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.
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.
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