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Duluth Holdings Inc. Announces Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)

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Duluth Holdings Inc. announced an inducement grant of 94,000 shares of restricted stock to Ms. Heena Agrawal, the new Senior Vice President and Chief Financial Officer. The grant vests in two tranches and is subject to specific conditions. The grant was made outside the company's Equity Incentive Plan and approved by the Board of Directors.
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MOUNT HOREB, Wis., Feb. 12, 2024 (GLOBE NEWSWIRE) -- Duluth Holdings Inc. (dba, Duluth Trading Company) (“Duluth Trading” or the “Company”) (NASDAQ: DLTH), a lifestyle brand of men’s and women’s workwear, casual wear, outdoor apparel and accessories, today announced that it made an inducement grant to Ms. Heena Agrawal in connection with her employment as the Company’s new Senior Vice President and Chief Financial Officer, effective February 12, 2024.

The Company granted 94,000 shares of restricted stock with a grant date of February 12, 2024, as a material inducement to Ms. Agrawal’s hiring. The restricted stock vests in two tranches—one half on February 12, 2024, her first day of employment (the “First Tranche Shares”), and one half on the third anniversary of the first day of her employment (the “Second Tranche Shares”). The First Tranche Shares are subject to repayment by Ms. Agrawal if Ms. Agrawal voluntarily terminates her employment or is terminated for cause as follows: (i) prior to the 12-month anniversary of the grant date, 100% of the First Tranche Shares will be forfeited; (ii) on or after the 12-month anniversary of the grant date and before the 24-month anniversary of the grant date, 75% of the First Tranche Shares will be forfeited; and (iii) on or after the 24-month anniversary of the grant date and prior to the 36-month anniversary of the grant date, 50% of the First Tranche Shares will be forfeited. The Second Tranche Shares are subject to Ms. Agrawal’s continued employment on the third anniversary of her first day of employment.

The restricted stock was granted outside the terms of the Company’s 2015 Equity Incentive Plan and was approved by the Company’s Board of Directors, Compensation Committee, and the Subcommittee of the Compensation Committee of the Board of Directors, consisting of the independent directors of the Compensation Committee, in reliance on the employment inducement exemption under NASDAQ Listing Rule 5635(c)(4), which requires public announcement of inducement awards. Pursuant to the requirements of that rule, the Company is issuing this press release.

About Duluth Trading

Duluth Trading is a lifestyle brand for the Modern, Self-Reliant American. Based in Mount Horeb, Wisconsin, we offer high quality, solution-based casual wear, workwear and accessories for men and women who lead a hands-on lifestyle and who value a job well-done. We provide our customers an engaging and entertaining experience. Our marketing incorporates humor and storytelling that conveys the uniqueness of our products in a distinctive, fun way, and are available through our content-rich website, catalogs, and “store like no other” retail locations. We are committed to outstanding customer service backed by our “No Bull Guarantee” - if it’s not right, we’ll fix it. Visit our website at http://www.duluthtrading.com.


Duluth Holdings Inc. announced an inducement grant of 94,000 shares of restricted stock.

Ms. Heena Agrawal is the recipient of the grant mentioned in the press release.

The grant vests in two tranches.

The First Tranche Shares are subject to repayment if Ms. Agrawal voluntarily terminates her employment or is terminated for cause.

No, the grant was made outside the company's Equity Incentive Plan.
Duluth Holdings Inc

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Clothing Accessories Stores
Retail Trade
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Consumer Non-Durables, Apparel/Footwear, Retail Trade, Internet Retail, Clothing Accessories Stores
US
Mount Horeb

About DLTH

flannel is not required at the duluth trading office to fit in, but if you smile a little when you see our commercials, you just may just find your passion coming to work here every day. duluth trading company’s television ads are a reflection of our unique culture that is anything but average. the heart of our success is creating one-of-a-kind men’s and women’s clothing, innovative tools and ingenious gadgets while being humorous storytellers. customer favorites include ballroom® jeans that let you “crouch without the ouch,"​ buck naked™ underwear, and our longtail t® shirts that prevent plumber's butt. we’re growing fast, and taking care of business through our website, catalogs, and retail stores. if you like the sounds of all this, you might just be the perfect next addition to our team. we have corporate office locations just outside of madison, wis. (in belleville and mt. horeb), and retail stores across the midwest. for full-time staff, we provide medical, dental and life insura