NEW YORK, July 11, 2016 /PRNewswire/ -- TheStreet, Inc. (NASDAQ: TST), a leading digital financial media company, today announced the grant of an inducement award to its recently appointed Chief Executive Officer, David Callaway, who officially joined the Company on July 6, 2016. 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). Mr. Callaway's appointment was previously announced by the Company on June 9, 2016.
The inducement grant to Mr. Callaway consists of an option to purchase 1,000,000 shares of the Company's common stock with an exercise price of $1.19 per share, equal to the closing price of the Company's Common Stock as reported by NASDAQ on July 6, 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. Callaway's 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. (www.t.st) is the leading independent digital financial media company providing business and financial news, investing ideas and analysis to personal and institutional investors worldwide. The Company's portfolio of business and personal finance brands includes: TheStreet, RealMoney, RealMoney Pro, Stockpickr, Action Alerts PLUS, Options Profits, MainStreet and RateWatch. To learn more, visit www.thestreet.com. The Deal, the Company's institutional business, provides intraday coverage of mergers and acquisitions and all other changes in corporate control. To learn more, visit www.thedeal.com.
Chief Financial Officer
SOURCE TheStreet, Inc.