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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