Steel Connect Inc (STCN) has shared an update.
Steel Connect, Inc. has announced a significant update to the compensation package for Mr. Fawaz Khalil, CEO of its subsidiary ModusLink. As of May 14, 2024, Khalil will receive a base salary increase to $360,000, a potential bonus equal to his base salary, and an equity award of 1,907 restricted common units from Steel Partners Holdings. These units will fully vest by October 1, 2026, provided Khalil remains employed until then. However, in the event of his departure before the vesting period, the restricted units will be forfeited.
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