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4 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 5 |
Time and Date | Location | Record Date | ||||
September 18, 2025, at 9:00 a.m. | Virtual, audio-only meeting hosted online at www.virtualshareholdermeeting.com/TTWO2025 | July 23, 2025 | ||||
Item | Proposal | Board’s Recommendation | Page Number |
1. | Election of 10 director nominees | FOR (each nominee) | |
2. | Advisory vote to approve executive compensation | FOR | |
3. | Approval of an Amendment and Restatement of the Amended and Restated Take-Two Interactive Software, Inc. 2017 Stock Incentive Plan to increase the available shares reserved thereunder issuable to all of the Company’s eligible employees and to extend the term of such plan | FOR | |
4. | Ratification of the appointment of Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending March 31, 2026 (“fiscal 2026”) | FOR |
Fiscal 2025 Financial and Operating Results | |||||||||
Net Revenue $5.63 Billion | Net Bookings (operating metric) $5.65 Billion | ||||||||
Net Revenue by Platform | |||||||||
Console, PC and Other | |||||||||
$2.69 Billion | ![]() | 47.8% | of Net Revenue | Recurrent Consumer Spending (virtual currency, add-on content, and in-game purchases) | |||||
Mobile | $4.47 Billion | ![]() | 79.4% | of Net Revenue | |||||
$2.94 Billion | ![]() | 52.2% | of Net Revenue | ||||||
6 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
![]() | Active and empowered lead independent director role | |
![]() | Deliberate approach to Board refreshment, including the addition of five new independent directors in the past eight years, and rotation of leadership positions | |
![]() | Annual election of all directors | |
![]() | Annual self-evaluations by the Board of Directors and its Committees, as well as biennial individual interviews of each director by an outside third party | |
![]() | Majority vote standard for uncontested director elections | |
![]() | 9 out of 10 current director nominees are independent | |
![]() | Board membership marked by leadership and a variety of perspectives | |
![]() | Outside Directorship Policy pursuant to which none of our directors may serve on more than 3 other public boards | |
![]() | Annual performance review of the Chairman and CEO and other members of the executive management team by independent directors | |
Board Composition | ||||
Tenure | Age | Diversity | ||
![]() | ![]() | ![]() |
5 | DIRECTORS (50% OF THE BOARD) ADDED OVER THE LAST 8 YEARS | 90% | INDEPENDENT DIRECTORS |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 7 |
Other Public Boards | Committee Memberships | ||||||||
Name | Age | Director Since | Principal Occupation | Independent | Audit | Compensation | Corporate Governance | Executive | |
LaVerne Srinivasan Lead Independent Director since September 21, 2023 | 63 | March 2017 | Vice President, Carnegie Corporation of New York | ![]() | 0 | ![]() | |||
Michael Dornemann | 79 | March 2007 | Retired Chairman and CEO, Bertelsmann Entertainment | ![]() | 0 | ![]() | ![]() | ||
William “Bing” Gordon | 75 | May 2022 | Partner, Kleiner Perkins Caufield & Byers | ![]() | 1 | ||||
Roland Hernandez | 67 | September 2019 | Founding Principal and CEO of Hernandez Media Ventures | ![]() | 2 | ![]() | |||
J Moses | 66 | March 2007 | Principal, J Moses Projects | ![]() | 0 | ![]() | ![]() | ||
Michael Sheresky | 57 | March 2007 | Partner, United Talent Agency | ![]() | 0 | ![]() | ![]() | ||
Ellen Siminoff | 57 | May 2022 | Seasoned media and technology executive and board member | ![]() | 1 | ![]() | ![]() | ||
Susan Tolson | 63 | March 2014 | Retired Portfolio Manager, Capital Research and Management Company | ![]() | 1 | ![]() | |||
Paul Viera | 66 | May 2018 | CEO, Earnest Partners LLC | ![]() | 0 | ![]() | |||
Strauss Zelnick | 68 | March 2007 | Chairman and CEO, Take-Two Interactive Software, Inc. | 1 | ![]() | ||||
![]() | Member | ![]() | Chair |
8 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
Shareholder Engagement Following the 2024 Annual Meeting | ||
Shareholders Contacted | Engaged with | Director-Led Discussions |
~58.6% | ~32.9% | ~26.5% |
of our outstanding common stock | of our outstanding common stock | of our outstanding common stock |
All percentages represent ownership of Take-Two outstanding common stock as reported by our shareholders’ most recent filings as of the date of this Proxy Statement. | ||
![]() | Extensive, year-round shareholder engagement | |
![]() | Annual evaluation of the Board and its Committees | |
![]() | Annual review of Board leadership structure | |
![]() | Ongoing review and refreshment of Board leadership and composition | |
![]() | Lead Independent Director with clearly defined role and responsibilities | |
![]() | Board oversight of risk management and Sustainability matters |
![]() | Shareholder right to call special meetings | |
![]() | Shareholder right to act by written consent | |
![]() | No supermajority voting requirements | |
![]() | Strong anti-hedging, anti-pledging and insider trading policies | |
![]() | Independent Audit Committee, Compensation Committee and Corporate Governance Committee | |
![]() | Annual Succession Planning oversight | |
![]() | Annual review of Director Time Commitments |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 9 |
![]() | Clawback policy applicable to NEOs, including ZMC Advisors, L.P. (“ZMC”) | |
![]() | Incentive caps on annual bonuses to NEOs | |
![]() | Strong anti-hedging and anti-pledging policies | |
![]() | Double-trigger acceleration of vesting on a change in control | |
![]() | Meaningful stock ownership requirements (6x per annum management fee, excluding any bonuses, for each of CEO/Chairman and President; 3x annual base salary for other NEOs; and 5x annual cash retainer for directors) |
![]() | Equity incentive plan provisions that prohibit re-pricing of stock options without shareholder approval | |
![]() | Limited perquisites | |
![]() | No tax gross ups in respect of any excise taxes on parachute payments | |
![]() | Annual compensation risk assessment for employee plans | |
![]() | Retention of independent compensation consultants by the Compensation Committee | |
![]() | Balanced compensation approach between short- and long-term incentive opportunities | |
10 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
•Our creative employees at our Rockstar Games, 2K, and Zynga labels, drive our business, are critical to our continued success, and help us build shareholder value. | |
