Express, Inc. Awards Inducement Grant to Chief Executive Officer in Connection With Recent Appointment

Rhea-AI Summary

Express, Inc. announces grant of performance-based restricted stock units to new CEO

Positive

• Express, Inc. will grant 150,000 performance-based restricted stock units to CEO Stewart Glendinning

Negative

• None.

COLUMBUS, Ohio--(BUSINESS WIRE)-- Fashion apparel retailer Express, Inc. (NYSE: EXPR) today announced that, in connection with Stewart Glendinning’s recent appointment as Chief Executive Officer effective September 15, 2023, and as previously reported on a Current Report on Form 8-K filed with the SEC on September 11, 2023, the Company will grant Mr. Glendinning an award of 150,000 performance-based restricted stock units (“PSUs”). The PSUs will be granted on October 15, 2023, and will become eligible to vest (with a maximum payout of 200% of target) on the last day of fiscal 2026 based on the Company’s stock price performance during the period between the grant date and the last day of fiscal 2026, subject to Mr. Glendinning’s continued employment with Express through the vesting date. Express agreed to make this award as an inducement material to Mr. Glendinning’s acceptance of employment as Chief Executive Officer, pursuant to Section 303.08A of the New York Stock Exchange Listed Company Manual.

About EXPR

EXPR is a multi-brand fashion retailer whose portfolio includes Express, Bonobos and UpWest. The Company operates an omnichannel platform as well as physical and online stores. Grounded in a belief that style, quality and value should all be found in one place, Express is a brand with a purpose - We Create Confidence. We Inspire Self-Expression. - powered by a styling community. Bonobos is a menswear brand known for exceptional fit and an innovative retail model. UpWest is an apparel, accessories and home goods brand with a purpose to Provide Comfort for People & Planet.

The Company has 530 Express retail and Express Factory Outlet stores in the United States and Puerto Rico, the Express.com online store and the Express mobile app; 60 Bonobos Guideshop locations and the Bonobos.com online store; and 11 UpWest retail stores and the UpWest.com online store. EXPR is traded on the NYSE under the symbol EXPR. For more information about our Company, please visit www.express.com/investor and for more information about our brands, please visit www.express.com, www.bonobos.com or www.upwest.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231013077541/en/

Investor Contact

Greg Johnson

VP, Investor Relations

gjohnson@express.com

614-474-4890

Media

Sarah Gordon

SHADOW

212-972-0277 x4077

sgordon@weareshadow.com / expressbiz@weareshadow.com

Source: Express, Inc.

What is the announcement made by Express, Inc.?

Express, Inc. announced the grant of performance-based restricted stock units to their new CEO, Stewart Glendinning.

How many restricted stock units will be granted to Mr. Glendinning?

Mr. Glendinning will be granted 150,000 performance-based restricted stock units.

When will the restricted stock units be granted?

The restricted stock units will be granted on October 15, 2023.

When will the restricted stock units become eligible to vest?

The restricted stock units will become eligible to vest on the last day of fiscal 2026.

What is the maximum payout of the restricted stock units?

The maximum payout of the restricted stock units is 200% of the target.

What is the purpose of making this award to Mr. Glendinning?

Express made this award as an inducement material to Mr. Glendinning's acceptance of employment as Chief Executive Officer.