Time Inc. Grants Employee Inducement Award Pursuant to NYSE Rule 303A.08
February 10 2016 - 10:00PM
Business Wire
Time Inc. (NYSE:TIME) (the “Company”) today announced the
grant on February 8, 2016 (the “Grant Date”) of a stock option to
Ms. Jennifer Wong to purchase 85,836 shares of the Company’s common
stock with an exercise price equal to $14.38 per share (the closing
price per share of the Company's common stock as reported on the
NYSE on the Grant Date) under a newly adopted Time Inc. Inducement
Award Plan. The Time Inc. Inducement Award Plan was approved by the
Company’s Board of Directors. The grant (the “Inducement Award”)
was offered as an inducement to Ms. Wong in connection with her
employment with the Company as its Executive Vice President,
President of Digital. The Inducement Award was granted pursuant to
the Time Inc. Inducement Award Plan and was approved by the
Company’s Compensation Committee of the Board Directors in reliance
on the employment inducement exception to shareholder approval
provided under New York Stock Exchange Listing Rule 303A.08 which
requires public announcement of inducement awards.
The Inducement Award will vest in four equal installments
beginning on the first anniversary of the Grant Date and will
expire on the tenth anniversary of the Grant Date. Vesting
accelerates if employment terminates upon death or disability, or
if there is a “change in control” (as defined in the Inducement
Award Plan) and within 12 months, employment is terminated by the
Company or because of a resignation for good reason. However, in
the case of a change in control, if the accelerated amount would be
subject to an excise tax under Section 280G of the Internal
Revenue Code, the accelerated amount will be reduced to the extent
this would result in a larger net after tax value. The described
terms, and other terms and conditions are generally consistent with
those in the Company’s 2014 Omnibus Incentive Compensation Plan.
The Company intends to file a Form S-8 relating to the Time Inc.
Inducement Award Plan.
ABOUT TIME INC.
Time Inc. (NYSE:TIME) is one of the world's leading media
companies, with a monthly global print audience of over 120 million
and worldwide digital properties that attract more than 150 million
visitors each month, including over 60 websites. Our influential
brands include People, Sports Illustrated, InStyle, Time, Real
Simple, Southern Living, Entertainment Weekly, Travel + Leisure,
Cooking Light, Fortune and Food & Wine, as well as more than 50
celebrated franchises and events, including the Fortune 500, Time
100, People’s Sexiest Man Alive, Sports Illustrated’s Sportsperson
of the Year, the Food & Wine Classic in Aspen, the Essence
Festival and the biennial Fortune Global Forum. Hundreds of
thousands of people attend our live media events every year. We
have been extending the power of our brands through various
investments and acquisitions, including the formation of Sports
Illustrated Play, a new business devoted to youth and amateur
sports, and the acquisition of inVNT, a company that specializes in
live media. We also provide content marketing, targeted local print
and digital advertising programs, branded book publishing and
marketing and support services, including subscription sales
services for magazines and other products, retail distribution and
marketing services and customer service and fulfillment services,
for ourselves and third-party clients, including other magazine
publishers.
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Investor Relations and Corporate CommunicationsFor Time
Inc.Jaison Blair, 212-522-5952orTanya Levy-Odom, 212-522-9225
Time Inc. (NYSE:TIME)
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