NEW YORK, April 10, 2013 /PRNewswire/ -- TheStreet, Inc. (NASDAQ: TST), a leading digital financial media company, today announced that Patrick Dignan has joined the Company to lead Advertising Sales for TheStreet. Mr. Dignan has over 25 years of experience in the financial services, media and publishing industries in advertising sales, most recently at Forbes.com and Nasdaq.com.
"As TheStreet continues its focus on operational excellence this year, Pat's experience in selling advertising in the financial services and luxury categories will complement our already robust executive team," said Elisabeth DeMarse, CEO and Chairman of TheStreet. "In addition, his strength in programmatic advertising should maximize sales across TheStreet's digital ad platform and play a significant role in supporting our future growth initiatives."
"TheStreet is a great brand that has distinguished itself with journalistic excellence, as well as actionable ideas from the intersection of investing, finance and business," said Mr. Dignan. "I am excited to take this accomplished brand to the next level of success."
On April 5, 2013, the Compensation Committee approved an equity award as an inducement material to Mr. Dignan's acceptance of employment with the Company in accordance with NASDAQ Listing Rule 5635(c)(4). In connection with his appointment, Mr. Dignan received an option to purchase 200,000 shares of the Company's common stock, with an exercise price of $1.90 per share which is equal to the closing price of the Company's Common Stock on April 8, 2013, Mr. Dignan's start date. The option has a five year term and vests over a period of four years, with 25% vesting after one year of the grant date and the remaining 75% vesting in approximately equal monthly increments over the succeeding thirty-six months, provided his continuous employment through each vesting date, and subject to acceleration or forfeiture upon the occurrence of certain events as set forth in his option agreement.