ORLANDO, Fla., May 8, 2020 /PRNewswire/ -- Tupperware Brands Corporation (NYSE: TUP) (the "Company") today announced that the Compensation Committee of the Company's Board of Directors (the "Committee") approved an inducement equity award for recently hired new executive Marco Brandolini, Vice President, Commercial for Europe, the Middle East and Africa (EMEA).
The award was approved in order to induce Mr. Brandolini to enter into employment with the Company on May 4, 2020 and was granted outside of the Company's stockholder approved equity incentive plan, in reliance on the employment inducement award exception under NYSE Listing Rule 303A.08. The Company is issuing this press release pursuant to the requirements of that rule.
Mr. Brandolini received a grant of restricted stock with a grant date of May 4, 2020 and a fair market value calculated using the closing share price on the date of grant of $200,000. The grant will vest in full on the third anniversary of grant.
About Tupperware Brands Corporation
Tupperware Brands Corporation is a leading global manufacturer and marketer of innovative, premium products through social selling. Product brands span several categories including design-centric food preparation, storage and serving solutions for the kitchen and home through the Tupperware brand and beauty and personal care products through the Avroy Shlain, Fuller Cosmetics, NaturCare, Nutrimetics and Nuvo brands. For more information, visit tupperwarebrands.com.
SOURCE Tupperware Brands Corporation