SAN FRANCISCO--(BUSINESS WIRE)--Glu Mobile Inc. (NASDAQ: GLUU), a leading developer and publisher of mobile games, today announced that on March 13, 2018, its Compensation Committee awarded the following equity awards, in the aggregate, to six newly hired employees: (1) time vesting stock option awards to purchase an aggregate of 306,643 shares of Glu’s common stock and (2) performance-based stock option awards (PSOs) to purchase an aggregate of 78,757 shares of Glu’s common stock, each pursuant to Glu’s 2008 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 March 13, 2019 and 2.083% of the underlying shares will vest monthly thereafter), and have a per share exercise price equal to $3.84, which was the closing price of Glu’s common stock on the NASDAQ Global Select Market on the March 13, 2018 grant date. The PSOs also have ten-year terms and a per share exercise price equal to $3.84, but the PSOs vest only to the extent that Glu achieves certain Adjusted EBITDA and bookings goals during 2018, as discussed in further detail in the Current Report on Form 8-K that Glu filed with the Securities and Exchange Commission on October 11, 2017.
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 creator of mobile games. Founded in 2001, Glu is headquartered in San Francisco with Bay Area studios in Burlingame and San Mateo, and international locations in 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.