GE Grant Award Pursuant to NYSE Rule 303A.08
BOSTON--(BUSINESS WIRE)--Oct 4, 2018--GE (NYSE: GE) today announced that the Management Development and Compensation Committee of the Board of Directors has approved the terms of an employment agreement with newly appointed Chief Executive Officer H. Lawrence Culp, Jr. Mr. Culp’s compensation arrangements are described in GE’s Current Report on Form 8-K filed with the Securities and Exchange Commission on the date of this press release.
Pursuant to New York Stock Exchange Rule 303A.08, GE notes that these arrangements include an “employment inducement award” of performance share units (“PSUs”) made in connection with Mr. Culp’s commencement of service as CEO. The PSUs will pay out (except in the case of a termination of employment by GE for cause or by Mr. Culp without good reason, and subject to proration in certain events) as a number of GE shares of common stock ranging from 2.5 million to 7.5 million shares, based on a GE stock price appreciation target ranging from 50% to 150% using the highest average closing price over 30 consecutive trading days during the four-year period from October 1, 2018 to September 30, 2022, with no payout for stock price appreciation of less than 50%. The inducement award will be made outside of GE’s 2007 Long-Term Incentive Plan, but will generally have terms and conditions consistent with those set forth in that plan. The inducement award will be adjusted to reflect the effects of any spin-off transactions, extraordinary dividends or changes in capital structure that do not result in receipt by the Company of reciprocal value.
Caution Concerning Forward Looking Statements
This document contains “forward-looking statements” – that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. For details on the uncertainties that may cause our actual future results to be materially different than those expressed in our forward-looking statements, see http://www.ge.com/investor-relations/disclaimer-caution-concerning-forward-looking-statements as well as our annual reports on Form 10-K and quarterly reports on Form 10-Q. We do not undertake to update our forward-looking statements.
GE (NYSE:GE) drives the world forward by tackling its biggest challenges. By combining world-class engineering with software and analytics, GE helps the world work more efficiently, reliably, and safely. For more than 125 years, GE has invented the future of industry, and today it leads new paradigms in additive manufacturing, materials science, and data analytics. GE people are global, diverse and dedicated, operating with the highest integrity and passion to fulfill GE’s mission and deliver for our customers. www.ge.com
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CONTACT: GE Investors:
Todd Ernst, 617-443-3400
Jennifer Erickson, 646-682-5620
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PUB: 10/04/2018 04:43 PM/DISC: 10/04/2018 04:43 PM