•We believe our use of equity throughout Take-Two, including beyond the executive level, is a strategic advantage and vital to our ownership culture, as evidenced by 90% of our full-time employees being eligible to participate in the 2017 Plan. | |
•In fiscal 2025, equity awards were primarily used to incentivize and retain employees at our labels as illustrated in the pie chart to the right. •As we execute on our robust pipeline, we believe it is imperative to continue to incentivize our creative talent with equity and to align their interests with the Company’s shareholders. | |
![]() | Annual limits on certain awards to individual participants | |
![]() | Non-liberal recycling of shares used to satisfy tax withholding obligations or as payment for the exercise price or base price for stock options and SARs | |
![]() | No evergreen provision for share reserve | |
![]() | No payment of dividends or dividend equivalents on unvested awards | |
![]() | Annual compensation limits for non-employee directors |
![]() | Minimum vesting periods for certain awards | |
![]() | No repricing of underwater stock options or SARs without shareholder approval | |
![]() | No discounted stock options or SARs | |
![]() | Clawback provisions | |
![]() | Non-liberal definition of change in control | |
![]() | No automatic grants | |
![]() | Double-trigger acceleration of equity vesting in a change of control | |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 11 |
![]() | THE BOARD OF DIRECTORS RECOMMENDS THAT SHAREHOLDERS VOTE “FOR” THE ELECTION OF THE NOMINEES NAMED BELOW: |
12 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
![]() Age: 63 Director since: March 2017 LEAD INDEPENDENT DIRECTOR Committee Membership(s): •Executive Committee (Chair) Beneficial owner of 11,026 shares | LAVERNE SRINIVASAN | |
Key qualifications and expertise provided to our board: Ms. Srinivasan brings to the Board of Directors strong leadership skills, extensive experience leveraging technology in the education and entertainment industries, expertise in human capital management, and deep marketing expertise from her current and previous positions. Ms. Srinivasan became our Lead Independent Director after our 2023 annual meeting and in that role uses the expertise she brings to the Board of Directors for the oversight of our management agreement with ZMC as successor by assignment from ZelnickMedia Corporation (“ZelnickMedia”). Ms. Srinivasan is Vice President of the National Program and Program Director for Education at the Carnegie Corporation of New York, employing creative strategies and innovative thinking to strengthen urban education. Since 2014, she has overseen grant making and other activities aimed at engaging parents and communities, improving teaching and leadership for learning, advancing innovative learning environment designs, providing K-12 pathways to college and career success, and fostering integrated approaches to innovation and learning in the field of education. Ms. Srinivasan received a BA from Harvard College and a JD from Harvard Law School. | ||
Additional Public Directorships (current): •None | ||
Prior professional roles: From 2012 through 2014, Ms. Srinivasan was the Co-Founder of Fiero Now, an education technology company. Prior to Fiero Now, she worked at various educational technology, urban district change, and non-profit education reform companies, including Time to Know, Education Champions for All and New Leaders for New Schools. From 2003 through 2006, Ms. Srinivasan served as Deputy Chancellor for the New York City Department of Education. In addition, from 1993 through 2003, she served in various roles at BMG Entertainment, including as Senior Vice President and General Counsel. | ||
Other board experience: Ms. Srinivasan serves on the national advisory board of College Promise Campaign, the advisory boards of National Education Equity Lab, EdTech Evidence Exchange, Global Science of Learning for Education Network, Grant Makers for Educations, Educational Testing Service, and Global Cities, Inc., and was a founding member of the Consortium for Policy Research in Education’s task force on Strategic Management of Human Capital. | ||
![]() Age: 79 Director since: March 2007 INDEPENDENT DIRECTOR Committee Membership(s): •Executive Committee •Compensation Committee Beneficial owner of 21,694 shares | MICHAEL DORNEMANN | |
Key qualifications and expertise provided to our board: Mr. Dornemann’s highly relevant leadership, management, marketing and consulting experience, including his role as Chief Executive Officer of Bertelsmann Entertainment, strongly qualifies him to contribute to all aspects of board discussion and operations. His accomplished history of service with fashion and entertainment companies, including as an outside director, provides a unique level of insight into both our business and our governance. Mr. Dornemann is an entertainment and marketing executive with more than 30 years of management consulting, corporate development, strategic advisory and media experience. Prior to 2001, Mr. Dornemann was an executive board member of Bertelsmann AG for 16 years and Chairman and Chief Executive Officer of Bertelsmann Entertainment (music and television division, BMG and RTL Group). Before that, he held positions with IBM and Boston Consulting Group. Mr. Dornemann received an MBA and PhD from Technical University Berlin. | ||
Additional Public Directorships (current): •None | ||
Other board experience: Mr. Dornemann has previously served on several boards, including as Chairman of Jet Set AG, a worldwide fashion company based in Switzerland, until 2009; as a director of Columbia Music Entertainment (CME) of Japan until 2010; and as vice-chairman and an audit and compensation committee member of Access Worldwide Communications until 2013. | ||
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 13 |
![]() Age: 75 Director since: May 2022 INDEPENDENT DIRECTOR Committee Membership(s): •None Beneficial owner of 60,573 shares | WILLIAM “BING” GORDON | |
Key qualifications and expertise provided to our board: Mr. Gordon was selected to serve on our Board of Directors due to his extensive leadership and entrepreneurial experience as a senior executive of Electronic Arts Inc. (“EA”), a company he co-founded and through which he gained experience with emerging technologies and consumer-focused product development and marketing issues, as well as for his experience as a member of the board of directors and special consultant to Zynga, and as a venture capitalist investing in and guiding technology companies. Mr. Gordon has been a partner at Kleiner Perkins Caufield & Byers, a venture capital firm, since June 2008. Mr. Gordon co-founded EA and held various roles, including Vice President, Marketing and later, Executive Vice President and Chief Creative Officer from March 1998 to May 2008. Mr. Gordon received a BA from Yale University and an MBA from Stanford Graduate School of Business. | ||
