Apogee Enterprises reports grant of inducement award

Apogee Enterprises, Inc. has announced that as an inducement for Joseph F. Puishys, who has now joined the company as chief executive officer and president, to enter into employment with the company, …

Apogee Enterprises, Inc. has announced that as an inducement for Joseph F. Puishys, who has now joined the company as chief executive officer and president, to enter into employment with the company, the compensation committee of the Board of Directors approved equity grants to Puishys. The equity grants are: (i) 155,875 shares of time-based restricted common stock of the company, which will vest in equal annual increments over a five-year period, in accordance with the terms of a restricted stock agreement; (ii) options to purchase 450,512 shares of the company“s common stock, which will vest in equal annual increments over a three-year period, in accordance with the terms of a stock option agreement entered into today; and (iii) 59,952 shares of the company“s common stock that immediately vested. Apogee Enterprises, Inc., headquartered in Minneapolis, is a leader in technologies involving the design and development of value-added glass products and services. The company is organized in two segments: architectural products and services companies design, engineer, fabricate, install, maintain and renovate the walls of glass and windows comprising the outside skin of commercial and institutional buildings; and large-scale optical segment consists of a value-added glass and acrylic manufacturer for the custom framing market.