SOUTHFIELD, Mich.--(BUSINESS WIRE)--
Superior Industries International, Inc. (SUP), one of the world’s leading aluminum wheel suppliers for OEMs and the European aftermarket, announced today that, as previously reported on its Form 8-K filed on April 1, 2019, it has granted to Majdi B. Abulaban, as an inducement to accept his appointment as President and Chief Executive Officer of Superior, the following equity awards pursuant to the Superior Industries International, Inc. 2019 Inducement Grant Plan (the “Inducement Plan”): (i) an initial award (the “Initial Stock Grant”) consisting of (A) 666,667 performance-vested restricted stock units (“PRSUs”) at target, vesting in three approximately equal installments to the extent that the performance metrics are satisfied during each of three performance periods and (B) 333,333 time-vested restricted stock units (“RSUs”), vesting in approximately equal installments on February 28, 2020, 2021 and 2022; (ii) a regular 2019-2021 PRSU grant, with the target number of 316,832 PRSUs, which will vest to the extent that the performance metrics are satisfied; and (iii) a regular 2019 RSU grant of 158,416 RSUs, vesting in approximately equal installments on February 28, 2020, 2021 and 2022. The Initial Stock Grant is intended to replace certain equity awards that were forfeited by Mr. Abulaban upon his resignation from his prior employer. The PRSU awards may be earned at up to 200% of target depending on the level of achievement of the performance metrics.
About Superior Industries
Superior is one of the world’s leading aluminum wheel suppliers. Superior’s team collaborates and partners with customers to design, engineer, and manufacture a wide variety of innovative and high-quality products utilizing the latest lightweighting and finishing technologies. Superior also maintains leading aftermarket brands including ATS®, RIAL®, ALUTEC®, and ANZIO®. Headquartered in Southfield, Michigan, Superior is listed on the New York Stock Exchange and is a component of Standard & Poor’s Small Cap 600 and Russell 2000 Indices. For more information, please visit www.supind.com.