Additional Public Directorships (current): •Duolingo, Inc. | ||
Other board experience: Mr. Gordon serves on the boards of directors of Duolingo, a language learning company; and privately held companies including Dreamscape, a VR and learning systems company; Flipboard, a media sharing company; N3twork, a blockchain games publisher; Playcast, a game streaming platform, Aura, a private telephony safety company, Synthbee, a private AI agent provider, Tacta, a private physical AI company in hand robotics and Alan, a private health insurance company. Mr. Gordon served as a member of the boards of directors of Zynga Inc. from 2008 to May 2022, when we acquired Zynga, and Truecaller AB, a telephony company, from 2020 until March 2024. Mr. Gordon was a special advisor to the board of directors of Amazon.com, Inc. until April 2023, and was previously a member of its board of directors from 2003 until January 2018. He was also a founding director at ngmoco, LLC (acquired by DeNA Co. Ltd. in 2010) and Audible, Inc. (acquired by Amazon.com, Inc. in 2008). Mr. Gordon was awarded the Academy of Interactive Arts & Sciences’ Lifetime Achievement Award in 2011 and held the game industry’s first ever endowed chair in game design, at the University of Southern California School of Cinematic Arts. | ||
![]() Age: 67 Director since: September 2019 INDEPENDENT DIRECTOR Committee Membership(s): •Compensation Committee Beneficial owner of 9,506 shares | ROLAND HERNANDEZ | |
Key qualifications and expertise provided to our board: As the former President, Chief Executive Officer and Chairman of Telemundo Group, Inc., a television and entertainment company, and through his experience on the Boards of Fox Corporation, MGM Resorts International, Sony Corporation, Walmart Inc. and Vail Resorts, Inc., Mr. Hernandez offers significant experience in international business and financial matters and a broad understanding of the retail and media sectors which is particularly relevant to the Company. In addition, with his extensive experience on the boards of large public corporations, Mr. Hernandez brings broad corporate governance expertise, along with significant knowledge of board operations, to our Board of Directors. Mr. Hernandez is the Founding Principal and Chief Executive Officer of Hernandez Media Ventures, a privately held company engaged in the acquisition and management of media assets. He has served in this capacity since January 2001. Before founding Hernandez Media Ventures, Mr. Hernandez served as Chairman of Telemundo Group, Inc., a Spanish-language television and entertainment company, from 1998 to 2000 and as President and Chief Executive Officer from 1995 to 2000. Mr. Hernandez received a BA from Harvard College and a JD from Harvard Law School. | ||
Additional Public Directorships (current): •US Bancorp •Fox Corporation | ||
Other board experience: Until April 2019, Mr. Hernandez served as the Chairman of the Board of Belmond, Ltd. Until December 2019, Mr. Hernandez served as a member of the board of directors of Vail Resorts, Inc. Until May 2021, Mr. Hernandez served as a member of the board of directors of MGM Resorts International. Mr. Hernandez serves on the advisory board of Harvard Law School. He previously served on the board of directors of Sony Corporation and Walmart Inc. | ||
14 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
![]() Age: 66 Director since: March 2007 INDEPENDENT DIRECTOR Committee Membership(s): •Corporate Governance Committee (Chair) •Compensation Committee Beneficial owner of 23,647 shares | J MOSES | |
Key qualifications and expertise provided to our board: Mr. Moses provides insight based on vast media experience and leadership history, including his roles as CEO of UGO Networks, President of MTV Russia and President of BMG Interactive, and his deep understanding of the interactive entertainment industry and its global opportunities. Mr. Moses has spent the past 40 years collaborating with leading brands, companies, and figures across sports, news, television, film, technology, gaming, and wagering. After an eight-year tenure at ABC Sports, Mr. Moses moved into technology as President of BMG Games where he green-lit and developed the original Grand Theft Auto. He then launched MTV Russia as its President, overseeing the first launch of a cable network in Russia. Mr. Moses went on to co-found and lead UGO (Unified Gamers Online), managing its growth and eventual sale to Hearst Magazines. Currently, Mr. Moses advises various tech and media ventures and develops scripted TV programs as President of OptIn Studios. Mr. Moses is a graduate of Princeton University and the Harvard Graduate School of Business Administration. | ||
Additional Public Directorships (current): •None | ||
Prior executive roles: Mr. Moses was the founder, and from 1998 to 2007, the Chief Executive Officer, of UGO Networks, Inc., an online publisher and affiliate network delivering information and entertainment to over 20 million gamers around the world. He managed the sale of the company to the Hearst Corporation in 2007. Mr. Moses previously served as the President of MTV Russia where he successfully oversaw the establishment of the Moscow-based Network in 1998. Mr. Moses served as the President of BMG Interactive from 1993 to 1996, the former video game and new technology divisions of BMG Entertainment, where he “green-lighted” a portfolio of 11 video games including the original Grand Theft Auto. Mr. Moses has served as the Special Assistant to Roone Arledge, the President of ABC Sports and News; as an Executive Producer on Stolen Babies, a made for TV movie for ABC; and as Creator for New York News, a TV series for CBS. | ||
![]() Age: 57 Director since: March 2007 INDEPENDENT DIRECTOR Committee Membership(s): •Compensation Committee (Chair) •Corporate Governance Committee Beneficial owner of 64,940 shares | MICHAEL SHERESKY | |
