Glu Mobile Announces New Employment Inducement Awards
San Francisco, Calif. - May 15, 2013 - Glu Mobile Inc. (NASDAQ: GLUU), a leading global developer and publisher of freemium games for smartphone and tablet devices, announced that its Compensation Committee on May 14, 2013 awarded stock options to purchase an aggregate of 372,500 shares of Glu's common stock to nine newly hired employees pursuant to Glu's 2008 Equity Inducement Plan, which includes a stock option to purchase 300,000 shares awarded to Chris Akhavan, the Company's new President of Publishing. Glu previously disclosed its intention to issue this award to Mr. Akhavan in its April 22, 2013 press release announcing Mr. Akhavan's hiring. Each of the stock options has a six-year term, vests on a four-year schedule (25% of the underlying shares will vest on the first anniversary of the employee's hire date, and 2.083% of the underlying shares will vest monthly thereafter), and has an exercise price equal to $2.74 per share, which was the closing price of Glu's common stock on The NASDAQ Global Market on the May 14, 2013 grant date. In addition, in order to issue such grants, Glu's Compensation Committee on May 14, 2013 amended the 2008 Equity Inducement Plan in order to increase the number of shares reserved for issuance under the plan by 200,000 shares.
Glu's Compensation Committee adopted the 2008 Equity Inducement Plan, which is a non-stockholder approved plan, to facilitate the granting of stock options 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.
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Glu Mobile
Glu Mobile (NASDAQ:GLUU) is a leading global developer and publisher of freemium games for smartphone and tablet devices. Glu is focused on creating compelling original IP games such as CONTRACT KILLER, GUN BROS, DEER HUNTER, BLOOD & GLORY, and SAMURAI VS. ZOMBIES DEFENSE on a wide range of platforms including iOS, Android, Windows Phone, Google Chrome, and MAC OS. 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 a major office outside Seattle, and international locations in Canada, China, and Russia. Consumers can find high-quality entertainment wherever they see the 'g' character logo or at www.glu.com. For live updates, please follow Glu via Twitter at www.twitter.com/glumobile or become a Glu fan at Facebook.com/glumobile.
CONTRACT KILLER, GUN BROS, DEER HUNTER, BLOOD & GLORY, SAMURAI VS. ZOMBIES DEFENSE, GLU, GLU MOBILE and the 'g' character logo are trademarks of Glu Mobile Inc.
Media Contacts
Jason Enriquez
Glu Mobile Inc.
PR@glu.com
(415) 800-6263
Investor Relations
Seth Potter
ICR Inc.
IR@glu.com
(646) 277-1230
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Source: Glu Mobile Inc. via Thomson Reuters ONE
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