THQ Provides Update on New Officer Compensation Arrangements
AGOURA HILLS, Calif.--(BUSINESS WIRE)-- As announced earlier this week, THQ Inc. (THQI) has appointed Jason Rubin as its President and Jason Kay as its Chief Strategy Officer. On May 25, 2012, as inducements to their employment with THQ, both were granted certain stock awards detailed below.
Rubin and Kay were granted stock option awards of 950,000 and 550,000 shares of the companys common stock, respectively. These awards have an exercise price of $0.61 per share (the fair market value of a share of THQs stock on May 25) and vest in three equal annual installments on the anniversary date of the grant, and are subject to continued employment.
Rubin and Kay were also granted restricted stock unit awards of 950,000 and 550,000 shares of the companys common stock, respectively. These awards will vest in two equal installments based on the achievement of certain stock price performance goals that must be met prior to the fourth anniversary of this award. The first half of these awards will vest on the first date that the companys common stock equals or exceeds $2.00 per share for ten consecutive trading days, and the second half of these awards will vest on the first date that the companys common stock equals or exceeds $3.00 per share for ten consecutive trading days, and are subject to continued employment.
In addition, Rubin and Kay were granted stock option awards of 3,071,756 shares (collectively) of the companys common stock with an exercise price of $0.61 per share. These shares will only vest at the time Rubin, alone or together with Kay, purchases shares of the companys common stock having a value at the time of purchase of at least $1,500,000, prior to March 31, 2013.
The stock options and restricted stock units granted to Rubin and Kay were granted outside of a stockholder-approved plan, pursuant to the Employment Inducement Awards exemption of the Nasdaq Listing Rules.
THQ Inc. is a leading worldwide developer and publisher of interactive entertainment software. The company develops its products for all popular game systems, personal computers, wireless devices and the Internet. Headquartered in Los Angeles County, California, THQ sells product through its global network of offices located throughout North America, Europe and Asia Pacific. More information about THQ and its products may be found at http://www.thq.com/. THQ and its logo are trademarks and/or registered trademarks of THQ Inc.
THQ Inc. Caution Concerning Forward-Looking Statements
This press release contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about the business of THQ Inc. and its subsidiaries (collectively referred to as "THQ"), including, but not limited to, expectations with respect to its resources and ability to execute on its business plan, future financial expectations and estimated product release dates. These statements are based upon management's current beliefs and certain assumptions made by management. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, business, competitive, economic, legal, political, and technological factors affecting our industry, operations, markets, products, or pricing. Readers should carefully review the risk factors and the information that could materially affect THQ's financial results, described in other documents that THQ files from time to time with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal period ended March 31, 2011 and subsequent Quarterly Reports on Form 10-Q, and particularly the discussion of trends and risk factors set forth therein. Unless otherwise required by law, THQ disclaims any obligation to update its view on any such risks or uncertainties or to revise or publicly release the results of any revision to these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
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Source: THQ Inc.Copyright Business Wire 2012