Apogee Enterprises Reports Grant of Inducement Award

Rhea-AI Summary

Apogee Enterprises, Inc. (Nasdaq: APOG) announced an equity grant for its CEO, Ty R. Silberhorn, who joined the company on January 4, 2021. The grant consists of 45,662 shares of time-based restricted common stock valued at $1,400,000. This grant will vest in two increments over a five-year period: 16,308 shares after two years and 29,354 shares after five years. This compensation aligns with the company's strategy to incentivize leadership.

Positive

• CEO Ty R. Silberhorn granted 45,662 shares of restricted stock worth $1.4 million.
• Shares vest in two increments, incentivizing long-term leadership engagement.

Negative

• None.

Apogee Enterprises, Inc. (Nasdaq: APOG) today announced that as an inducement for Ty R. Silberhorn, who joined the company January 4, 2021 (the “Commencement Date”) as Chief Executive Officer and President, to enter into employment with the company, the compensation committee of the Board of Directors approved an equity grant effective as of the Commencement Date. The equity grant consists of 45,662 shares of time-based restricted common stock of the company valued at $1,400,000, which will vest in two increments over a five-year period, in accordance with the terms of a restricted stock agreement entered into on the Commencement Date, with the first increment of 16,308 shares vesting after two years, and the second increment of 29,354 shares vesting after five years.

About Apogee Enterprises, Inc.

Apogee Enterprises, Inc. (Nasdaq: APOG) delivers distinctive solutions for enclosing commercial buildings and framing art. Headquartered in Minneapolis, MN, we are a leader in architectural products and services, providing architectural glass, aluminum framing systems and installation services for buildings, as well as value-added glass and acrylic for custom picture framing and displays. For more information, visit www.apog.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210105005255/en/

FAQ

What is the value of the equity grant for CEO Ty R. Silberhorn?

The equity grant for CEO Ty R. Silberhorn is valued at $1,400,000.

When will the shares granted to CEO Ty R. Silberhorn vest?

The shares will vest in two increments: 16,308 shares after two years and 29,354 shares after five years.

What is the stock symbol for Apogee Enterprises?

The stock symbol for Apogee Enterprises is APOG.

Who is the CEO of Apogee Enterprises?

The CEO of Apogee Enterprises is Ty R. Silberhorn.

When did Ty R. Silberhorn start as CEO of Apogee Enterprises?

Ty R. Silberhorn started as CEO of Apogee Enterprises on January 4, 2021.