SANTA CRUZ, Calif., Nov. 16, 2020 /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 October 26, 2020, as a material inducement to employment to Lisa Bodensteiner, who was appointed Executive Vice President, Chief Legal and Compliance Officer and Corporate Secretary, effective as of October 30, 2020.
The awards made to Ms. Bodensteiner are as follows. First, an award of 15,000 restricted stock units ("RSUs") granted on November 16, 2020 (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 Ms. Bodensteiner's continued employment with the Company on each applicable vesting date. Second, an award of 35,000 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"). The PSUs will vest in accordance with the terms of the PSU Plan, subject to Ms. Bodensteiner'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.
About Poly Poly (Plantronics, Inc. – formerly Plantronics and Polycom) 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 challenging. Poly believes in solutions that make life easier when they work together and with our partners' services. Poly is one of the global industry leaders offering headsets, video and audio conferencing, desk phones, analytics software and services. 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.
INVESTOR CONTACT: Mike Iburg Vice President, Investor Relations (831) 458-7533
MEDIA CONTACT: Edie Kissko Vice President, Poly Communications (213) 369-3719