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OFFON

ONEMAIN HOLDINGS, INC.

(OMF)
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ONEMAIN HOLDINGS, INC. : Change in Directors or Principal Officers (form 8-K)

09/10/2021 | 06:03am EDT

Item 5.02 - Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On September 7, 2021, the Compensation Committee (the "Committee") of the Board of Directors of OneMain Holdings, Inc. (the "Company") granted one-time awards of 75,000 restricted stock units ("RSU Awards") to each of Rajive Chadha, the Company's Executive Vice President and Chief Operating Officer, and Micah R. Conrad, the Company's Executive Vice President and Chief Financial Officer. The RSU Awards are structured such that 50% of the RSU Awards (the "Performance-Based Units") will vest based on the Company's total shareholder return ("TSR"). The Performance-Based Units have a seven-year performance period, with 50% of the Performance-Based Units vesting at an absolute TSR of 80%, 100% of the Performance-Based Units vesting at an absolute TSR of 100%, and 150% of the Performance-Based Units vesting at an absolute TSR of 120%. The Performance-Based Units include a 10% annual reduction in the target Performance-Based Units for each year the tranche is achieved following year five of the seven-year performance period. The remaining 50% of the RSU Awards vest in 25% annual increments over a four-year period, subject to each executive's continued employment through the applicable vesting date.

The Company believes that these RSU Awards will effectively incentivize Messrs. Chadha and Conrad to achieve shareholder value creation as the Company moves to its next phase of growth.

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© Edgar Online, source Glimpses

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