THQ has detailed the stock compensation it offered to new president Jason Rubin and new chief strategy officer Jason Kay. Rubin and Kay were awarded stock options of 950,000 and 550,000 shares of THQ common stock, respectively. The awards have an exercise price of $0.61 per share, which was the fair market value of a share of THQ's stock on May 25 when the pair was hired. The stock options will vest in three equal annual installments and are subject to the duo's continued employment.
Rubin and Kay were also granted 950,000 and 550,000 shares of THQ common stock, awarded in two installments based on stock performance goals. The first half will be awarded on the day THQ's stock meets or exceeds a share price of $2.00 for ten consecutive days. The second half comes when THQ's stock meets or exceeds a share price of $3.00 for same period
Finally, Rubin and Kay were collectively granted stock option awards of 3,071,756 shares with an exercise price of $0.61 per share.
"These shares will only vest at the time Rubin, alone or together with Kay, purchases shares of the company's common stock having a value at the time of purchase of at least $1,500,000, prior to March 31, 2013," explained the company.
Basically, Jason Rubin and Jason Kay will make a pretty penny if they can turn THQ around soon. THQ's stock price sits at $0.65 per share at the time of this writing.