Press release
Carlyle Announces Grant of Employment Inducement Awards
WASHINGTON and NEW YORK, Feb. 17, 2023 (GLOBE NEWSWIRE) -- Global investment firm Carlyle (NASDAQ: CG) (the “Company”) today announced that it granted two
About this update from The Carlyle Group Inc.
[{"type":"text","content":"WASHINGTON and NEW YORK, Feb. 17, 2023 (GLOBE NEWSWIRE) -- Global investment firm Carlyle (NASDAQ: CG) (the “Company”) today announced that it granted two inducement equity awards to Harvey M. Schwartz on February 15, 2023, the effective date of Mr. Schwartz’s appointment as Chief Executive Officer of the Company, pursuant to the employment agreement entered into between the Company and Mr. Schwartz on February 5, 2023. The awards were granted in accordance with Nasdaq Listing Rule 5635(c)(4) as an inducement to Mr. Schwartz’s employment with the Company. The inducement awards consist of an award of performance-based restricted stock units relating to 4,730,617 shares of Company common stock (the “PSU Award”) and an award of restricted stock units relating to 2,031,602 shares of Company common stock (the “RSU Award”). The PSU Award has a performance period ending on January 31, 2028 and is eligible to vest in five equal tranches, with each tranche subject to a performance-based vesting condition that requires achievement of an absolute stock price hurdle ($42.74, $51.29, $58.12, $64.96, and $71.80, respectively) and the $64.96 and $71.80 tranches are also subject to performance-based vesting conditions relating to total shareholder return (linked to the 60th percentile of the constituent companies in the S&P 500® Financials Index). In addition, each tranche is subject to time-based vesting conditions requiring minimum service periods of one year, two years, three years, four years, and five years, respectively. Dividend equivalent units will be credited on the PSU Award and will be subject to the same terms and conditions, including with respect to vesting and settlement, that apply to the PSU Award. The PSU Award includes certain termination-related vesting provisions generally providing for, in the event of an involuntary termination of employment without cause or resignation for good reason, full acceleration of vesting for previously earned tranches and certain additional prorated vesting if performance goals are achieved between the date of termination and the end of the performance period (or vesting without proration based on performance through the date of a change in control if such termination or resignation occurs in certain change in control related circumstances). The RSU Award will vest ratably in four installments...