UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: (Date of earliest event reported) October 9, 2014
Glu Mobile Inc.
(Exact Name of Registrant as Specified in Its Charter)
Delaware | 001-33368 | 91-2143667 | ||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
500 Howard Street, Suite 300 San Francisco, California |
94105 | |
(Address of Principal Executive Offices) | (Zip Code) |
(415) 800-6100
(Registrants Telephone Number, Including Area Code)
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 9, 2014, the Compensation Committee of the Board of Directors of Glu Mobile Inc. (Glu), in connection with its executive compensation review held annually each October, approved changes to the compensation of certain Glu executive officers as follows:
| Eric Ludwig, Glus Chief Financial Officer and Chief Operating Officer: Mr. Ludwigs annual base salary was increased from $302,500 to $375,000, effective as of October 6, 2014, and Mr. Ludwigs target and maximum bonus percentages under Glus 2014 Executive Bonus Plan were increased from 75% and 150% to 100% and 200%, respectively; |
| Chris Akhavan, Glus President of Publishing: Mr. Akhavans annual base salary was increased from $260,000 to $280,000, effective as of October 6, 2014; and |
| Scott Leichtner, Glus Vice President, General Counsel and Corporate Secretary: Mr. Leichtners annual base salary was increased from $246,750 to $275,000, effective as of October 6, 2014, and Mr. Leichtners target and maximum bonus percentages under Glus 2014 Executive Bonus Plan were increased from 35% and 70% to 50% and 100%, respectively. |
In determining the appropriate changes to Mr. Ludwigs compensation, the Compensation Committee considered the additional responsibilities that Mr. Ludwig has undertaken in connection with his recent promotion to Glus Chief Operating Officer, which responsibilities are in addition to his duties as Chief Financial Officer.
The revised target and maximum bonus amounts for Messrs. Ludwig, Akhavan and Leichtner under Glus 2014 Executive Bonus Plan are set forth in the table below:
Executive Officer |
2014 Target Percentage |
2014 Maximum Percentage |
Revised 2014 Salary |
Revised 2014 Target Bonus |
Revised 2014 Maximum Bonus |
|||||||||||||||
Eric Ludwig |
100 | % | 200 | % | $ | 375,000 | $ | 375,000 | $ | 750,000 | ||||||||||
Chris Akhavan |
100 | % | 200 | % | $ | 280,000 | $ | 280,000 | $ | 560,000 | ||||||||||
Scott Leichtner |
50 | % | 100 | % | $ | 275,000 | $ | 137,500 | $ | 275,000 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Glu Mobile Inc. | ||||||
Date: October 15, 2014 | By: | /s/ Scott J. Leichtner | ||||
Name: | Scott J. Leichtner | |||||
Title: | Vice President and General Counsel |
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