PORTLAND, Ore., June 19 /PRNewswire-FirstCall/ -- Rentrak Corporation , a leader in multi-screen media measurement and research serving the entertainment, media and advertising industry, today announced the grant of equity-based compensation to Bill Livek, the company's new Chief Executive Officer, as part of his overall compensation package.
In connection with Livek's hiring, the independent compensation committee of Rentrak's board of directors approved the grant of 213,750 restricted stock units, each of which represents a contingent right to receive one share of Rentrak common stock. The restricted stock units will vest, if at all, upon satisfaction of performance goals tied to achievement of (a) specified levels of earnings before interest, taxes, depreciation and amortization ("EBITDA"), as modified by subtracting certain other expenses, over the current and next two fiscal years, or (b) trading-price targets for Rentrak's common stock ranging from $20 to $40 per share for 65 consecutive trading days during the period ending March 31, 2013. Vesting of all or a portion of the restricted stock units will also occur if a change in control of Rentrak occurs at price levels ranging from $20 to $40 per share, or if Livek's employment is terminated prior to March 31, 2012, subject to certain exceptions.
The compensation committee also approved the grant of employee stock options to purchase 200,000 shares of Rentrak common stock and stock-settled stock appreciation rights ("SARs") relating to 75,000 shares. These grants were made under Rentrak's 2005 Stock Incentive Plan approved by the company's shareholders at its 2005 annual meeting. The stock options and SARs have an exercise or base price of $14.50 per share, vest over four years, and have a 10-year term.
About Rentrak Corporation
Rentrak Corporation, based in Portland, Oregon, is an information management company serving clients in the media, entertainment, retail and advertising industries. The company's near-term focus centers on its Entertainment Essentials(R) suite of services that is redefining measurement in the digital media era. Available by subscription, each Entertainment Essentials service provides customers with near-real-time, actionable insight into performance of content distributed over a wide variety of modern media technologies allowing executives to analyze detailed industry-wide and title-specific data to make decisions that enhance the bottom line and provide competitive advantage. For further information, please visit Rentrak's corporate Web site at http://www.rentrak.com/.
CONTACT: Investors PondelWilkinson Inc. Laurie Berman 310-279-5962 lberman@pondel.com
Rentrak Corporation
CONTACT: Investors, Laurie Berman of PondelWilkinson Inc.,
+1-310-279-5962, lberman@pondel.com
Web Site: http://www.rentrak.com/
