FAIRFAX, Va., April 29, 2011 (GLOBE NEWSWIRE) -- Geeknet, Inc. (Nasdaq:GKNT) announced today that it granted an inducement award to each of (i) Carol DiBattiste in connection with her employment as Executive Vice President, General Counsel and Chief Administrative Officer and (ii) Jeffrey Drobick in connection with his employment as President and Chief Executive Officer of Geeknet's Media division. Ms. DiBattiste's employment will begin on April 29, 2011 and Mr. Drobick's employment will begin on May 2, 2011. Each inducement award consists of Seventy-Eight Thousand One Hundred Twenty-Five (78,125) Restricted Stock Units that have been granted outside of Geeknet's 2007 Stock Option Plan. The Compensation Committee of the Board of Directors of Geeknet granted the awards on April 11, 2011 as inducements material to the employment of Ms. DiBattiste and Mr. Drobick in accordance with NASDAQ Listing Rule 5635(c)(4). The Restricted Stock Units subject to each of the awards will vest over three (3) years from the date of grant, with one-third (1/3) of the total shares subject to such award vesting on each twelve (12) month anniversary of the date of grant, subject in each case to the continued employment of Ms. DiBattiste and Mr. Drobick, as applicable, with Geeknet on each vesting date. These grants will vest completely upon a change of control of the Company.
About Geeknet
Geeknet is the online network for the global geek community. Our sites include SourceForge, Slashdot, ThinkGeek, and freshmeat. For more information, visit Geeknet's website at www.geeknet.com.
Geeknet is a trademark of Geeknet, Inc. SourceForge, Slashdot, ThinkGeek, and freshmeat are trademarks of Geeknet, Inc. in the United States and other countries. All other trademarks or product names are property of their respective owners.
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NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on our current expectations. Actual results may differ materially from those expressed or implied in such forward-looking statements due to various risks and uncertainties associated with Geeknet's business, including the risk factors disclosed in Geeknet's Annual Report on Form 10-K for the year ended December 31, 2010. All forward-looking statements included in this press release are based upon information available to us as of the date hereof, and we do not assume any obligations to update such statements or the reasons why actual results could differ materially from those projected in such statements. Investors should consult our filings with the Securities and Exchange Commission at www.sec.gov.