CARLSBAD, Calif., Aug. 22, 2014 /PRNewswire/ -- NTN Buzztime, Inc. (NYSE MKT: NTN) in a press release issued earlier today, announced that Ram Krishnan has been appointed its Chief Executive Officer effective September 15, 2014.
In connection with Mr. Krishnan's appointment, he will be granted an option to purchase 3,500,000 shares of the company's common stock, and another performance-based option to purchase 750,000 shares of the company's common stock, both of which will have an exercise price per share equal to the closing price on the grant date. The first option is expected to be granted on or about September 15, 2014, and, subject to his continued employment by the company through the applicable vesting date, will vest as to 25% of the total number of shares subject to the option on the first anniversary of the grant date and the remaining 75% of the total number of shares subject to the option will vest in 36 substantially equal monthly installments thereafter, such that the option will be fully vested on the four-year anniversary of the grant date. The second option is expected to be granted on or about January 1, 2015, and, subject to meeting performance objectives and to his continued employment by the company through the applicable vesting date, will vest on the same schedule as the other option. These grants will be made outside the company's existing shareholder approved equity plans and were approved by the nominating and corporate governance/compensation committee of the company's board of directors as an inducement material to Mr. Krishnan entering into employment with the company in reliance on Section 711(a) of the NYSE MKT Company Guide, which requires this public announcement. The company will provide additional information regarding Mr. Krishnan's appointment in a Current Report on Form 8-K to be filed with the Securities and Exchange Commission.
NTN Buzztime, Inc. (NYSE MKT: NTN) is a leading bar and restaurant social entertainment and integrated marketing platform. Trusted by bars and restaurants in North America since 1985, Buzztime integrates trivia, card and sports games with in- and out-of-venue messaging and communication tools. With over 5 million player registrations on the Buzztime platform and over 50 million games played each year, Buzztime players spread the word and invite friends and family to their favorite Buzztime location to enjoy an evening of fun and competition. With Buzztime entertainment and marketing solutions, bars and restaurants can turn casual visitors into regulars, and give guests a reason to stay longer. For the most up-to-date information on NTN Buzztime, please visit http://www.buzztime.com or follow us on Facebook or Twitter @buzztime.
Chief Financial Officer
NTN Buzztime, Inc.
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