01—Abstract
Summary
Summary of the 8-K filed May 14, 2010. Cited figures are marked; the original filing is the authoritative source.
This Form 8-K filing by Take-Two Interactive Software, Inc. on May 14, 2010, primarily details the continued employment of Lainie Goldstein as Chief Financial Officer.
An updated employment agreement has been established, extending her tenure through October 31, 2012, with provisions for salary increases, performance-based bonuses, and a significant restricted stock grant. This agreement aims to ensure continuity and incentivize key leadership during a potentially critical period for the company. The new agreement outlines Ms. Goldstein's compensation structure, including an annual base salary that increases over the term, and a bonus potential of up to 100%a of her salary tied to company financial targets.
Furthermore, a substantial grant of 149,193 restricted shares will vest over three years, with a portion contingent on performance criteria, aligning her incentives with long-term shareholder value. The filing also addresses change-in-control provisions and severance packages, offering a degree of security for Ms. Goldstein while signaling the company's commitment to retaining its CFO.
02—Key points
Key Highlights
- Lainie Goldstein's employment as CFO extended to October 31, 2012.
- New employment agreement supersedes the prior agreement dated July 16, 2007.
- Annual base salary increases from $575,000 to $625,000 over the agreement term.
- Eligibility for an annual bonus of up to 100% of salary, based on financial targets.
- Grant of 149,193 restricted shares, with a portion tied to performance criteria.
- Details change-in-control provisions, including retention bonuses.
- Comprehensive severance benefits provided in case of termination without cause, including salary, bonus, COBRA reimbursement, and accelerated vesting.
03—Questions
Frequently Asked Questions
What is the primary purpose of this 8-K filing?
The primary purpose of this 8-K filing is to report the details of the new employment agreement entered into with Lainie Goldstein, the Company's Chief Financial Officer, ensuring her continued service through October 31, 2012.
What are the key financial incentives provided to Lainie Goldstein?
Ms. Goldstein will receive increasing annual base salaries, is eligible for an annual bonus of up to 100% of her salary based on performance, and will be granted 149,193 restricted shares, with a portion subject to performance-based vesting.
What protections are in place for Ms. Goldstein in case of a change in control or termination?
The agreement includes provisions for a retention bonus upon a change in control and significant severance benefits if her employment is terminated by the Company without cause, including salary, bonus continuation, COBRA coverage, and accelerated vesting of stock.
How does this new agreement compare to her previous employment terms?
The new agreement replaces her prior agreement from July 2007, extends her term, increases her base salary, introduces performance-based vesting for a portion of her restricted stock, and specifies detailed change-in-control and severance packages.
04—Continue