PARK CITY, Utah, May 10, 2013 (GLOBE NEWSWIRE) -- Skullcandy, Inc. (Nasdaq:SKUL) today announced that on May 8, 2013, the Company's compensation committee of the board of directors approved the grant of 310,679 restricted stock units and options to purchase 150,943 shares of the Company's common stock to Hoby Darling, the Company's President and Chief Executive Officer. The stock options have an exercise price per share of $5.15, the closing price of the Company's common stock on May 8, 2013. The stock options and restricted stock units have a vesting commencement date of March 18, 2013, Mr. Darling's start date with the Company, and will vest in equal annual increments over a four year period, subject to Mr. Darling's continued service with the Company through the applicable vesting dates. In addition, the stock options granted to Mr. Darling will be subject to accelerated vesting in connection with certain qualifying terminations of service. Each grant was made as an inducement that was a material component of Mr. Darling's compensation and subsequent acceptance of employment with the Company and was granted as an employment inducement award pursuant to NASDAQ rules.
CONTACT: ICR Brendon Frey / Joe Teklits 203-682-8200 Brendon.Frey@icrinc.com Joseph.Teklits@icrinc.com