Glu Mobile Announces New Employment Inducement Awards
April 10 2019 - 4:30PM
Business Wire
Glu Mobile Inc. (NASDAQ: GLUU), a leading developer and
publisher of mobile games, today announced that on April 9, 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 117,067 shares of
Glu’s common stock, (2) time-vesting restricted stock unit awards
covering an aggregate of 8,200 shares of Glu’s common stock and (3)
performance-based restricted stock unit awards covering an
aggregate of 13,912 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 April
9, 2020 and 2.083% of the underlying shares will vest monthly
thereafter) and have a per share exercise price equal to $11.41,
which was the closing price of Glu’s common stock on the Nasdaq
Global Select Market on the April 9, 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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Investor Relations:EllipsisBob Jones / Taylor
KrafchikIR@glu.com(646) 776-0886
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