Grant of Employment Inducement Awards
11 Agosto 2023 - 5:05PM
Business Wire
LL Flooring Holdings, Inc. (NYSE: LL) (the "Company"), a leading
specialty retailer of hard-surface flooring in the U.S., today
announced the grant of employment inducement awards to Robert
Madore, Andrew Wadhams, Laura Massaro and one new vice president.
The Company announced on July 6, 2023 that Mr. Madore had been
appointed as Executive Vice President, Chief Financial Officer; Mr.
Wadhams had been named as Senior Vice President, Retail and
Commercial Sales; and Laura Massaro had been named as Senior Vice
President, Chief Marketing Officer, each effective upon
commencement of their employment with the Company on July 10,
2023.
The Compensation Committee of the Company's Board of Directors
approved the employment inducement awards on July 12, 2023, with a
grant date of August 11, 2023, as a material inducement to enter
into offers of employment, in reliance on the employment inducement
award exception to New York Stock Exchange (“NYSE”) Listing Rule
303A.08 that requires shareholder approval of equity-based
compensation plans. Listing Rule 303A.08 requires the public
announcement of such inducement.
The employment inducement awards (the “Inducement Awards”) will
have an aggregate total cumulative grant date value of $1,277,500
and will consist of (i) with respect to Mr. Madore, (A) a
time-based restricted stock award (which will vest ratably over
three years) with a grant date value of $425,000 and (B) a
performance-based restricted stock unit award with time-based
vesting and a grant date value of $175,000 (100% of which will
cliff vest on the three-year anniversary of the grant date, subject
to meeting the applicable performance targets set forth in the
Company’s grant agreement), and (ii) with respect to the other
individuals, time-based restricted stock awards (which will vest
ratably over three years) with an aggregate grant date value of
$677,500. The Inducement Awards are subject to continued or
accelerated vesting upon certain termination of employment events
and in connection with certain transactions involving the Company,
as more fully described in the forms of equity award agreements
filed as exhibits to the Company’s Quarterly Report on Form 10-Q
filed on August 9, 2023 with the SEC and in the Registration
Statement on Form S-8 (333-198311) filed on August 9, 2023 with the
SEC registering the common stock subject to the Inducement
Awards.
The Inducement Awards are being made outside of the Company's
shareholder approved equity compensation plans but will generally
be subject to the same terms and conditions as apply to awards
granted under the Company’s 2023 Equity Compensation Plan.
About LL Flooring
LL Flooring is one of the country’s leading specialty retailers
of hard-surface flooring with more than 440 stores nationwide. The
Company seeks to offer the best customer experience online and in
stores, with more than 500 varieties of hard-surface floors
featuring a range of quality styles and on-trend designs. LL
Flooring's online tools also help empower customers to find the
right solution for the space they've envisioned. LL Flooring's
extensive selection includes waterproof hybrid resilient,
waterproof vinyl plank, solid and engineered hardwood, laminate,
bamboo, porcelain tile, and cork, with a wide range of flooring
enhancements and accessories to complement. LL Flooring stores are
staffed with flooring experts who provide advice, Pro partnership
services and installation options for all of LL Flooring's
products, the majority of which is in stock and ready for
delivery.
Learn More about LL Flooring
- Our commitment to quality, compliance, the communities we serve
and corporate giving: https://llflooring.com/corp/quality.html
- Follow us on social media: Facebook, Instagram and
Twitter.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release includes statements of the Company’s
expectations, intentions, plans and beliefs that constitute
“forward-looking statements” within the meanings of the Private
Securities Litigation Reform Act of 1995. These statements, which
may be identified by words such as “may,” “will,” “should,”
“expects,” “intends,” “plans,” “anticipates,” “assumes,”
“believes,” “thinks,” “estimates,” “seeks,” “predicts,” “could,”
“projects,” “targets,” “potential,” “will likely result,” and other
similar terms and phrases, are based on the beliefs of the
Company’s management, as well as assumptions made by, and
information currently available to, the Company’s management as of
the date of such statements. These statements are subject to risks
and uncertainties, all of which are difficult to predict and many
of which are beyond the Company’s control.
The Company specifically disclaims any obligation to update
these statements, which speak only as of the dates on which such
statements are made, except as may be required under the federal
securities laws. For a discussion of the risks and uncertainties
that could cause actual results to differ from those contained in
the forward-looking statements, see the “Risk Factors” section of
the Company’s annual report on Form 10-K for the year ended
December 31, 2022, and the Company’s other filings with the
Securities and Exchange Commission (“SEC”). Such filings are
available on the SEC’s website at www.sec.gov and the Company’s
Investor Relations website at https://investors.llflooring.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230811290148/en/
LL Flooring Investor Relations ICR Bruce Williams
ir@llflooring.com Tel: 804-420-9801
LL Flooring (NYSE:LL)
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