Tenneco Inc. (ticker: TEN, exchange: New York Stock Exchange) News Release
January 15, 2007
TENNECO GRANTS RESTRICTED STOCK TO NEW CHAIRMAN AND CEO
LAKE FOREST, ILLINOIS, JANUARY 15, 2007 – Tenneco Inc. today reported that it had completed the previously announced grant of 125,000 shares of restricted stock to Gregg Sherrill, Tenneco's Chairman and Chief Executive Officer. The restricted stock will vest in three equal installments on January 15, 2008, 2009 and 2010 or earlier if Mr. Sherrill's employment is involuntarily terminated for reasons other than cause. This restricted stock was issued pursuant to the "employee inducement" exception to the New York Stock Exchange rules requiring stockholder approval of equity-based incentive plans.
Tenneco is a $4.4 billion manufacturing company with headquarters in Lake Forest, Illinois and approximately 19,000 employees worldwide. Tenneco is one of the world's largest designers, manufacturers and marketers of emission control and ride control products and systems for the automotive original equipment market and the aftermarket. Tenneco markets its products principally under the Monroe®, Walker®, Gillet® and Clevite®Elastomer brand names. Among its products are Sensa-Trac® and Monroe Reflex® shocks and struts, Rancho® shock absorbers, Walker® Quiet-Flow® mufflers, Dynomax® performance exhaust products, and Clevite®Elastomer noise, vibration and harshness control components.
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