Summary
Take-Two Interactive Software, Inc. (TTWO) filed a Form 8-K on September 19, 2012, reporting a second amendment to the employment agreement of its Executive Vice President and General Counsel, Seth Krauss. This amendment, effective September 14, 2012, primarily details adjustments to Mr. Krauss's compensation package. Key changes include an increased annual salary of $575,000, effective immediately and pro-rated for the current fiscal year. Future annual salary increases of 2% are stipulated starting April 1, 2014. Additionally, Mr. Krauss will be eligible for an annual bonus with a target of 70% and a maximum of 140% of his salary, contingent on company performance. The company also plans to grant Mr. Krauss 408,329 shares of restricted stock, which will vest over six years, subject to specific stock price performance targets.
Key Highlights
- 1Amendment to Executive Employment Agreement: The primary event reported is the second amendment to the employment agreement for Seth Krauss, EVP and General Counsel.
- 2Salary Increase: Mr. Krauss's annual salary has been increased to $575,000, effective immediately and pro-rated for the fiscal year ending March 31, 2013.
- 3Future Salary Adjustments: The agreement includes a 2% annual salary increase starting April 1, 2014.
- 4Bonus Potential: Mr. Krauss is eligible for an annual bonus, targeting 70% of his salary, with a maximum potential of 140% based on company financial targets.
- 5Restricted Stock Grant: The company will grant 408,329 shares of restricted stock to Mr. Krauss, subject to performance-based vesting over six years.
- 6Vesting Contingencies: The restricted stock vesting is tied to the satisfaction of certain stock price thresholds measured from the amendment date.
- 7Disclosure of Employment Terms: This filing provides updated details on key executive compensation elements, offering transparency to investors regarding incentives for senior management.