Key qualifications and expertise provided to our board: Mr. Sheresky’s entertainment experience as a talent agent is an important asset to the Board of Directors, including his particularly keen insight into negotiations with, and the development and compensation of creative talent and of management. Mr. Sheresky is a partner at United Talent Agency, where he has served as a motion picture talent agent since June 2009. Mr. Sheresky is responsible for structuring projects and deals in the areas of motion picture and television development, production and distribution. Mr. Sheresky received a BA from Vassar College and an MBA from Harvard Business School. | ||
Additional Public Directorships (current): •None | ||
Prior professional roles: From 1992 through 1995, and then from 1997 through May 2009, Mr. Sheresky held a number of positions at the William Morris Agency, a talent agency, most recently Senior Vice President in its Motion Picture Department. During that time, he represented authors, journalists, screenwriters, directors, producers and actors in the motion picture and television businesses. | ||
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 15 |
![]() Age: 57 Director since: May 2022 INDEPENDENT DIRECTOR Committee Membership(s): •Audit Committee •Corporate Governance Committee Beneficial owner of 14,551 shares | ELLEN SIMINOFF | |
Key qualifications and expertise provided to our board: Ms. Siminoff was selected to serve on the Board of Directors due to her breadth of professional experiences in emerging growth and technology companies, her backgrounds in marketing and advertising, her knowledge of consumer trends and expertise in corporate and business development, her governance experience as a director of several public companies, and her success in a variety of industries. Ms. Siminoff is a long-tenured media and technology executive and board member. From 2007 to 2018, she was President and CEO of Shmoop University, an educational publishing company which has built millions of units of content. Ms. Siminoff served as President and CEO of Efficient Frontier, a pioneer in the field of dynamic Search Engine Marketing (SEM) management services (sold to Adobe). Prior to Efficient Frontier, Ms. Siminoff spent six years as a founding executive at Yahoo!. During her tenure, she led Business Development (Vice President, Business Development and Planning), Corporate Development (Senior Vice President, Corporate Development) and ran the Small Business and Entertainment Business units. Ms. Siminoff received a BA from Princeton University and an MBA from Stanford University. Ms. Siminoff received a Master Liberal Arts Extension in Software Engineering from Harvard University Extension School in 2023. | ||
Additional Public Directorships (current): •BigCommerce | ||
Other board experience: Among other boards and advisory relationships, she currently serves on the board of BigCommerce, a leading SAAS ecommerce platform, and the board of Verifone, a pre-eminent global payments platform. Ms. Siminoff previously served as a member of the board of directors of Zynga Inc. from 2012 to May 2022, when we acquired Zynga. Until April 2022, Ms. Siminoff served on the board of Discovery Education, a global leader in standards-aligned digital curriculum resources and professional learning for K-12 classrooms, and she currently serves on the board of Follett, a privately-held leading provider of educational technology, services, and print and digital content. She has served as a member of the Advisory Board of Stanford University’s Graduate School of Business and served on the President’s Advisory Council of Princeton University. Ms. Siminoff serves on the Board of Overseers at the Hoover Institution as of September 2022. Other prior board experiences include SolarWinds, US Auto Parts Network, Journal Communications, and Mozilla Corporation, the developers of Firefox browsers. In 2005 she was one of eight industry professionals named “Masters of Information” by Forbes magazine. | ||
![]() Age: 63 Director since: March 2014 INDEPENDENT DIRECTOR Committee Membership(s): •Audit Committee (Chair) Beneficial owner of 30,901 shares | SUSAN TOLSON | |
Key qualifications and expertise provided to our board: Ms. Tolson brings to the Board of Directors significant experience in entertainment and financial/investment matters from her previous positions, together with her existing current service as a director of both for profit and nonprofit organizations. Ms. Tolson is a financial executive with more than 20 years of experience in the financial services industry. Ms. Tolson worked at Capital Research and Management Company and Capital Research Company, subsidiaries of The Capital Group Companies, Inc., from 1990 to 2010. She served in various capacities, including Senior Vice President and Portfolio Manager. Before joining Capital Research, Ms. Tolson was an Investment Officer at Aetna Investment Management Company, making private investments in media and entertainment companies. Ms. Tolson received a BA from Smith College and an MBA from Harvard Business School. | ||
Additional Public Directorships (current): •OUTFRONT Media Inc. | ||
Other board experience: Ms. Tolson was a member of the board and audit committee of Worldline E-Payments Services until June 2023; a member of the board and audit committee of Groupe Lagardère until July 2021; a member of the board and audit committee of the American Cinematheque until May 2018; a trustee and member of the business affairs committee of The American University of Paris until 2014; and a member of the board and audit committee of American Media until 2014. | ||
16 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
![]() Age: 66 Director since: May 2018 INDEPENDENT DIRECTOR Committee Membership(s): •Audit Committee Beneficial owner of 90,665 shares | PAUL VIERA | |
Key qualifications and expertise provided to our board: Mr. Viera brings to the Board of Directors proven leadership skills, vast business experience and financial acumen. Mr. Viera is the Founder and Chief Executive Officer of Earnest Partners, a global investment firm responsible for overseeing over $20 billion for municipalities, states, corporations, endowments, and universities. Prior to founding Earnest Partners in 1998, Mr. Viera was a Vice President at Bankers Trust in both New York and London and later joined Invesco, where he became a global partner and senior member of its investment team. Mr. Viera received a BA from the University of Michigan and an MBA from Harvard Business School. | ||
Additional Public Directorships (current): •None | ||
