Evercore (NYSE: EVR) announced that in connection with the previously-announced appointment of John S. Weinberg as Executive Chairman, it has granted him equity awards. Evercore issued 900,000 restricted stock units which vest over time and are scheduled to be 100% vested by March 1, 2022, subject to Mr. Weinberg's continuous employment through the vesting dates and certain other conditions. In addition, Evercore LP issued Mr. Weinberg 400,000 partnership units, which become exchangeable on a one-for-one basis for shares of Evercore's Class A common stock if Evercore's stock price has exceeded certain price targets and subject to Mr. Weinberg's continuous employment through March 1, 2022 and certain other conditions. The material terms of such awards are described in Evercore's Current Report on Form 8-K filed with the Securities and Exchange Commission on November 18, 2016. These equity awards were granted outside of Evercore's equity incentive plan and in reliance on the employment inducement exception provided under the NYSE Listed Company Manual Rule 303A.08.
Mr. Weinberg will commence service on or before November 21, 2016.
Established in 1995, Evercore is a leading global independent investment banking advisory firm. Evercore advises a diverse set of investment banking clients on a wide range of transactions and issues and provides institutional investors with high quality equity research, sales and trading execution that is free of the conflicts created by proprietary activities. The Firm also offers investment management services to high net worth and institutional investors. With 27 offices and affiliate offices in North America, Europe, South America and Asia, Evercore has the scale and strength to serve clients globally through a focused and tailored approach designed to meet their unique needs. More information about Evercore can be found on the Company's website at www.evercore.com.