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