Other board experience: Mr. Viera serves as a Trustee of the Woodruff Arts Center in Atlanta, Georgia and as a member of its investment committee. He is also a member of the boards of directors of CBH Electronic Research Ltd., the board of directors of DeepCare, the Board of Dean’s Advisors for Harvard Business School, the Council on Foreign Relations, the Carter Center Board of Councilors, the National Center for Human & Civil Rights, and the University of Michigan School of Information External Advisory Board. | ||
![]() Age: 68 Director since: March 2007 CHAIRMAN AND CEO Committee Membership(s): •Executive Committee Beneficial owner of 1,645,348 shares | STRAUSS ZELNICK | |
Key qualifications and expertise provided to our board: Mr. Zelnick provides the Company’s Board of Directors with valuable insight in organization and management obtained from his experiences, including acting as Executive Chairman and CEO of the Company. Mr. Zelnick has been Chairman of the Company since March 2007, Executive Chairman of the Board of Directors since February 2008 and Chief Executive Officer of the Company since January 2011. Mr. Zelnick also is founder of and a partner in ZMC, a leading media focused private equity firm. Mr. Zelnick serves as Executive Chairman of the Board of Directors and Chief Executive Officer of the Company pursuant to the terms of the Management Agreement between the Company and ZMC. See “Certain Relationships and Related Transactions—Management Agreement.” Mr. Zelnick received a BA from Wesleyan University, a JD from Harvard Law School and an MBA from Harvard Business School. | ||
Additional Public Directorships (current): •Starwood Property Trust, Inc. | ||
Prior executive roles: Mr. Zelnick served as Executive Chairman of Direct Holdings Worldwide, Inc., the parent company of Time Life and Lillian Vernon, until the company was sold to Reader’s Digest on March 2, 2007. Prior to forming ZMC, Mr. Zelnick was President and Chief Executive Officer of BMG Entertainment, a $4.7 billion music and entertainment company with more than 200 record labels and operations in 54 countries. Mr. Zelnick’s appointment as President and Chief Executive Officer of BMG Entertainment followed his tenure as President and Chief Executive Officer of BMG’s North American business unit from 1994 through 1998. Before joining BMG Entertainment, Mr. Zelnick was President and Chief Executive Officer of Crystal Dynamics, a leading producer and distributor of interactive game software. Prior to that, he spent four years as President and Chief Operating Officer of 20th Century Fox, where he managed all aspects of its worldwide motion picture and distribution business. Previously, he spent three years at Vestron Inc. as a senior executive, and rose to become President and Chief Operating Officer. Mr. Zelnick also served as Vice President, International Television Sales, for Columbia Pictures. | ||
Other board experience: Mr. Zelnick serves as a member of the board of directors of the Entertainment Software Association, for which he served as Chairman from July 2014 to July 2017. From September 2018 to December 2019, Mr. Zelnick served on the board of ViacomCBS Inc. (formerly known as CBS Corporation), a public company, and as a member of its compensation committee and nominating and governance committee. He also served as the non-executive interim chairman of the CBS board from October 2018 until December 2019. Mr. Zelnick is also an associate member of the National Academy of Recording Arts and Sciences and served on the board of directors of the Recording Industry Association of America and the Motion Picture Association of America. | ||
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 17 |
Skill/Experience(1) | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() |
Consumer & Marketing Insight: Positions the Company for successful title releases and consumer retention. | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | |
Corporate Governance & Sustainability: Ensures that the Company operates in a responsible manner as it relates to corporate governance, environmental and community impact, and executive compensation. | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() |
Education Experience: Strengthens oversight of the Company’s employee development and training programs and policies. | ![]() | ![]() | ![]() | |||||||
Entertainment & Media Expertise: Ensures that the Board of Directors can effectively oversee strategic decisions in our industry. | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | |
Financials & Investment Experience: Helps the Board of Directors oversee the Company’s financial performance and associated reporting, balance sheet strategy, and competitive positioning. | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | |||
Global Business Operations: These skills are crucial given our significant international consumer base and employee presence. | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ||||
Human Capital Management Experience: Enables the Board of Directors to oversee our efforts to manage complex teams, build an engaging workplace, and recruit and incentivize top talent. | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | |||
Executive Leadership: Provides valuable insight into the complexities that come with leading large, sophisticated organizations and teams. | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() |
Regulatory & Governmental Experience: Provides necessary insight into an increasingly complex global regulatory landscape that impacts our content and distribution. | ![]() | ![]() | ||||||||
Risk Management Experience: Helps the Board of Directors oversee strategic risks to the Company, including business continuity planning, cyber, digital and physical security. | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | |||
Strategy and Growth: Helps the Board of Directors oversee strategic decisions underpinning the Company’s long-term success, including evaluating and executing on growth opportunities and business development through acquisitions, partnerships, and organic initiatives. | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | |
Technology: Staying apprised of relevant technological advancements applicable to our business allows the Board of Directors to effectively oversee core elements of our daily operations and competitive activities. | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ||||
18 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
![]() | Presiding at all Board of Directors meetings at which the Chairman of the Board is not present | |
