NEW YORK, Nov. 3, 2016 /PRNewswire/ -- TheStreet, Inc. (NASDAQ: TST), a leading financial news and information company, today announced the grant of an inducement award to its newly appointed President of TheStreet, Institutional Services, Jeff Davis. The award was approved by the Compensation Committee as an inducement material to his acceptance of employment with the Company in accordance with NASDAQ Listing Rule 5635(c)(4).
The inducement grant to Mr. Davis consists of an option to purchase 200,000 shares of the Company's common stock with an exercise price of $0.97 per share, equal to the closing price of the Company's Common Stock as reported by NASDAQ on November 1, 2016, the grant date. The option has a seven year term and vests over a period of three years, with one-third vesting after one year of employment and the remaining two-thirds vesting in approximately equal monthly increments over the succeeding twenty-four months, subject to Mr. Davis' continued service relationship with the Company through each vesting date, and subject to acceleration or forfeiture upon the occurrence of certain events as set forth in his option agreement.
TheStreet, Inc. (NASDAQ: TST, www.t.st) is a leading financial news and information provider to investors and institutions worldwide. The Company's flagship brand, TheStreet (www.thestreet.com), is celebrating its 20th year of producing unbiased business news and market analysis for individual investors. The Company's portfolio of institutional brands includes The Deal (www.thedeal.com), which provides actionable, intraday coverage of mergers, acquisitions and all other changes in corporate control; BoardEx (www.boardex.com), a relationship mapping service of corporate directors and officers; and RateWatch (www.ratewatch.com), which supplies rate and fee data from banks and credit unions across the U.S.
Contacts: Eric Lundberg, Chief Financial Officer, TheStreet, Inc., ir at thestreet.com; John Evans, Investor Relations, PIR Communications, 415-309-0230, ir at thestreet.com
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SOURCE TheStreet, Inc.