MOUNT HOREB, Wis. - Duluth Holdings (NASDAQ:DLTH) Inc., known as Duluth Trading Company (NASDAQ: DLTH), announced today the appointment of Ms. Heena Agrawal as its new Senior Vice President and Chief Financial Officer. In conjunction with her employment, which is effective today, the company granted Ms. Agrawal an inducement award of 94,000 shares of restricted stock.
The shares are set to vest in two parts, with the first half vesting immediately as of her start date, and the remaining half to vest on the third anniversary of her employment, contingent upon her continued service with Duluth Trading. The inducement grant comes with specific conditions for repayment if Ms. Agrawal leaves the company, with a tiered forfeiture schedule based on the duration of her tenure.
This grant was made outside of Duluth Trading's 2015 Equity Incentive Plan but received approval from the Board of Directors, the Compensation Committee, and a Subcommittee of independent directors from the Compensation Committee. The issuance of the inducement grant is in compliance with NASDAQ Listing Rule 5635(c)(4), which necessitates a public announcement of such awards.
Duluth Trading is a lifestyle brand that offers a variety of casual wear, workwear, and accessories for men and women. The company is known for its unique marketing approach, which includes humor and storytelling, and for its commitment to customer satisfaction, backed by a "No Bull Guarantee."
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