![]() | Convening regular and special meetings of the independent directors | |
![]() | Developing the agenda for executive sessions of the independent directors and working with the Chairman to develop and approve the agenda for meetings of the full Board of Directors, including scheduling to ensure there is sufficient time for discussion | |
![]() | Coordinating feedback to the Chairman on behalf of the independent directors | |
![]() | Coordinating with the Company’s Chief Legal Officer to respond to shareholders who have addressed a communication to the independent directors | |
![]() | Making herself available for shareholder communication, as appropriate (other independent directors may also participate in such communication at times) | |
![]() | Handling any matters concerning an actual or potential conflict of interest involving any other director | |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 19 |
Name | Compensation Committee | Corporate Governance Committee | Audit Committee | Executive Committee | ||||
LaVerne Srinivasan | ![]() | |||||||
Michael Dornemann | ![]() | ![]() | ||||||
William “Bing” Gordon | ||||||||
Roland Hernandez | ![]() | |||||||
J Moses | ![]() | ![]() | ||||||
Michael Sheresky | ![]() | ![]() | ||||||
Ellen Siminoff | ![]() | ![]() | ||||||
Susan Tolson | ![]() | |||||||
Paul Viera | ![]() | |||||||
Strauss Zelnick | ![]() | |||||||
Meetings in Fiscal 2025 | 6 | 5 | 5 | 4 |
20 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
Fiscal 2024 | Fiscal 2025 | Fiscal 2026 | ||||||||
•In September 2023, Ms. Srinivasan succeeded Mr. Dornemann as our Lead Independent Director, was appointed to serve as the Chair of the Executive Committee, and rotated off the Corporate Governance Committee. •Also at that time, Ms. Siminoff joined the Corporate Governance Committee. | ![]() | •Effective on October 1, 2024, Mr. Dornemann rotated off the Corporate Governance and Audit Committees. •Also at that time, Mr. Sheresky rotated off the Executive Committee. | ![]() | •Effective after this year’s Annual Meeting, Mr. Moses will rotate off the Compensation Committee and step down as Chair of the Corporate Governance Committee, but remain as a member of such committee. •Also at that time, Mr. Hernandez will join the Corporate Governance Committee and will serve as the new Chair of such committee, and Mr. Sheresky will rotate off the Corporate Governance Committee. | ||||||
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 21 |
COMMITTEE RISK OVERSIGHT | ||||
AUDIT | COMPENSATION | CORPORATE GOVERNANCE | ||
Reviews the Company’s policies for risk assessment and risk management relating to financial reporting and internal controls, as well as operational risk relating to business continuity planning, cyber, digital and physical security, including security controls over customer data, and assesses steps management has taken to control such risks and exposures | Oversees risks relating to compensation programs and policies. See “Risk Assessment of Overall Compensation Program” | Oversees sustainability matters and operational risk relating to insurance |
22 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
CORPORATE GOVERNANCE COMMITTEE | |||||
MANAGEMENT COMMITTEE | |||||
•Human Resources •Legal •Cybersecurity | •Investor Relations •Workplace | •Financial •Creative |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 23 |
![]() | ||||
12,928 full-time employees | 78% of employees are focused on product development | |||
24 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 25 |
![]() President Age: 55 | KARL SLATOFF | |
Key experience and qualifications: Mr. Slatoff became President of the Company in May 2013 and served as Chief Operating Officer of the Company from October 2010 through April 2013. Mr. Slatoff serves as President of the Company pursuant to the terms of the 2022 Management Agreement between the Company and ZMC. See “Certain Relationships and Related Transactions—Management Agreement.” From February 2008 to October 2010, Mr. Slatoff served as an Executive Vice President of the Company. Mr. Slatoff also is a partner in ZMC. He previously served as a director of Cannella Response Television, LLC and CommentSold, Inc. | ||
Prior to joining ZMC in 2001, Mr. Slatoff served as Vice President, New Media for BMG Entertainment, where he was responsible for guiding BMG’s online digital strategies, including the development of commercial digital distribution initiatives and new business models for the sale and syndication of online content. From 1994 to 1996, he worked in strategic planning at the Walt Disney Company, where he focused on the consumer products, studio and broadcast divisions, as well as several initiatives in the educational, publishing and new media sectors. From 1992 to 1994, Mr. Slatoff worked in the corporate finance and mergers and acquisitions units at Lehman Brothers where he focused on the consumer products and retail/merchandising industries. | ||
![]() Chief Financial Officer Age: 57 | LAINIE GOLDSTEIN | |
Key experience and qualifications: Ms. Goldstein has been Chief Financial Officer of the Company since June 2007, and is responsible for overseeing Finance, Investor Relations and Corporate Communications. Ms. Goldstein previously served as the Company’s Senior Vice President of Finance from November 2003. Ms. Goldstein also serves as a director and member of the audit committee of Phreesia, Inc. | ||
Ms. Goldstein is a CPA with financial and business experience in the software, entertainment, retail and apparel industries, with proven success in managing the finance function of publicly traded companies. Prior to joining the Company, she held a number of positions of increasing responsibility with Nautica Enterprises, Inc., most recently serving as Vice President, Finance and Business Development. Earlier in her career, she held positions in the audit and reorganization departments at Grant Thornton LLP. | ||
![]() Executive Vice President and Chief Legal Officer Age: 53 | DANIEL EMERSON | |
Key experience and qualifications: Mr. Emerson has served as Executive Vice President and General Counsel of the Company since October 2014 and, effective May 2019, Mr. Emerson was made Chief Legal Officer. Mr. Emerson joined the Company as a Vice President in June 2005 and served in various capacities of increasing responsibility within the legal department, including Senior Vice President, Corporate Secretary, Deputy General Counsel and General Counsel. In addition to serving as the Chief Legal Officer of the Company, Mr. Emerson oversees administrative management of Internal Audit on behalf of the Audit Committee and physical security. | ||
