Glu Mobile Announces New Employment Inducement Awards
SAN FRANCISCO--(BUSINESS WIRE)--May 15, 2019--
Glu Mobile Inc. (NASDAQ: GLUU), a leading developer and publisher of mobile games, today announced that on May 14, 2019, its Compensation Committee awarded the following equity awards, in the aggregate, to four newly hired employees: (1) time-vesting stock option awards to purchase an aggregate of 105,361 shares of Glu’s common stock, (2) time-vesting restricted stock unit awards covering an aggregate of 13,500 shares of Glu’s common stock and (3) performance-based restricted stock unit awards covering an aggregate of 13,424 shares of Glu’s common stock, each pursuant to Glu’s 2018 Equity Inducement Plan.
The time-vesting stock options have ten-year terms, vest on a four-year schedule (25% of the underlying shares will vest on May 14, 2020 and 2.083% of the underlying shares will vest monthly thereafter) and have a per share exercise price equal to $8.63, which was the closing price of Glu’s common stock on the Nasdaq Global Select Market on the May 14, 2019 grant date. The time-vesting restricted stock unit awards vest with respect to 25% of the underlying shares on May 15, 2020, with the remaining 75% of the underlying shares vesting in equal quarterly installments over the next three years on the same day of each third month (e.g., the next quarterly vesting date will be August 15, 2020, then November 15, 2020, etc.). The number of performance-based restricted stock units that will be earned, if any, will depend on the extent to which Glu achieves certain Adjusted EBITDA and bookings goals during 2019, with any earned performance-based restricted stock units vesting in full on May 15, 2020.
Glu’s Compensation Committee adopted the 2018 Equity Inducement Plan, which is a non-stockholder approved plan, to facilitate the granting of equity awards as an inducement material to new employees joining Glu. Nasdaq Marketplace Rule 5635(c)(4) requires a public announcement of equity awards made under this type of plan.
About Glu Mobile
Glu Mobile (NASDAQ: GLUU) is a leading creator of mobile games. Founded in 2001, Glu is headquartered in San Francisco with additional locations in San Mateo, Toronto and Hyderabad. With a history spanning over a decade, Glu’s culture is rooted in taking smart risks and fostering creativity to deliver world-class interactive experiences for our players. Glu’s diverse portfolio features top-grossing and award-winning original and licensed IP titles including, Cooking DASH, Covet Fashion, Deer Hunter, Design Home, MLB Tap Sports Baseball and Kim Kardashian: Hollywood available worldwide on various platforms including the App Store and Google Play. For more information, visit www.glu.com or follow Glu on Twitter, Facebook and Instagram.
Cooking DASH, Covet Fashion, Deer Hunter, Design Home, Tap Sports, Glu and Glu Mobile are trademarks of Glu Mobile Inc.
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CONTACT: Investor Relations:
Bob Jones / Taylor Krafchik
KEYWORD: UNITED STATES NORTH AMERICA CANADA CALIFORNIA
INDUSTRY KEYWORD: ENTERTAINMENT ELECTRONIC GAMES TECHNOLOGY CONSUMER ELECTRONICS INTERNET SOFTWARE MOBILE ENTERTAINMENT
SOURCE: Glu Mobile Inc.
Copyright Business Wire 2019.
PUB: 05/15/2019 04:30 PM/DISC: 05/15/2019 04:30 PM