WINSTON-SALEM, N.C.--(BUSINESS WIRE)--Sep. 8, 2020--
HanesBrands (NYSE: HBI), a leading global marketer of branded everyday basic apparel, today announced the granting of equity awards to Kristin L. Oliver who has joined the company as chief human resources officer. The company agreed to grant equity awards to induce Oliver to commence employment today, Sept. 8, 2020, the grant date.
These equity awards are being made in reliance on the employment inducement exemption under the New York Stock Exchange’s Listed Company Manual Rule 303A.08. The HanesBrands Compensation Committee of the Board of Directors approved the inducement awards on Aug. 31, 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 with a grant-date value equal to $325,000 and performance stock units with a grant-date target amount equal to $125,000 based on the closing price of company common stock on Sept. 8, 2020.
RSUs with a grant-date value equal to $125,000 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. RSUs with a grant-date value equal to $200,000 are scheduled to vest over two years, with one-half of the units vesting on each of the first two anniversaries of the grant date. 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. Vesting of the RSUs and PSUs are subject to continued service as an employee of HanesBrands through the vesting date.
The company believes that these equity grants create a strong alignment of interests between company management and 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.
HanesBrands is a socially responsible leading marketer of everyday basic innerwear and activewear apparel in the Americas, Europe, Australia and Asia-Pacific. The company sells its products under some of the world’s strongest apparel brands, including Hanes, Champion, Bonds, DIM, Maidenform, Bali, Playtex, Lovable, Bras N Things, Nur Die/Nur Der, Alternative, L’eggs, JMS/Just My Size, Wonderbra, Berlei and Gear for Sports. For news about HanesBrands, visit the company’s newsroom at https://newsroom.hanesbrands.com/.
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