Superior Industries International, Inc. (NYSE:SUP) today announced that in connection with the appointment of Donald J. Stebbins as chief executive officer and president, under the New York Stock Exchange inducement grant exception, the company granted to Mr. Stebbins 50,000 restricted shares of common stock which will cliff vest on April 30, 2017, and 82,455 restricted shares of common stock as a long-term incentive award for the remainder of 2014 which will cliff vest on December 31, 2016. Both grants are subject to Mr. Stebbins continued employment with Superior and accelerate in connection with certain termination events.
The inducement grants were approved and granted by Superior’s independent compensation committee on April 29, 2014, and are being made as an inducement that is material to Mr. Stebbins’ acceptance of employment. On April 30, 2014, Superior announced that Mr. Stebbins was appointed president and chief executive officer, effective May 5, 2014.
Superior is providing information regarding the inducement grants in accordance with New York Stock Exchange Rule 303A.08. Superior also filed a report on Form 8-K with the SEC regarding the appointment of Mr. Stebbins and related matters, including a full description of the inducement grants and his overall compensation package.
About Superior IndustriesSuperior is the largest manufacturer of aluminum wheels for passenger cars and light-duty vehicles in North America. From its five plants in both the U.S. and Mexico, the company supplies aluminum wheels to the original equipment market. Major customers include Ford, General Motors, Chrysler, BMW, Mitsubishi, Nissan, Subaru, Toyota, Volkswagen and Tesla. For more information, visit www.supind.com.