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UPDATE 1-Three Starboard nominees to Newell board agree to buy stake if elected

elected@ (Adds Newell's letter and details from Starboard statement)

March 14 (Reuters) - Starboard Value LP, which is looking to replace the entire board of Newell Brands Inc, said on Wednesday three of its nominees would buy about $25 million in Newell stock with their own money if the hedge fund gained full board control.

The activist hedge fund has nominated a 12-member slate to Newell's board and wants to oust Newell Chief Executive Michael Polk, saying the company has underperformed peers and mismanaged the integration of Jarden Corp since its acquisition in 2016.

Newell's independent directors told shareholders in a letter that Starboard "did not once approach management or the board to seek engagement or better understand our performance or the environment in which we are operating."

As Starboard tries to persuade shareholders to back its plans, it said Ian Ashken, Martin Franklin and James Lillie would buy Newell's stock if the hedge fund's slate was elected at the upcoming shareholder meeting.

The $25 million in Newell shares equates to a stake of about 0.2 percent in the company, according to Reuters calculations. Starboard has a stake of about 4.5 percent in the company.

Franklin and Ashken are former executives at Jarden and recently resigned from Newell's board, which the company said was after an unsuccessful attempt to elect Franklin as chairman.

Lillie was the CEO of Jarden and, according to Newell, is Starboard's choice to replace CEO Polk. Starboard has not named its choice to replace Polk.

Starboard said the trio would not sell any of the shares they bought as long as they are on Newell's board or until the company's stock crosses the price on April 15, 2016, when the sharpie maker closed its acquisition of Jarden.

Newell's independent directors said Starboard and Franklin "have not yet produced plans to create shareholder value." (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Savio D'Souza)