SAN FRANCISCO--(BUSINESS WIRE)--Glu Mobile Inc. (NASDAQ:GLUU), a leading global developer and publisher of free-to-play games for smartphone and tablet devices, announced that on November 14, 2016, its Compensation Committee had awarded to 79 newly acquired employees following Glu’s acquisition of a controlling interest in Crowdstar Inc. (i) restricted stock units covering 1,100,000 shares of Glu’s common stock and (2) stock option awards to purchase 5,007,000 shares of Glu’s common stock, each pursuant to Glu’s 2008 Equity Inducement Plan.
The restricted stock unit awards vest on a four-year schedule - 25% of the underlying shares will vest on November 15, 2017, 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 February 15, 2018, then May 15, 2018, etc.). The stock options will have ten-year terms, vest on a four-year schedule (25% of the underlying shares will vest on November 14, 2017, the first anniversary of the grant date, and 2.083% of the underlying shares will vest monthly thereafter), and have a per share exercise price equal to $2.10, which was the closing price of Glu’s common stock on the NASDAQ Global Market on the November 14, 2016 grant date. In addition, in order to issue such grants, Glu’s Compensation Committee on November 14, 2016 amended the 2008 Equity Inducement Plan in order to increase the number of shares reserved for issuance under the plan by 6,000,000 shares.
Glu’s Compensation Committee adopted the 2008 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 global developer and publisher of free-to-play games for smartphone and tablet devices. Glu is focused on creating compelling original IP games such as CONTRACT KILLER, COOKING DASH, DEER HUNTER, DINER DASH, DINO HUNTER: DEADLY SHORES, ETERNITY WARRIORS, FRONTLINE COMMANDO, RACING RIVALS, TAP SPORTS BASEBALL, and TAP SPORTS FOOTBALL, and branded IP games including BRITNEY SPEARS: AMERICAN DREAM, GORDON RAMSAY DASH, KENDALL & KYLIE, KIM KARDASHIAN: HOLLYWOOD, ROBOCOP: THE OFFICIAL GAME, and SNIPER X WITH JASON STATHAM on the App Store, Google Play, Amazon Appstore, Facebook, Mac App Store, and Windows Phone. Glu’s unique technology platform enables its titles to be accessible to a broad audience of consumers globally. Founded in 2001, Glu is headquartered in San Francisco with U.S. offices outside Seattle and in San Mateo, Portland and Long Beach, and international locations in Canada, China, India, and Russia. Consumers can find high-quality entertainment wherever they see the ‘g’ character logo or at www.glu.com.
CONTRACT KILLER, COOKING DASH, DEER HUNTER, DINER DASH, DINO HUNTER: DEADLY SHORES, ETERNITY WARRIORS, FRONTLINE COMMANDO, RACING RIVALS, TAP SPORTS BASEBALL, TAP SPORTS FOOTBALL, SNIPER X, GLU, GLU MOBILE, and the 'g' character logo are trademarks of Glu Mobile Inc.