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New Take-Two details revealed - Exec chairman in line for a big pay-day if company is acquired

A recent filing based on an amendment to the agreement between the Take-Two board and ZelnickMedia, the company owned by executive chairman Strauss Zelnick, has highlighted some interesting changes in light of the offer by Electronic Arts to acquire the company.

In the amendment, dated February 14, 2008, under the heading of "Time Based Award", ZelnickMedia is in line to receive 600,000 shares of common stock, set to vest in equal amounts over a three year period.

However, the filing reads that "in the event of a Change in Control all unvested shares of restricted stock under the Time Based Award will vest in full immediately prior to the consummation of such Change in Control," landing ZelnickMedia with a payout of USD 15.6 million at USD 26 per share.

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gamesindustry.biz
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Cyrus3653520d ago

Thats a nice payout of 15.6 million.

eagle213519d ago

I see. I will manage my dollars accordingly.