Summary
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% 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.
Key Highlights
- 1Lainie Goldstein's employment as CFO extended to October 31, 2012.
- 2New employment agreement supersedes the prior agreement dated July 16, 2007.
- 3Annual base salary increases from $575,000 to $625,000 over the agreement term.
- 4Eligibility for an annual bonus of up to 100% of salary, based on financial targets.
- 5Grant of 149,193 restricted shares, with a portion tied to performance criteria.
- 6Details change-in-control provisions, including retention bonuses.
- 7Comprehensive severance benefits provided in case of termination without cause, including salary, bonus, COBRA reimbursement, and accelerated vesting.