MILTON, Ga., July 26, 2010 (GLOBE NEWSWIRE) -- Exide Technologies (Nasdaq:XIDE) (www.exide.com), a global leader in stored electrical-energy solutions (the "Company"), announced today that it granted 750,000 shares of restricted common stock of the Company as an inducement award to James R. (Jim) Bolch (the "Inducement Award") in connection with the commencement of his service as the Company's President and Chief Executive Officer effective today, July 26, 2010 (the "Commencement Date").
The Inducement Award will vest on the third anniversary of the Commencement Date, subject to Mr. Bolch's continued service with Exide through the vesting date. However, the Inducement Award will vest immediately in accordance with its terms if Mr. Bolch is terminated by the Company without cause or if Mr. Bolch terminates for good reason prior to the third anniversary of the Commencement Date. All of the independent members of the Company's Board of Directors approved the Inducement Award in accordance with NASDAQ Listing Rule 5635(c)(4), which also requires this public announcement of the Inducement Award.
At the Commencement Date, Mr. Bolch received an additional award consisting of shares of restricted stock and performance shares that were granted under the Exide Technologies 2009 Stock Incentive Plan and approved by all of the independent members of the Company's Board of Directors. Additional information regarding all of the awards received by Mr. Bolch at the Commencement Date is included in the Company's Current Reports on Form 8-K filed with the Securities and Exchange Commission on June 15, 2010 and July 26, 2010.
About Exide Technologies
Exide Technologies, with operations in more than 80 countries, is one of the world's largest producers and recyclers of lead-acid batteries. The Company's four global business groups -- Transportation Americas, Transportation Europe and Rest of World, Industrial Energy Americas and Industrial Energy Europe and Rest of World -- provide a comprehensive range of stored electrical energy products and services for industrial and transportation applications.
Transportation markets include original-equipment and aftermarket automotive, heavy-duty truck, agricultural and marine applications, and new technologies for hybrid vehicles and automotive applications. Industrial markets include network power applications such as telecommunications systems, electric utilities, railroads, photovoltaic (solar-power related) and uninterruptible power supply (UPS), and motive-power applications including lift trucks, mining and other commercial vehicles.
Further information about Exide, including its financial results, are available at www.exide.com.
The Exide Technologies logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5067