Entravision Announces New Employment Inducement Grants under NYSE Listing Rule 303A.08
30 Junio 2023 - 4:00PM
Business Wire
Entravision (NYSE: EVC) (“Entravision” or the “Company”), a
leading global advertising solutions, media and technology company,
today announced that the Board of Directors of Entravision granted
restricted stock unit awards covering an aggregate of 1,000,000
shares of its common stock (the “RSU Award”) and performance unit
awards covering 1,000,000 shares of its common stock (the “PSU
Award” and together, the “Awards”) to Michael Christenson effective
as of July 1, 2023, the date that he joins Entravision as its Chief
Executive Officer.
The Awards were granted under the recently adopted Entravision
Communications Corporation 2023 Inducement Plan (the “Inducement
Plan”) as an inducement material to Mr. Christenson entering into
employment with Entravision in accordance with New York Stock
Exchange Listing Rule 303A.08. The Inducement Plan may be used
exclusively for the grant of equity awards to individuals who were
not previously employees of Entravision, or following a bona fide
period of non-employment, as an inducement material to such
individuals' entering into employment with Entravision, pursuant to
New York Stock Exchange Listing Rule 303A.08.
The RSU Award will vest over five years, with 20% of the RSUs
vesting on July 1, 2024, and the remaining 80% of the RSUs vesting
in eight equal semi-annual installments thereafter. The foregoing
vesting is subject to Mr. Christenson's continuous service through
the applicable vesting date, except that vesting is fully
accelerated in the event of Mr. Christenson’s death or disability
or his termination of service within three months prior to or two
years after a change of control by either the Company without cause
or by Mr. Christenson for good reason.
The PSUs will vest by a combination of both market-based vesting
conditions based on total shareholder return hurdles and time-based
vesting, both of which must be satisfied before the PSUs will be
deemed vested, subject to his continuous service through the
applicable vesting dates. The market-based vesting conditions will
be satisfied in five equal tranches, in each case if the Company’s
average closing price over 30 consecutive trading days prior to
July 1, 2028 equals or exceeds the specified hurdle price for such
tranche. For each tranche, the time-based vesting conditions will
be satisfied over five years, with 20% of each tranche satisfying
the time-based vesting conditions on July 1, 2024, and the
remaining 80% of such tranche satisfying the time-based vesting
conditions in eight equal semi-annual installments thereafter. The
foregoing vesting is also subject to Mr. Christenson’s continuous
service through the applicable vesting date, except that time-based
vesting conditions are fully accelerated in the event of Mr.
Christenson’s death or disability or his termination of service
within three months prior to or two years after a change of control
by either the Company without cause or by Mr. Christenson for good
reason. In addition, in the event of a change of control of the
Company, the PSUs will convert into a time-based award with
market-based conditions deemed to be achieved if the sale price
equals or exceeds the applicable hurdle prices.
About Entravision Communications Corporation
Entravision is a global advertising solutions, media and
technology company. Over the past three decades, we have
strategically evolved into a digital powerhouse, expertly
connecting brands to consumers in the U.S., Latin America, Europe,
Asia and Africa. Our digital segment, the company’s largest by
revenue, offers a full suite of end-to-end advertising services in
41 countries. We have commercial partnerships with Meta, Twitter,
TikTok and Spotify, and marketers can use our Smadex and other
platforms to deliver targeted advertising to audiences around the
globe. In the U.S., we maintain a diversified portfolio of
television and radio stations that target Hispanic audiences and
complement our global digital services. Entravision remains the
largest affiliate group of the Univision and UniMás television
networks. Shares of Entravision Class A Common Stock trade on the
NYSE under ticker: EVC. Learn more about our offerings at
entravision.com or connect with us on LinkedIn and Facebook.
Forward-Looking Statements
This press release contains certain forward-looking statements.
These forward-looking statements, which are included in accordance
with the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, may involve known and unknown risks,
uncertainties and other factors that may cause the Company’s actual
results and performance in future periods to be materially
different from any future results or performance suggested by the
forward-looking statements in this press release. Although the
Company believes the expectations reflected in such forward-looking
statements are based upon reasonable assumptions, it can give no
assurance that actual results will not differ materially from these
expectations, and the Company disclaims any duty to update any
forward-looking statements made by the Company. From time to time,
these risks, uncertainties and other factors are discussed in the
Company’s filings with the Securities and Exchange Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20230630302843/en/
Kimberly Orlando ADDO Investor Relations 310-829-5400
evc@addo.com
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