Centric Brands Inc. Reports Inducement Grant to New Chief Operating Officer
04 Februar 2020 - 3:00PM
Business Wire
Centric Brands Inc. (NASDAQ: CTRC), a leading lifestyle brands
collective, granted to Laura Ritchey, as an inducement to accept
her appointment as Chief Operating Officer (“COO”) of the Company,
400,000 restricted stock units (the “RSUs”) with respect to the
Company’s common stock, $0.10 par value (“Common Stock”). The
grants were made as an inducement award and were not granted under
the Company’s 2016 Stock Incentive Compensation Plan (the “2016
Plan”), but are subject to the same terms and conditions as the
2016 Plan.
The RSUs vest in one-third increments on February 3, 2021,
February 3, 2022 and February 3, 2023, subject in each case to Ms.
Ritchey’s continued employment through the applicable vesting date;
provided, if Ms. Ritchey’s employment is terminated by the Company
without “cause” (and not due to her death or disability) or by her
for “good reason” (each such term as defined in her employment
agreement with the Company) then any unvested portion of the RSUs
will accelerate and become fully vested on the date of termination.
Any vested RSUs will be settled through the issuance of Common
Stock promptly following the applicable vesting date; provided that
in the event of the termination of Ms. Ritchey’s employment without
cause or for good reason, the settlement will take place on the
date that is thirty (30) days following the date of
termination.
In the event of a change of control (as such term is defined in
the 2016 Plan), any unvested portion of the RSUs shall accelerate
and become fully vested on the date of such change of control.
The award was approved by the Compensation Committee of the
Board of Directors, subject to Ms. Ritchey’s commencement of
employment with the Company on February 3, 2020, as an inducement
material to Ms. Ritchey’s entering employment with the Company in
accordance with NASDAQ Listing Rule 5635(c)(4).
About Centric Brands
Centric Brands Inc. (the “Company”) is a leading lifestyle brand
collective that designs, sources, markets and sells high quality
products in the kids, men’s and women’s apparel, accessories,
beauty and entertainment segments. The Company’s portfolio includes
more than 100 iconic licensed brands, including Calvin Klein®,
Tommy Hilfiger®, Nautica®, Spyder® and Under Armour®, in the kid’s
category, Joe’s Jeans® Buffalo® Hervé Léger® and BCBG in the men’s
and women’s apparel category, Kate Spade®, Michael Kors®, All
Saints®, Frye®, Timberland®, Kenneth Cole®, and Jessica Simpson® in
the accessories category, and in the entertainment category,
Disney®, Marvel®, Nickelodeon and Warner Brothers®, among many
others. The Company’s owned brands include Hudson®, Robert Graham®,
Swims® and Avirex®. The Company’s products are sold primarily in
North America through leading mass market retailers, specialty and
department stores, and online. Centric Brands has unparalleled
expertise in product design, development and sourcing, retail and
digital commerce, marketing and brand building. Headquartered in
New York City, with offices in Los Angeles, Greensboro, N.C.,
Toronto, and Montreal. More information about Centric Brands please
visit https://www.centricbrands.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20200204005571/en/
Pamela Alabaster Chief Marketing & Communications Officer
Centric Brands +1-646-745-3006 palabaster@centricbrands.com
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