Scientific Games announces inducement grant under NASDAQ listing rules
As disclosed by Scientific Games in a Form 8-K filing with the Securities and Exchange Commission on August 10, 2016, the Company granted Mr. Sheehan (i) 400,000 restricted stock units that will vest subject to achievement of specified performance hurdles measured over a three-year performance period commencing on July 1, 2016, (ii) 67,370 restricted stock units with a four-year vesting schedule, with the vesting dates falling on March 20 of 2017, 2018, 2019 and 2020, (iii) 133,717 stock options with an exercise price of $9.15, a four-year vesting schedule (with the vesting dates also being March 20 of 2017, 2018, 2019 and 2020) and a 10-year term, and (iv) 133,717 performance-conditioned stock options with an exercise price of $9.15, a four-year vesting schedule (with the vesting dates also being March 20 of 2017, 2018, 2019 and 2020), and a 10-year term.
The inducement grants were approved and recommended by Scientific Games' Compensation Committee, approved by the Scientific Games Board of Directors, and were made as an inducement material to Mr. Sheehan's acceptance of employment with the Company in accordance with NASDAQ Listing Rule 5635(c)(4).
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