PGT Innovations Inc. announced a grant of equity to all eligible PGT Innovations team members based on each employee’s tenure.
About the grant
On or about Sept. 1, 2023, team members who have worked at PGT Innovations for at least one year, but less than two, will receive 50 shares of restricted stock. Team members with two years of service, but less than five, will receive 75 shares of restricted stock. And team members with five or more years of service will receive 100 shares of restricted stock. Current team members with less than one year of service will receive their grant of restricted stock on or about the first anniversary of the September 2023 grant. Eligible team members include those who are not already participants in the company’s long-term incentive plan.
All grants cliff vest on the three-year anniversary of the grant date, subject to the team member’s continued employment with PGT Innovations through the vesting date and the terms and conditions of its 2019 Equity and Incentive Compensation Plan documents. The grant will require about 395,000 shares of restricted stock, which, at the current price, equals approximately $11 million in value.
Company response
“PGT Innovations has experienced significant growth over the past four years, and we are committed to the strategy of expanding our family of brands and transforming manufacturing operations,” says Jeff Jackson, president and CEO, PGT Innovations. “Our team members are at the heart of us achieving our strong results and empowering them as shareholders provides the opportunity for them to directly share in the results of their dedication toward driving our company’s incredible performance. We have twice the number of folks on our team since the last employee stock grant in 2018, and we believe this shows how much they are appreciated and valued and that they are a part of something special here at PGT Innovations.”
