Summary
Take-Two Interactive Software, Inc. (TTWO) filed an 8-K on August 31, 2012, reporting an amendment to the employment agreement of its Chief Financial Officer, Lainie Goldstein. The amendment extends her employment term through March 31, 2013, with automatic one-year renewal periods thereafter, unless either party provides 90 days' notice. This extension aims to provide continuity in financial leadership during a key period for the company. Key changes include a 2% annual salary increase starting April 1, 2013, during renewal terms. Ms. Goldstein will also remain eligible for an annual bonus with a target of 70% and a maximum of 140% of her salary, contingent on meeting specific financial targets. Additionally, she will be granted 444,068 shares of restricted stock, vesting over six years starting March 31, 2013, subject to stock price performance thresholds.
Key Highlights
- 1Lainie Goldstein, CFO, employment agreement amended to extend term through March 31, 2013.
- 2Employment agreement to renew automatically for one-year periods after March 31, 2013, unless 90-day notice is given.
- 3Salary to increase by 2% annually starting April 1, 2013, during renewal terms.
- 4CFO eligible for annual bonus (target 70%, max 140% of salary) based on financial targets.
- 5Grant of 444,068 shares of restricted stock to CFO.
- 6Restricted stock vests in six annual installments starting March 31, 2013.
- 7Vesting of restricted stock is subject to specific stock price thresholds.