Poly Grants Chief Operating Officer, Warren Schlichting, Inducement Awards Pursuant to NYSE Rule 303A.08

Rhea-AI Summary

On July 15, 2021, Poly (NYSE: POLY) announced the grant of equity awards to Warren Schlichting, appointed as Executive Vice President and Chief Operating Officer effective June 14, 2021. These awards include 28,125 restricted stock units (RSUs) vesting over three years and 65,625 performance stock units (PSUs) tied to the company's fiscal year 2022 performance metrics. The awards comply with NYSE Rule 303A.08, necessitating public announcements for inducement grants. This strategic appointment and associated equity awards aim to enhance leadership effectiveness at Poly.

Positive

• Appointment of Warren Schlichting as COO enhances senior leadership.
• Incentive structure with RSUs and PSUs may align Schlichting's interests with shareholder value.

Negative

• None.

SANTA CRUZ, Calif., July 15, 2021 /PRNewswire/ -- Poly (NYSE: POLY) today announced that it has granted equity awards that were approved by the Leadership Development and Compensation Committee (the "Committee") of Poly's Board of Directors on June 13, 2021, as a material inducement to employment to Warren Schlichting, who was appointed Executive Vice President, Chief Operating Officer, effective as of June 14, 2021.

The awards made to Mr. Schlichting are as follows. First, an award of 28,125 restricted stock units ("RSUs") granted on July 15, 2021 (the "RSU Award Date"), which will vest in three equal annual installments commencing on the last calendar day of the month following each anniversary of the RSU Award Date in accordance with the Company's Equity Processes Policy, in each case subject to Mr. Schlichting's continued employment with the Company on each applicable vesting date. Second, an award of 65,625 performance stock unit awards ("PSUs") to be granted on the date on which all PSUs are granted to all additional recipients for the fiscal year to which such grant relates (the "PSU Award Date"). The performance period for the PSUs will be aligned to the Company's 2022 fiscal year for performance-based RSUs (the "PSU Plan"). The PSUs will vest in accordance with the terms of the PSU Plan, subject to Mr. Schlichting's continued employment with the Company through the applicable vesting date.

The awards were all granted outside of the Poly 2003 Stock Plan (but generally have terms and conditions consistent with those set forth in that plan) and were approved by the Committee in reliance on the employment inducement exemption under the NYSE's Listed Company Manual Rule 303A.08, which requires public announcement of inducement awards. Pursuant to the requirements of that rule, Poly is issuing this press release.

About Poly
Plantronics, Inc. ("Poly" – formerly Plantronics and Polycom) (NYSE: POLY) is a global communications company that powers meaningful human connection and collaboration. Poly combines legendary audio expertise and powerful video and conferencing capabilities to overcome the distractions, complexity and distance that make communication in and out of the workplace challenging. Poly believes in solutions that make life easier when they work together and with our partners' services. Our headsets, software, desk phones, audio and video conferencing, analytics and services are used worldwide and are a leading choice for every kind of workspace. For more information visit www.Poly.com.

Poly, the propeller design, and the Poly logo are trademarks of Plantronics, Inc. All other trademarks are the property of their respective owners.

INVESTOR CONTACT:
Mike Iburg
Vice President, Investor Relations
(831) 458-7533

MEDIA CONTACT:
Edie Kissko
Vice President, Poly Communications
(213) 369-3719

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SOURCE Plantronics, Inc.

FAQ

What equity awards were granted to Warren Schlichting by Poly?

Warren Schlichting was granted 28,125 restricted stock units (RSUs) and 65,625 performance stock units (PSUs) as part of his compensation.

What is the significance of Poly's inducement awards under NYSE rules?

The inducement awards comply with NYSE Rule 303A.08, which mandates public disclosure of equity awards granted to new executives.

When did Warren Schlichting become the COO of Poly?

Warren Schlichting was appointed Chief Operating Officer effective June 14, 2021.

What is the vesting schedule for the RSUs granted to Schlichting?

The 28,125 RSUs will vest in three equal annual installments starting on the last day of the month following each anniversary of the award date.

How are the performance stock units (PSUs) structured for Poly?

The PSUs are tied to the performance metrics for the fiscal year 2022 and will vest according to the terms of the PSU Plan.