Superior Industries Reports Inducement Equity Grant Pursuant to NYSE Rule 303A.08
May 17 2019 - 6:30AM
Business Wire
Superior Industries International, Inc. (NYSE:SUP), one
of the world’s leading aluminum wheel suppliers for OEMs and the
European aftermarket, announced today that, as previously reported
on its Form 8-K filed on April 1, 2019, it has granted to Majdi B.
Abulaban, as an inducement to accept his appointment as President
and Chief Executive Officer of Superior, the following equity
awards pursuant to the Superior Industries International, Inc. 2019
Inducement Grant Plan (the “Inducement Plan”): (i) an initial award
(the “Initial Stock Grant”) consisting of (A) 666,667
performance-vested restricted stock units (“PRSUs”) at target,
vesting in three approximately equal installments to the extent
that the performance metrics are satisfied during each of three
performance periods and (B) 333,333 time-vested restricted stock
units (“RSUs”), vesting in approximately equal installments on
February 28, 2020, 2021 and 2022; (ii) a regular 2019-2021 PRSU
grant, with the target number of 316,832 PRSUs, which will vest to
the extent that the performance metrics are satisfied; and (iii) a
regular 2019 RSU grant of 158,416 RSUs, vesting in approximately
equal installments on February 28, 2020, 2021 and 2022. The Initial
Stock Grant is intended to replace certain equity awards that were
forfeited by Mr. Abulaban upon his resignation from his prior
employer. The PRSU awards may be earned at up to 200% of target
depending on the level of achievement of the performance
metrics.
About Superior Industries
Superior is one of the world’s leading aluminum wheel suppliers.
Superior’s team collaborates and partners with customers to design,
engineer, and manufacture a wide variety of innovative and
high-quality products utilizing the latest lightweighting and
finishing technologies. Superior also maintains leading aftermarket
brands including ATS®, RIAL®, ALUTEC®, and ANZIO®. Headquartered in
Southfield, Michigan, Superior is listed on the New York Stock
Exchange and is a component of Standard & Poor’s Small Cap 600
and Russell 2000 Indices. For more information, please visit
www.supind.com.
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Superior Investor Relations:Troy Ford(248)
234-7104Investor.Relations@supind.com
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