Express Inc., the company behind 530 Express outlets and brands such as Bonobos and UpWest in the US and Puerto Rico, has announced plans to award its CEO Stewart Glendinning with 150,000 Performance Share Units (PSUs) on Sunday, October 15, 2023. The distribution of these units is tied to the firm's stock performance and is dependent on Glendinning maintaining his employment at the company through fiscal 2026.
The award is intended as an incentive for Glendinning's acceptance of the CEO role. The move is in accordance with Section 303.08A of the NYSE Listed Company Manual. This section stipulates that such awards can be given as inducements to ensure the executive's commitment to their role within the company.
This strategic decision by Express Inc. underscores its commitment to aligning executive compensation with company performance, a common practice among publicly traded companies to ensure shared interests between leadership and shareholders.
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