Oct 5, 2018   SOURCE: BusinessWire

GE Grant Award Pursuant to NYSE Rule 303A.08

GE (NYSE: GE) today announced that the Management Development and Compensation Committee of the Board of Directors has approved the terms of an employment agreement with newly appointed Chief Executive Officer H. Lawrence Culp, Jr. Mr. Culp’s compensation arrangements are described in GE’s Current Report on Form 8-K filed with the Securities and Exchange Commission on the date of this press release.

Pursuant to New York Stock Exchange Rule 303A.08, GE notes that these arrangements include an “employment inducement award” of performance share units (“PSUs”) made in connection with Mr. Culp’s commencement of service as CEO. The PSUs will pay out (except in the case of a termination of employment by GE for cause or by Mr. Culp without good reason, and subject to proration in certain events) as a number of GE shares of common stock ranging from 2.5 million to 7.5 million shares, based on a GE stock price appreciation target ranging from 50% to 150% using the highest average closing price over 30 consecutive trading days during the four-year period from October 1, 2018 to September 30, 2022, with no payout for stock price appreciation of less than 50%. The inducement award will be made outside of GE’s 2007 Long-Term Incentive Plan, but will generally have terms and conditions consistent with those set forth in that plan. The inducement award will be adjusted to reflect the effects of any spin-off transactions, extraordinary dividends or changes in capital structure that do not result in receipt by the Company of reciprocal value.

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