8-KMaterial AgreementsOther EventsExhibits & Filings

TAKE TWO INTERACTIVE SOFTWARE INC 8-K Report, Material Agreement (Mar 6, 2007)

Filed March 6, 2007For Securities:TTWO

Summary

Take-Two Interactive Software, Inc. (TTWO) has filed an 8-K report to disclose a material definitive agreement regarding the employment of Seth Krauss, Esq. as Executive Vice President and General Counsel, effective March 12, 2007. This appointment is significant as Mr. Krauss brings extensive experience in legal and compliance matters, including a background in securities law enforcement and regulatory liaison from his previous roles at Morgan Stanley and the New York County District Attorney's Office. Investors should note the compensation package for Mr. Krauss, which includes a base salary, a one-time bonus, and potential annual bonuses tied to performance. Additionally, he will be granted stock options and restricted stock, with specific vesting schedules and provisions for cash payments if restricted stock grants are delayed due to stockholder approval. The company's commitment to bringing in experienced legal talent highlights a focus on strengthening its corporate governance and regulatory compliance.

Key Highlights

  • 1Take-Two Interactive has appointed Seth Krauss as Executive Vice President and General Counsel, effective March 12, 2007.
  • 2Mr. Krauss brings a strong background in legal and compliance from Morgan Stanley and the New York County District Attorney's Office, including experience with securities and regulatory matters.
  • 3The employment agreement is for a three-year term.
  • 4Mr. Krauss will receive an annual base salary of $365,000.
  • 5He is eligible for a one-time bonus of $50,000 and an annual bonus of up to 50% of his base salary based on performance.
  • 6The compensation package includes grants of 100,000 stock options and 25,000 restricted shares, subject to vesting and potential cash alternatives if stock grants are delayed pending stockholder approval.
  • 7The agreement includes provisions for continued salary payments upon termination without cause or a change in control.

Frequently Asked Questions

The primary purpose of this 8-K filing is to announce the entry into a material definitive agreement, specifically the employment of Seth Krauss as the new Executive Vice President and General Counsel for Take-Two Interactive Software, Inc.

Seth Krauss has a strong legal background, including significant experience in securities law enforcement, regulatory matters, and corporate compliance from his roles at Morgan Stanley (Executive Director, Legal and Compliance) and as an Assistant District Attorney in New York County. His expertise is relevant as it suggests Take-Two is strengthening its legal and compliance functions.

Mr. Krauss will receive an annual base salary of $365,000, a $50,000 one-time bonus, and an annual bonus of up to 50% of his base salary based on performance targets. He will also be granted 100,000 stock options and 25,000 restricted shares, which vest over three years. There are provisions for cash payments if the restricted stock grant is delayed.

The employment agreement includes provisions for continued salary payments for specified periods if his employment is terminated without cause or in the event of a change in control of the Company.