This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

THQ Provides Update On New Officer Compensation Arrangements

As announced earlier this week, THQ Inc. (NASDAQ: THQI) has appointed Jason Rubin as its President and Jason Kay as its Chief Strategy Officer. On May 25, 2012, as inducements to their employment with THQ, both were granted certain stock awards detailed below.

Rubin and Kay were granted stock option awards of 950,000 and 550,000 shares of the company’s common stock, respectively. These awards have an exercise price of $0.61 per share (the fair market value of a share of THQ’s stock on May 25) and vest in three equal annual installments on the anniversary date of the grant, and are subject to continued employment.

Rubin and Kay were also granted restricted stock unit awards of 950,000 and 550,000 shares of the company’s common stock, respectively. These awards will vest in two equal installments based on the achievement of certain stock price performance goals that must be met prior to the fourth anniversary of this award. The first half of these awards will vest on the first date that the company’s common stock equals or exceeds $2.00 per share for ten consecutive trading days, and the second half of these awards will vest on the first date that the company’s common stock equals or exceeds $3.00 per share for ten consecutive trading days, and are subject to continued employment.

In addition, Rubin and Kay were granted stock option awards of 3,071,756 shares (collectively) of the company’s common stock with an exercise price of $0.61 per share. These shares will only vest at the time Rubin, alone or together with Kay, purchases shares of the company’s common stock having a value at the time of purchase of at least $1,500,000, prior to March 31, 2013.

The stock options and restricted stock units granted to Rubin and Kay were granted outside of a stockholder-approved plan, pursuant to the “Employment Inducement Awards” exemption of the Nasdaq Listing Rules.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,034.93 +208.63 1.17%
S&P 500 2,100.40 +19.22 0.92%
NASDAQ 4,994.6020 +62.7870 1.27%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs