SANTA CRUZ, Calif., Feb. 16, 2021 /PRNewswire/ -- Poly (NYSE: PLT) 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 February 1, 2021, as a material inducement to employment to Grant Hoffman, who was appointed Executive Vice President, Chief Supply Chain Officer, effective as of January 28, 2021.
The awards made to Mr. Hoffman are as follows. First, an award of 7,200 restricted stock units ("RSUs") granted on February 16, 2021 (the "Award Date"), which will vest in three equal annual installments commencing on the last calendar day of the month following each anniversary of the Award Date in accordance with the Company's Equity Processes Policy, in each case subject to Mr. Hoffman's continued employment with the Company on each applicable vesting date. Second, an award of 16,800 performance stock unit awards ("PSUs") on the Award Date. The performance period for the PSUs will be aligned to the Company's 2021 fiscal year for performance-based RSUs (the "PSU Plan") and earnable over the last two years of the three-year performance period. The PSUs will vest in accordance with the terms of the PSU Plan, subject to Mr. Hoffman'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.
Poly (NYSE: PLT) creates premium audio and video products so you can have your best meeting -- anywhere, anytime, every time. Our headsets, video and audio-conferencing products, desk phones, analytics software and services are beautifully designed and engineered to connect people with incredible clarity. They're pro-grade, easy to use and work seamlessly with all the best video and audio conferencing services. With Poly (Plantronics, Inc. – formerly Plantronics and Polycom), you'll do more than just show up, you'll stand out. 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.
Vice President, Investor Relations
Vice President, Poly Communications
View original content to download multimedia:http://www.prnewswire.com/news-releases/poly-grants-chief-supply-chain-officer-grant-hoffman-inducement-awards-pursuant-to-nyse-rule-303a08-301229277.html
SOURCE Plantronics, Inc.