Summary
Take-Two Interactive Software, Inc. (TTWO) filed an 8-K on April 13, 2007, primarily addressing personnel changes and a material agreement. The company announced the resignation of its Chief Financial Officer, Karl H. Winters, effective April 10, 2007. Mr. Winters will transition to a consulting role for three months and will continue to receive his base salary, target bonus, and health benefits for 18 months post-termination, along with accelerated vesting of equity awards. This separation agreement is a significant event impacting the company's financial leadership and executive compensation. In conjunction with Mr. Winters' departure, Lainie Goldstein was appointed Interim Chief Financial Officer. Ms. Goldstein brings extensive financial experience to the role. Additionally, the company reported a positive development regarding its stock listing, having regained compliance with NASDAQ's listing requirements, ensuring its continued listing on The NASDAQ Global Select Market. The Board of Directors also approved an increase in the maximum size of the Board from seven to eight directors, suggesting potential future expansion or strategic considerations.
Key Highlights
- 1Karl H. Winters resigned as CFO on April 9, 2007, and his employment terminated April 10, 2007.
- 2Mr. Winters will serve as a consultant for three months on an as-needed basis for a $25,000 monthly fee.
- 3Mr. Winters will continue to receive his $405,000 annual base salary, target bonus, and health benefits for 18 months post-termination.
- 4Vesting requirements for Mr. Winters' prior equity awards will be deemed satisfied.
- 5Lainie Goldstein appointed Interim CFO, previously Senior Vice President of Finance.
- 6Take-Two Interactive has regained compliance with NASDAQ listing requirements and its stock will continue to be listed on The NASDAQ Global Select Market.
- 7The maximum size of the Board of Directors has been increased from seven to eight.