GRAPEVINE, Texas, July 01, 2019 (GLOBE NEWSWIRE) -- GameStop Corp. (NYSE: GME) announced the issuance today of restricted stock awards to Mr. James A. Bell, its new Chief Financial Officer, and to Mr. Chris R. Homeister, its new Chief Merchandising Officer.
Consistent with the disclosures contained in a Form 8-K filed with the SEC on May 30, 2019, GameStop agreed to issue these awards to induce Mr. Bell and Mr. Homeister to enter into employment with GameStop. These awards were issued outside of GameStop’s stockholder approved equity incentive plan, in reliance on the employment inducement award exemption contained in NYSE Listing Rule 303A.08. GameStop is therefore issuing this press release pursuant to NYSE Listing Rule 303A.08.
Mr. Bell and Mr. Homeister each received 119,048 shares of time-based restricted stock and 119,048 shares of performance-based restricted stock (i.e., 238,096 shares for each executive and 476,192 shares in total). The 119,048 shares of performance-based restricted stock received by each executive represent the number of shares that would be earned at target levels of performance (the “Target Shares”). The actual number of shares that may be earned in respect of the performance-based portion of the awards will vary between 0 to 200% of the Target Shares, depending on actual performance, with any above-target shares being issued at the time that performance is determined.
The time-based portion of the awards will vest in three equal annual installments, on the first, second and third anniversaries of today (the “Grant Date”), subject in each case to the executive’s continuous service with GameStop through the applicable vesting date. The performance goals applicable to the performance-based portion of the awards have not yet been determined. Those goals will be established at the same time as, and will be substantially the same as, the performance goals that will be applicable to 2019 annual equity awards issued to GameStop’s other named executive officers. To the extent earned, the performance-based shares will vest on the third anniversary of the Grant Date, subject in each case to the executive’s continuous service with GameStop through that date. The awards are also subject to accelerated vesting upon certain termination events set forth in Mr. Bell’s and Mr. Homeister’s Employment Agreements.
GameStop Corp., a Fortune 500 company headquartered in Grapevine, Texas, is a global, multichannel video game and consumer electronics retailer. GameStop operates over 5,700 stores across 14 countries. The company's consumer product network also includes www.gamestop.com and Game Informer® magazine, the world's leading print and digital video game publication. General information about GameStop Corp. can be obtained at the company’s corporate website. Follow @GameStop and @GameStopCorp on Twitter and find GameStop on Facebook at www.facebook.com/GameStop.
GameStop Corp. Investor Relations
Source: GameStop Inc.