Holley Inc. (NYSE: HLLY), a leading platform serving performance automotive enthusiasts, today announced the grant of inducement equity awards to Matthew Stevenson, Holley’s newly appointed President and Chief Executive Officer.
The inducement equity awards consist of (i) 1,000,000 time-vesting restricted stock units (“RSUs”), which will vest ratably in one-fourth increments on each of the first four anniversaries following the date of grant, and (ii) 1,520,000 performance-based stock units (“PSUs”), which will vest upon the achievement of certain stock price metrics. Specifically, 300,000 PSUs will vest upon the achievement of a stock price threshold of $5.00, $7.50 and $10.00, respectively, and the remaining 320,000 PSUs will vest upon the achievement of a $15.00 stock price threshold. The vesting of the RSUs and PSUs is, in each case, subject to Mr. Stevenson’s continued employment with Holley.
The RSUs and PSUs have been granted outside of Holley’s 2021 Omnibus Incentive Plan and were approved by Holley’s board of directors in reliance on the employment inducement exemption under Rule 303A.08 of the NYSE Listing Company Manual. Although the RSUs and PSUs were granted outside of Holley’s 2021 Omnibus Incentive Plan, the awards will have terms and conditions consistent with those set forth under such plan.
Holley Inc. (NYSE: HLLY) is a leading designer, marketer, and manufacturer of high-performance products for car and truck enthusiasts. Holley offers a leading portfolio of iconic brands that deliver innovation and inspiration to a large and diverse community of millions of avid automotive enthusiasts who are passionate about the performance and personalization of their classic and modern cars. Holley has disrupted the performance category by putting the enthusiast consumer first, developing innovative new products, and building a robust M&A process that has added meaningful scale and diversity to its platform. For more information on Holley, visit https://www.holley.com.
Ross Collins / Stephen Poe
Alpha IR Group