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TAKE TWO INTERACTIVE SOFTWARE INC 8-K Report, Executive Changes (Sep 17, 2014)

Filed September 17, 2014For Securities:TTWO

Summary

This 8-K filing from Take-Two Interactive Software, Inc. (TTWO) on September 17, 2014, primarily reports on the outcomes of their Annual Meeting of Stockholders held on September 16, 2014. The most significant event for investors is the stockholder approval of amendments to the 2009 Stock Incentive Plan. These amendments include an increase of 5,000,000 shares to the plan's reserve, expanding eligibility to include all consultants, and re-approving performance goals for tax purposes. The election of directors and the ratification of Ernst & Young LLP as independent auditors for the fiscal year ending March 31, 2015, were also approved. An advisory vote on executive compensation also passed.

Key Highlights

  • 1Stockholders approved amendments to the 2009 Stock Incentive Plan.
  • 2The share reserve under the 2009 Stock Incentive Plan was increased by 5,000,000 shares.
  • 3Eligibility for the stock incentive plan was expanded to include all consultants.
  • 4Performance goals under the plan were re-approved for Section 162(m) of the Code.
  • 5All nominated directors were re-elected for terms expiring at the 2015 annual meeting.
  • 6Ernst & Young LLP was ratified as the independent auditor for the fiscal year ending March 31, 2015.
  • 7An advisory vote to approve the compensation of named executive officers was passed.

Frequently Asked Questions

This 8-K filing reports on the results of Take-Two Interactive Software, Inc.'s Annual Meeting of Stockholders held on September 16, 2014. The key outcomes include stockholder approval of amendments to the 2009 Stock Incentive Plan, election of directors, ratification of auditors, and an advisory vote on executive compensation.

The amendments approved by stockholders increased the total share reserve under the 2009 Stock Incentive Plan by 5,000,000 shares. Additionally, the plan's eligible participants were expanded to include all consultants, and the performance goals were re-approved to comply with Section 162(m) of the Internal Revenue Code.

Yes, all the directors nominated for election at the annual meeting were duly elected by the stockholders. They will serve for a term expiring at the annual meeting of stockholders in 2015.

The stockholders ratified the appointment of Ernst & Young LLP as the independent auditors for Take-Two Interactive Software, Inc. for the fiscal year ending March 31, 2015.