ORLANDO, Fla., April 30, 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 certain inducement equity awards to recently hired new executives: Patricio Cuesta, Executive Vice President & President, Commercial, Worldwide; Luis Vazquez, Senior Vice President, Sales & Marketing; and Hector Lezama, Senior Vice President, Expansion & Turnaround Markets.
The awards were approved on April 8, 2020 to induce Mr. Cuesta, Mr. Vazquez and Mr. Lezama to enter into employment with the Company in April 2020 and were 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. Cuesta, Mr. Vazquez, and Mr. Lezama received grants of restricted stock, each with a grant date of April 29, 2020 and a fair market value calculated using the closing share price on the date of grant of $400,000, $250,000 and $250,000, respectively. All three grants 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.