Prior to joining the Company, Mr. Emerson was a partner in the New York office of the law firm Blank Rome LLP, where he represented public and private companies across a variety of industries in mergers & acquisitions, securities law, financings and general corporate matters. |
26 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
![]() | A substantial portion of our NEOs’ compensation was based on the financial performance of the Company and therefore “at risk”; | ||
![]() | The majority of each NEO’s total compensation was provided in the form of long-term equity, two-thirds of which was subject to performance-based vesting, including total shareholder return (“TSR”) and recurrent consumer spending (“RCS”) performance metrics, to further align the interests of our NEOs and shareholders; and | ||
![]() | The target total direct compensation package for each NEO was consistent with market practices for executive talent and each NEO’s individual experience, responsibilities and performance. | ||
![]() | THE BOARD OF DIRECTORS BELIEVES THAT APPROVAL OF THE FOREGOING RESOLUTION ON THE COMPENSATION OF THE NEOS IS IN THE BEST INTERESTS OF THE COMPANY AND UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE “FOR” THE APPROVAL OF THE COMPENSATION OF THE COMPANY’S NEOS, AS STATED IN THE ABOVE NON-BINDING RESOLUTION. |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 27 |
![]() | ![]() | ![]() | ![]() | |||
Strauss Zelnick Executive Chairman and Chief Executive Officer | Karl Slatoff President | Lainie Goldstein Chief Financial Officer | Daniel Emerson Executive Vice President and Chief Legal Officer |
Messrs. Zelnick and Slatoff serve in their executive positions pursuant to a management agreement with ZMC, discussed below. | ||
![]() | Top Titles Include: | ![]() | Top Titles Include: | ![]() | Top Titles Include: | |||||||||||
•Grand Theft Auto •Red Dead Redemption •L.A. Noire •Max Payne •Midnight Club | •NBA 2K •Borderlands •PGA TOUR 2K •BioShock •Tiny Tina’s Wonderlands •Mafia •Sid Meier’s Civilization •WWE 2K •XCOM | •Match Factory! •Toon Blast •Twisted Tangle •Merge Dragons! •Color Block Jam •Words With Friends •Top Eleven •Empires & Puzzles •Zynga Poker | ||||||||||||||
28 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
Fiscal 2025 Financial and Operating Results | |||||||||
Net Revenue $5.63 Billion | Net Bookings (operating metric) $5.65 Billion | ||||||||
Net Revenue by Platform | |||||||||
Console, PC and Other | |||||||||
$2.69 Billion | ![]() | 47.8% | of Net Revenue | Recurrent Consumer Spending (virtual currency, add-on content, and in-game purchases) | |||||
Mobile | $4.47 Billion | ![]() | 79.4% | of Net Revenue | |||||
$2.94 Billion | ![]() | 52.2% | of Net Revenue | ||||||
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 29 |
30 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
Shareholder Engagement Following the 2024 Annual Meeting | ||||
Shareholders Contacted | Engaged with | Director-Led Discussions | ||
~58.6% | ~32.9% | ~26.5% | ||
of our outstanding common stock | of our outstanding common stock | of our outstanding common stock | ||
All percentages represent ownership of Take-Two outstanding common stock as reported by our shareholders’ most recent filings as of the date of this Proxy Statement. | ||||
Financial Performance Metrics | 2025 Performance Threshold | 2025 Performance Target | 2025 Performance Maximum | |
Annual Incentive | Adjusted EBITDA | ![]() | ||
Performance-Based RSUs (Fiscal 2025 Grant) | Relative TSR RCS | ![]() | ||
* Relative TSR and RCS metrics are measured over the three-year period ending March 31, 2027. | ||||
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 31 |
32 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
ZMC Management Agreement Enhancements | |||
Structural Element | 2017 Management Agreement | 2022 Management Agreement | |
Percentage of at-risk compensation at max (across both Annual Incentive and LTI awards) | 71% | ![]() | 80%(1) |
Proportion of performance-based equity at target | 55% | ![]() | 67% |
Measurement and vesting period of performance-based equity awards | Two years | ![]() | Three years |
Vesting period of time-based equity | Two-year cliff vesting | ![]() | Three-year ratable vesting |
Percentage of performance-based equity tied to Relative TSR, RCS and IP metrics | 75% Relative TSR 12.5% RCS 12.5% IP | 75% Relative TSR 25% RCS | |
Relative TSR Peer Group | Nasdaq Composite Index | Nasdaq-100 Index | |
Rigorous Relative TSR Thresholds | 40th percentile minimum 50th percentile target 75th percentile or above maximum | Same | |
Increased Transparency | 60% cap on fees paid by ZMC to Mr. Zelnick 40% cap on fees paid by ZMC to Mr. Slatoff | Same | |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 33 |
Compensation Component | % Linked to Performance | Delivery From | Performance Link | Performance Measurement/ Vesting Period |
Annual Management Fee / Annual Base Salary | — | Cash | — | — |
Annual Incentive | 100% | Cash | Adjusted EBITDA | 1 year |
Long-Term Incentive (Equity Grants) | 67% at target 80% at maximum | Performance- Based Awards | 75%: Relative TSR Performance 25%: Recurrent Consumer Spending Performance | 3-year measurement period 3-year cliff vest |
Time-Based Awards | — | 3-year ratable vesting for ZMC executives 4-year ratable vesting for non-ZMC NEOs |
34 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
![]() | Clawback policy applicable to NEOs, including ZMC | |
![]() | Incentive caps on annual bonuses to NEOs | |
![]() | Strong anti-hedging and anti-pledging policies | |
![]() | Double-trigger acceleration of vesting on a change in control | |
![]() | Meaningful stock ownership requirements (6x per annum management fee, excluding any bonuses, for each of CEO/Chairman and President; 3x annual base salary for other NEOs; and 5x annual cash retainer for directors) |
![]() | Equity incentive plan provisions that prohibit re-pricing of stock options without shareholder approval | |
![]() | Limited perquisites | |
![]() | No tax gross ups in respect of any excise taxes on parachute payments | |
![]() | Annual compensation risk assessment for employee plans | |
![]() | Retention of independent compensation consultants by the Compensation Committee | |
