Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
Effective as of May 31, 2022 (the "Effective Date"), the Compensation Committee
of Frontdoor, Inc. (the "Company") granted Mr. Brian K. Turcotte, Senior Vice
President and Chief Financial Officer of the Company, and Mr. Jeffrey A.
Fiarman, Senior Vice President, General Counsel and Secretary of the Company,
each a special equity grant under the Company's 2018 Omnibus Incentive Plan
having a value of $387,500 and $270,000, respectively, of which 100% will be in
the form of performance-based non-qualified stock options to purchase the
Company's common stock ("Performance Options"). The Performance Options will
vest upon the achievement of both (1) a service condition, which will be deemed
satisfied on the first anniversary of the grant date subject to the respective
executive's continuous service with the Company through such date, and (2) a
performance condition, which will be deemed satisfied if, on or prior to the
fourth anniversary of the Effective Date, the Company's common stock achieves
designated per share price targets based on the volume-weighted average price of
the common stock over any 20 consecutive trading day period as reflected on the
Nasdaq (the "VWAP"). The "performance condition" will be deemed satisfied with
respect to the value of one-third of each grant upon each of a $35.00 VWAP,
$40.00 VWAP and $45.00 VWAP, respectively.
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses