UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM8-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
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if theForm 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 toRule 14a-12 under the Exchange Act (17 CFR240.14a-12) |
| ¨ | Pre-commencement communications pursuant toRule 14d-2(b) under the Exchange Act (17 CFR240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant toRule 13e-4(c) under the Exchange Act (17 CFR240.13e-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, Glu’s Chief Financial Officer and Chief Operating Officer: Mr. Ludwig’s annual base salary was increased from $302,500 to $375,000, effective as of October 6, 2014, and Mr. Ludwig’s target and maximum bonus percentages under Glu’s 2014 Executive Bonus Plan were increased from 75% and 150% to 100% and 200%, respectively; |
| | • | | Chris Akhavan, Glu’s President of Publishing: Mr. Akhavan’s annual base salary was increased from $260,000 to $280,000, effective as of October 6, 2014; and |
| | • | | Scott Leichtner, Glu’s Vice President, General Counsel and Corporate Secretary: Mr. Leichtner’s annual base salary was increased from $246,750 to $275,000, effective as of October 6, 2014, and Mr. Leichtner’s target and maximum bonus percentages under Glu’s 2014 Executive Bonus Plan were increased from 35% and 70% to 50% and 100%, respectively. |
In determining the appropriate changes to Mr. Ludwig’s compensation, the Compensation Committee considered the additional responsibilities that Mr. Ludwig has undertaken in connection with his recent promotion to Glu’s 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 Glu’s 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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