FORT WORTH, Texas, March 4, 2013 /PRNewswire/ -- RadioShack Corp. (NYSE: RSH) (the "Company"), announced in accordance with New York Stock Exchange rules that it has made inducement grants of 500,000 shares of restricted stock and options to purchase 2,500,000 shares of common stock to Joseph C. Magnacca, its new chief executive officer. Mr. Magnacca officially joined RadioShack as chief executive officer on February 11, 2013.
The shares of restricted stock and stock options were granted with the approval of RadioShack's board of directors. The restricted stock will generally vest on each of the first three anniversaries of the grant date, in increments of one-third of the number of shares granted, provided Mr. Magnacca is employed by the Company on such vesting date. The stock options will generally vest as follows: (a) 375,000 will vest on the second anniversary of the grant date, (b) 375,000 will vest on the third anniversary of the grant date, and (c) 1,750,000 will vest if the Company's per share stock price closes at or above $5.00 for 20 consecutive trading days at any time prior to the expiration of the stock options. The stock options expire seven years after the grant date. Vesting of the stock options is dependent on Mr. Magnacca being employed by the Company on the vesting date.
ABOUT RADIOSHACK CORPORATION
RadioShack (NYSE: RSH) is a leading national retailer of innovative mobile technology products and services, as well as products related to personal and home technology and power supply needs. RadioShack® offers consumers a targeted assortment of wireless phones and other electronic products and services from leading national brands, exclusive private brands and major wireless carriers, all within a comfortable and convenient shopping environment. RadioShack employs more than 34,000 knowledgeable and helpful sales experts globally. RadioShack's retail network includes more than 4,600 company-operated stores in the United States and Mexico, 1,500 wireless phone centers in the United States, and more than 1,000 dealer and other outlets worldwide. For more information on RadioShack Corporation, please visit www.radioshackcorporation.com; to purchase items online, please visit www.radioshack.com. RadioShack® is a registered trademark licensed by RadioShack Corporation.
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SOURCE RadioShack Corporation