LodgeNet Announces Equity Grants for New CEO
SIOUX FALLS, S.D., Sept. 25, 2012 /PRNewswire/ -- LodgeNet Interactive Corporation (NASDAQ: LNET), the leading provider of interactive media and connectivity services to hospitality and healthcare businesses and the consumers they serve, announced that, as part of Richard L. Battista's employment as its President and Chief Executive Officer, the Company granted Mr. Battista 550,000 shares of restricted stock. 366,667 of those shares vest fully on the first anniversary of the effective date of Mr. Battista's employment with the Company, with the remainder vesting in six monthly installments on the last day of each month beginning on October 31, 2013.
The Company also granted Mr. Batista options to purchase 550,000 shares of the Company's common stock at an exercise price equal to the fair market value on the date of grant. These options will vest in 18 monthly installments commencing on the 19-month anniversary of the effective date of Mr. Battista's employment. The Company previously filed a Report on Form 8-K with the SEC on September 12, 2012 to announce the hiring of Mr. Battista and the material terms of his employment agreement, including these equity grants.
LodgeNet Interactive Corporation is the leading provider of interactive media and connectivity services to hospitality and healthcare businesses and the consumers they serve. Recently named by Advertising Age as one of the Leading 100 US Media Companies, LodgeNet Interactive serves approximately 1.6 million hotel rooms worldwide in addition to healthcare facilities throughout the United States. The Company's services include: Interactive Television, Broadband and Advertising Media Solutions along with nationwide technical and professional support services. LodgeNet Interactive Corporation owns and operates businesses under the industry leading brands: LodgeNet, The Hotel Networks and LodgeNet Healthcare. LodgeNet Interactive is listed on NASDAQ and trades under the symbol LNET. For more information, please visit www.lodgenet.com.
SOURCE LodgeNet Interactive Corporation