SANTA CRUZ, Calif.,
Sept. 14, 2020 /PRNewswire/
-- Plantronics, Inc. (NYSE: PLT) ("Poly" or the "Company"), a
global communications company that powers meaningful human
connection and collaboration, today announced that the Leadership
Development and Compensation Committee (the "Committee") of the
Board of Directors (the "Board") has made certain equity awards to
new President and Chief Executive Officer David Shull, effective October 15, 2020. The awards were made pursuant
to the Company's previously-announced offer letter with Mr. Shull,
and as a material inducement to his joining Poly as President,
Chief Executive Officer and a member of the Board.
The awards made to Mr. Shull are as follows. First, an award of
75,000 restricted stock units ("RSUs") to be effective on
October 15, 2020 (the "Grant Date"),
which will vest in three equal annual installments on the first,
second and third anniversaries of the Grant Date, in each case
subject to Mr. Shull's continued employment with the Company on
each applicable vesting date. Second, an award of 250,000
performance stock unit awards ("PSUs") on the Grant Date. The
performance period for the PSUs will be aligned to the Company's
2021 fiscal year for performance-based RSUs (the "PSU Plan"). The
PSUs will vest in accordance with the terms of the PSU Plan,
subject to Mr. Shull's continued employment with the Company
through the applicable vesting date. The performance period for the
PSUs will begin on the first day of the Company's 2021 fiscal year
and will end on the last day of the Company's 2023 fiscal year. The
number of PSUs eligible to vest (or "eligible PSUs") will be
determined proportionally at the end of the Company's 2021, 2022
and 2023 fiscal years, and the number of eligible PSUs will be
based on the Company's total stockholder return as compared to the
stockholder return of the companies listed in the iShares S&P
North American Tech-Multimedia Networking Index (the "Index") to
calculate a growth rate delta (the "Growth Rate Delta") equal to
the Company's total stockholder return minus the total stockholder
return for the companies listed in the Index.
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.
About Poly
Plantronics, Inc. ("Poly" – formerly
Plantronics and Polycom) (NYSE: PLT) is a global communications
company that powers meaningful human connection and collaboration.
Poly combines legendary audio expertise and powerful video and
conferencing capabilities to overcome the distractions, complexity
and distance that make communication in and out of the workplace
challenging. Poly believes in solutions that make life easier when
they work together and with our partners' services. Our headsets,
software, desk phones, audio and video conferencing, analytics and
services are used worldwide and are a leading choice for every kind
of workspace. For more information visit www.Poly.com.
Poly, the propeller design, and the Poly logo are trademarks of
Plantronics, Inc. All other trademarks are the property of their
respective owners.
MEDIA CONTACT:
Edie
Kissko
Vice President, Communications
(213) 369-3719
INVESTOR CONTACT:
Mike
Iburg
Vice President, Investor Relations
(831) 458-7533
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content:http://www.prnewswire.com/news-releases/poly-grants-president-and-chief-executive-officer-dave-shull-inducement-awards-pursuant-to-nyse-rule-303a08-301130360.html
SOURCE Plantronics, Inc. (“Poly” - formerly Plantronics and
Polycom)