon
the occurrence of certain events.
Tupperware Brands Corporation, through an independent
sales force of 2.9 million, is a global manufacturer and
marketer of innovative, premium products across multiple brands
utilizing social selling. Product brands and categories include
design-centric 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.
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SOURCE Tupperware Brands Corporation