NEW YORK, Feb. 25, 2013 /PRNewswire/ -- TheStreet, Inc. (NASDAQ: TST), a leading digital financial media company, today announced that the Compensation Committee of TheStreet's Board of Directors approved an inducement award to John C. Ferrara in connection with his appointment as TheStreet's Chief Financial Officer.
On February 16, 2013, TheStreet previously announced the hiring of Mr. Ferrara, and on January 24, 2013, the Compensation Committee approved an equity award as an inducement material to Mr. Ferrara's acceptance of employment with the Company in accordance with NASDAQ Listing Rule 5635(c)(4). In connection with his appointment today, Mr. Ferrara received an option to purchase 325,000 shares of the Company's common stock, with an exercise price of $1.86 per share which is equal to today's closing price of the Company's Common Stock. The option has a seven year term and vests over a period of four years, with 25% vesting after one year of the grant date and the remaining 75% vesting in approximately equal monthly increments over the succeeding thirty-six
months, provided his continuous employment through each vesting date, and subject to acceleration or forfeiture upon the occurrence of certain events as set forth in his option agreement.
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