HanesBrands Reports Inducement Equity Awards for New Chief Executive Officer Pursuant to NYSE Rule 303A.08
These equity awards are being made in reliance on the employment inducement exemption under the New York Stock Exchange’s Listed Company
The approved equity awards are restricted stock units (RSUs) with a grant date value equal to
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 company’s 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 company’s 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.
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