What is the primary purpose of this 8-K filing?

The primary purpose of this 8-K filing is to formally announce the appointment of Gary Dale as the new Chief Operating Officer of Take-Two Interactive Software, Inc., and to detail the terms of his employment agreement.

What are the key financial terms of Gary Dale's new role?

Gary Dale will receive an annual base salary of $612,000, be eligible for an annual bonus of up to 75% of his base salary based on EBITDA performance, and was granted 75,000 restricted shares that vest over three years. A guaranteed minimum bonus of $275,000 is stipulated for fiscal year 2008.

What happens to Mr. Dale's compensation and stock if his employment is terminated or if there's a change in control?

The agreement outlines specific severance packages, including salary continuation, bonuses, and accelerated vesting of stock, depending on the reason for termination (e.g., without Cause, resignation for Good Reason). In the event of a Change in Control, certain unvested restricted shares will vest immediately.

What are the geographic implications for Mr. Dale's role?

Mr. Dale's principal place of employment will initially be in England but requires him to relocate to the company's New York City executive offices by July 1, 2009. His salary will be paid in British Pounds until that relocation.

TTWO 8-K: Leadership Changes

Summary

Take-Two Interactive Software, Inc. filed an 8-K on August 14, 2008, to report a significant executive appointment and related compensation. Gary Dale was officially appointed Chief Operating Officer, effective July 1, 2008, moving up from his previous role as Executive Vice President. This appointment signifies a strategic move within the company's leadership structure.

Key Highlights

1Gary Dale appointed Chief Operating Officer, effective July 1, 2008.
2Mr. Dale's new employment agreement is effective August 14, 2008, superseding previous agreements.
3Annual base salary for Mr. Dale as COO is $612,000 (or £313,000 prior to relocation to New York).
4Eligible for an annual bonus up to 75% of base salary, based on company EBITDA performance.
5Receives a one-time grant of 75,000 restricted shares, vesting over three years.
6Employment agreement includes provisions for termination, severance, and non-compete clauses.
7Specific terms outlined for 'Cause,' 'Good Reason,' and 'Change in Control' scenarios, impacting vesting and compensation.

TAKE TWO INTERACTIVE SOFTWARE INC 8-K Report, Executive Changes (Aug 14, 2008)

Summary

Key Highlights

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