Connect with us
Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

News

HanesBrands Reports Inducement Equity Awards for New Chief Executive Officer Pursuant to NYSE Rule 303A.08

gbafNews28

HanesBrands (NYSE: HBI), a leading global marketer of branded everyday basic apparel, today announced the granting of equity awards to incoming Chief Executive Officer Stephen B. Bratspies. Consistent with the disclosures contained in the companys Form 8-K filed with the U.S. Securities and Exchange Commission on June 9, 2020, the company agreed to grant equity awards to induce Bratspies to commence employment as its chief executive officer on Aug. 3, 2020, the grant date.

These equity awards are being made in reliance on the employment inducement exemption under the New York Stock Exchanges Listed Company Manual Rule 303A.08, which requires that the Compensation Committee of the Board of Directors approves the inducement awards and that the company make a public announcement of the grant of the inducement awards. The Compensation Committee approved the inducement awards on July 27, 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 (RSUs) with a grant date value equal to $1,406,250, performance stock units (PSUs) with a grant date target amount equal to $1,406,250, and options to purchase 250,000 shares of company common stock.

The RSUs 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, subject to Bratspies continued service as an employee of HanesBrands through the applicable vesting dates.

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 companys achievement of applicable fiscal-year performance metrics. The PSUs are scheduled to vest on the three-year anniversary of the grant date, subject to Bratspies continued service as an employee of HanesBrands through the vesting date.

The options are scheduled to vest in three tranches, with one tranche of the options vesting on each of the first three anniversaries of the grant date. The respective exercise prices of the first, second and third tranches of options will be 100%, 120% and 140% of the closing price of HanesBrands common stock on the grant date.

The company believes that these equity grants create a strong alignment of interests between Bratspies and company shareholders. The equity awards were granted outside of the companys 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.

News Media, contact: Matt Hall, (336) 519-3386

Analysts and Investors, contact: T.C. Robillard, (336) 519-2115

Advertisement
Editorial & Advertiser disclosure

Call for Entries

Global Banking and Finance Review Awards Nominations 2022
2022 Awards now open. Click Here to Nominate

Newsletters with Secrets & Analysis. Subscribe Now

Recommended

Global Banking & Finance Review® is a leading financial portal and Print Magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management. Copyright © 2010-2021 GBAF Publications Ltd - All Rights Reserved.