Diebold (DBD) Reports Equity Award for New CEO Mattes

August 15, 2013 4:28 PM EDT Send to a Friend
Diebold, Incorporated (NYSE: DBD) reported, as required by the New York Stock Exchange rules, an equity inducement award made to Andy W. Mattes, Diebold's newly appointed Chief Executive Officer.

As an inducement for employment, and as previously disclosed by Diebold in a Form 8-K filing with the Securities and Exchange Commission, Mattes was granted 15,343 common shares of Diebold on Aug. 15, 2013. These shares were granted outside of Diebold's current equity plan -- established in 1991 as the Equity and Performance Incentive Plan, and amended and restated as of April 13, 2009 -- and are unrestricted shares subject to Diebold's repayment rights.

Under the repayment provisions, if Mattes voluntarily terminates employment with Diebold during the first year after the grant, he agrees to repay the shares -- or the fair market value of the shares at the time of his termination -- to Diebold. Similarly, if Mattes voluntarily terminates employment with Diebold during the second year after the grant, he agrees to repay half of the value of the shares to Diebold.

Diebold's compensation committee approved the equity inducement award, contingent on a Form S-8 registration statement for the shares being filed with the Securities and Exchange Commission, which registration statement was filed on August 14, 2013, in reliance on the employment inducement exception to the NYSE shareholder approval rules. To comply with the terms of this exemption, Diebold is making immediate public announcement of the award and has provided written notice to the NYSE.


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