Take-Two Creates Employee Severance Plan in the Event of a Change in Control

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In the wake of Electronic Arts' offer to acquire Take-Two Interactive and rumors that other companies might also be interested in the publisher of the Grand Theft Auto franchise, Take-Two Interactive has implemented a severence plan for its employees in the event that Take-Two Interactive changes hands.
If there is a change of control of the company, certain high-level employees will receive payments equal to their salary plus annual bonus multiplied by a factor determined by the level of the employee, "without regard to the actual level of performance" of that employee. The Chief Executive Officer, Section 16 officers and other designated employees will receive 1.5 times the above amount for 18 months. Senior Vice Presidents, Studio Heads and other designees will receive 1.0 times the above amounts. Finally, Vice Presidents and other designees will receive 0.5 times the above amount. Everyone else will receive two weeks pay mutliplied by the number of weeks for which that employee has worked for Take-Two Interactive. All such employees will also receive health care under COBRA paid for by Take-Two interactive for the period appropriate to their level (as described above).

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This page contains a single entry by Editor published on March 7, 2008 3:02 PM.

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