MILLER INDUSTRIES GRANTS EQUITY AWARDS TO EXECUTIVE OFFICERS

Rhea-AI Summary

Miller Industries, Inc. (NYSE: MLR), on March 1, 2022, granted 160,000 restricted stock units (RSUs) to executive officers, amounting to approximately 1.5% of total shares outstanding. These RSUs will vest evenly over five years. Concurrently, the Board established stock ownership guidelines mandating that RSU shares be held for a minimum of five years post-vesting, with sales prohibited until individual ownership targets are met. This initiative aims to align management's financial interests with those of stockholders and reward leadership during challenging times.

Positive

• Granting of 160,000 RSUs aligns management interests with shareholders.
• Stock ownership guidelines encourage long-term value growth.

Negative

• None.

CHATTANOOGA, Tenn., March 2, 2022 /PRNewswire/ -- Miller Industries, Inc. (NYSE: MLR) announced the grant of equity incentives to its executive officers that were made by the Compensation Committee of its Board of Directors on March 1, 2022. The grants were for a total of 160,000 restricted stock units (RSU's), representing approximately 1.5% of the total shares of common stock outstanding, which equity awards will vest evenly over a five-year period.

In conjunction with such grants, the Board adopted stock ownership guidelines which require that the RSU shares be held for at least five years after vesting. The guidelines also prohibit sales of shares at any time that an officer's individualized target stock ownership levels have not been achieved (other than sales to satisfy taxes due as a result of the vesting of the awards).

These equity awards and related stock ownership guidelines are intended to further align the financial interests of the Company's top management with those of the Company's stockholders. A. Russell Chandler, the Compensation Committee chair, noted that "These awards are intended to reward our executive team for their exceptional leadership of the Company in the very challenging last few years, and to do so in a way that incentivizes them to grow the value of the Company over the long term."

Miller Industries is The World's Largest Manufacturer of Towing and Recovery Equipment®, and markets its towing and recovery equipment under a number of well-recognized brands, including Century®, Vulcan®, Chevron™, Holmes®, Challenger®, Champion®, Jige™, Boniface™, Titan® and Eagle®.

View original content:https://www.prnewswire.com/news-releases/miller-industries-grants-equity-awards-to-executive-officers-301494311.html

SOURCE Miller Industries, Inc.

FAQ

What equity awards were granted by Miller Industries on March 1, 2022?

Miller Industries granted 160,000 restricted stock units (RSUs) to its executive officers.

What percentage of shares do the RSUs represent for Miller Industries?

The RSUs represent approximately 1.5% of the total shares of common stock outstanding.

How will the RSUs vest?

The RSUs will vest evenly over a five-year period.

What are the stock ownership guidelines for Miller Industries' executives?

Executives must hold RSU shares for at least five years after vesting and cannot sell shares until individual ownership targets are met.

What is the purpose of the equity awards at Miller Industries?

The equity awards are intended to align the financial interests of top management with those of the company's stockholders.