Poly Grants Chief Operating Officer, Warren Schlichting, Inducement Awards Pursuant to NYSE Rule 303A.08
SANTA CRUZ, Calif., July 15, 2021 /PRNewswire/ -- Poly (NYSE: POLY) today announced that it has granted equity awards that were approved by the Leadership Development and Compensation Committee (the "Committee") of Poly's Board of Directors on June 13, 2021, as a material inducement to employment to Warren Schlichting, who was appointed Executive Vice President, Chief Operating Officer, effective as of June 14, 2021.
The awards made to Mr. Schlichting are as follows. First, an award of 28,125 restricted stock units ("RSUs") granted on July 15, 2021 (the "RSU Award Date"), which will vest in three equal annual installments commencing on the last calendar day of the month following each anniversary of the RSU Award Date in accordance with the Company's Equity Processes Policy, in each case subject to Mr. Schlichting's continued employment with the Company on each applicable vesting date. Second, an award of 65,625 performance stock unit awards ("PSUs") to be granted on the date on which all PSUs are granted to all additional recipients for the fiscal year to which such grant relates (the "PSU Award Date"). The performance period for the PSUs will be aligned to the Company's 2022 fiscal year for performance-based RSUs (the "PSU Plan"). he PSUs will vest in accordance with the terms of the PSU Plan, subject to Mr. Schlichting's continued employment with the Company through the applicable vesting date.
The awards were all granted outside of the Poly 2003 Stock Plan (but generally have terms and conditions consistent with those set forth in that plan) and were approved by the Committee in reliance on the employment inducement exemption under the NYSE's Listed Company Manual Rule 303A.08, which requires public announcement of inducement awards. Pursuant to the requirements of that rule, Poly is issuing this press release.
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SOURCE Plantronics, Inc.