NEW YORK, Sept. 28, 2012 (GLOBE NEWSWIRE) -- TheStreet (Nasdaq:TST), a leading digital financial media company, today announced that on September 7, 2012, the compensation committee of TheStreet's Board of Directors approved the grant to Michael Crosby, Managing Director, The Deal, of stock options to purchase 100,000 shares of common stock, in connection with TheStreet's acquisition of The Deal, L.L.C. as a material inducement to his entering into employment with TheStreet in connection with the acquisition. These options and restricted stock units were made in reliance upon Nasdaq Rule 5635(c)(4).
The options have an exercise price of $1.39 per share, the closing price of the Company's Common Stock as reported by Nasdaq on the date of grant. The options have a term of five years and vest over a period of four years, with 25% vesting on the first anniversary of the date of grant and the remaining 75% vesting in approximately equal monthly increments over the succeeding thirty-six months, provided that the recipient is continuously employed through each vesting date. Grants are subject to acceleration or forfeiture upon the occurrence of certain events as set forth in the applicable option agreement. Each option agreement for these grants contains a variety of restrictive covenants and provide that the Company may claw back a specified amount if the option holder competes with the Company or violates any of the restrictive covenants within one year after delivery of shares of Common Stock upon exercise of the applicable option. The options were granted outside of TheStreet's 2007 Performance Incentive Plan.
About TheStreet
TheStreet, Inc. is a leading digital financial media company that distributes its content through online, social media, tablet and mobile channels. The Company's network of brands includes: TheStreet, RealMoney, RealMoney Pro, Stockpickr, Action Alerts PLUS, Options Profits, Chat on TheStreet, MainStreet and Rate-Watch. For more information on TheStreet's business, visit www.t.st. For financial and business news, actionable trading ideas, stock quotes and more, visit TheStreet.com, follow TheStreet on Facebook and Twitter, visit TheStreet.mobi from your mobile device and access TheStreet through all major tablet platforms. For more information on The Deal, visit www.thedeal.com.
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