NORTH VENICE, Fla.--(BUSINESS WIRE)--PGT Innovations (NYSE:PGTI), a national leader in the premium window and door category, has announced a one-time grant of restricted stock to more than 3,000 employees, with the amount of restricted stock based on each employee’s tenure.
“As our company continues to grow and expand into new markets, all of our team members help us achieve success with a company culture centered around integrity, safety, innovation, and sustainable growth,” said PGT Innovations CEO and President Jeff Jackson. “To thank our hard-working team members, we will invest approximately $4 million over the next three years for this unprecedented restricted stock grant. We hope that it fuels our team’s pride of ownership and rewards them for their great work, which has helped propel PGT Innovations to be a national leader in the premium window and door manufacturing industry.”
All team members who have worked at PGT Innovations for one year or longer, and are not already participants in the company’s annual long-term incentive plan, will receive a grant of restricted stock in January 2019. On the third anniversary of the grant date, employees who had one-to-two years of service as of the grant date will be given 50 shares of PGTI common stock, team members who had two-to-five years of service as of the grant date will receive 75 shares of PGTI common stock, and employees with over five years of employment as of the grant date will be awarded with 100 shares of PGTI common stock. Current employees with less than one year of service will receive their grant of restricted stock in January 2020.
In July 2018, the company announced a one-time stock grant that provided 10 shares of common stock to each of its team members who were not already participants in the company’s annual long-term incentive plan. This marked the first time that every employee at PGT Innovations became a company shareholder.
About PGT Innovations, Inc.
PGT Innovations manufactures and supplies premium windows and doors. Its highly engineered and technically advanced products can withstand some of the toughest weather conditions on earth and are revolutionizing the way people live by unifying indoor and outdoor living spaces.
PGT Innovations creates value through deep customer relationships, understanding the unstated needs of the markets it serves and a drive to develop category-defining products. PGT Innovations is also the nation’s largest manufacturer of impact-resistant windows and doors, holds the leadership position in its primary market, and is part of the S&P SmallCap 400 Index.
The PGT Innovations’ family of brands include CGI®, PGT® Custom Windows & Doors, WinDoor®, Western Window Systems, and CGI Commercial. The company’s brands, in their respective markets, are a preferred choice of architects, builders, and homeowners throughout North America and the Caribbean. Their high-quality products are available in custom and standard sizes with massive dimensions that allow for unlimited design possibilities in residential, multi-family, and commercial projects. For additional information, visit www.pgtinnovations.com.