![]() | Balanced compensation approach between short-and long-term incentive opportunities | |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 35 |
![]() | Enhance the profitability of the Company and drive shareholder value creation; | |
![]() | Link a substantial portion of compensation to the Company’s long-term financial and stock price performance, thereby creating long-term shareholder value; | |
![]() | Attract, motivate, and retain highly qualified individuals; | |
![]() | Reward each NEO’s contribution to the Company’s profitability and growth; individual initiative, leadership and achievements; and management of risks; and | |
![]() | Motivate NEOs to build a career at the Company and to contribute to our future success. | |
36 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
Videogame | Internet & Technology | Entertainment & Leisure | |
•Electronic Arts Inc. | •Booking Holdings Inc. | •Peloton Interactive, Inc. | •DraftKings Inc. * |
•Playtika Ltd. | •eBay Inc. | •Roku, Inc. | •Fox Corporation |
•Roblox Corporation | •Expedia Group, Inc. | •Sirius XM Holdings Inc. | •Hasbro, Inc. |
•Match Group, Inc. | •Mattel, Inc. | ||
•Paramount Global | |||
•Warner Music Group Corp. |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 37 |
•Increased portion of overall compensation that is performance-based. The percentage of compensation that is performance based, consisting of the annual incentive and performance-based RSUs, has increased to 80% at maximum achievement for fiscal 2025. •Increased portion of performance-based shares. The proportion of performance-based shares has meaningfully increased from 55% to 67% of the total equity grant. •Lengthened the performance measurement and vesting periods of performance-based equity. The RCS and relative TSR performance measurement and vesting periods have each been lengthened from two years to three years. •Lengthened the vesting period for time-based equity. The vesting schedule for the time-based awards have been lengthened from two-year cliff vesting to ratable vesting over three years. •Recurrent Consumer Spending (RCS) metric, which is generated from ongoing consumer engagement and includes revenue from virtual currency, add-on content, and in-game purchases, continues to focus executives’ attention on achieving key strategic goals. Growth in RCS helps reduce the volatility in our business, since our release slate can vary from year to year, better positioning the Company to achieve our goal of sustained year over year growth. RCS performance is also a measure of the underlying performance of our mobile business and several of our major console-based franchises (including NBA 2K and Grand Theft Auto Online), all of which are strategic priorities for our Company. Given the strategic importance of revenue from RCS, a larger portion (25% versus 12.5% under the prior Management Agreement) of the performance shares vest based on growth in RCS during the measurement period. The remaining 75% of the performance shares continue to vest based on relative TSR performance. •Relative TSR metric updated to the Nasdaq-100 Index. The comparator group used for purposes of the relative TSR performance-based RSUs has moved from the Nasdaq Composite Index to the Nasdaq-100 Index. •Rigorous relative TSR thresholds. We maintained a minimum threshold of 40th percentile relative performance before any of the TSR shares began to vest. We also maintained a target threshold of 50th percentile relative performance and a maximum threshold of 75th percentile relative performance. The relative TSR performance payout schedule reflects the Board of Directors’ continued commitment to a strong pay for performance approach with rigorous multi-year goal setting that in most cases exceeds minimum performance thresholds in place among our compensation peers. •Increased disclosure. Enhanced disclosure to provide greater transparency, including individual fee caps paid by ZMC to Messrs. Zelnick and Slatoff for their services to Take-Two. •No TSR “catch-up” provision. Performance-based equity grants are based solely on relative TSR and RCS performance and do not include any TSR “catch-up” opportunity. •No automatic annual fee increases. There is no automatic increase in the annual fee during the term of the Management Agreement. •Continued annual grant structure. Agreements prior to the 2017 Management Agreement included an up-front equity grant at the commencement of the agreement. The 2022 Management Agreement, like the 2017 Management Agreement, has an annual equity grant structure, including an initial grant that was made on June 1, 2022 in respect of our fiscal 2023, June 1, 2023 in respect of our fiscal 2024, June 3, 2024 in respect of our fiscal 2025, and June 2, 2025 in respect of our fiscal 2026, and the choice, in its discretion, for the Compensation Committee to grant additional annual equity awards in respect of subsequent fiscal years. | ||
38 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
Annual Management Fee | Annual Incentive Compensation | Performance- Based RSUs | Time-Based RSUs | Total Compensation | ||||||||
$3,300,000 | (1) | $6,567,000 | (2) | $30,603,590 | (3) | $15,073,410 | (4) | $55,544,000 |
Percentage of Adjusted EBITDA Target Obtained | Amount of Annual Bonus | ||
80% or less | $0 | ||
90% | $3,300,000 | ||
100% | $6,600,000 | ||
110% | $8,014,286 | ||
120% | $9,428,572 | ||
130% | $10,685,714 | ||
140% | $11,942,858 | ||
150% | $13,200,000 | ||
Above 150% | $13,200,000 |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 39 |
TSR Percentile Rank | TSR Vesting Percentage |
Less than 40th Percentile | 0% of target shares |
40th Percentile | 50% of target shares |
50th Percentile | 100% of target shares |
75th Percentile | 200% of target shares |
Absolute Recurrent Consumer Spending Growth (during the relevant measurement period) | Absolute Recurrent Consumer Spending Vesting Percentage |
Less than 3% | 0% of target shares |
3% | 50% of target shares |
6% | 100% of target shares |
9% or greater | 200% of target shares |
Relative Recurrent Consumer Spending (as a percentage of three-year average total net bookings) | Relative Recurrent Consumer Spending Vesting Percentage |
Less than 45% | 0% of target shares |
45% | 50% of target shares |
50% | 100% of target shares |
55% or greater | 200% of target shares |
40 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
Minimum | Target | Maximum | ||||||||||
•≤80% Adjusted EBITDA Goal •<40th Percentile Relative TSR •Min Recurrent Consumer Spending Goal | •100% Adjusted EBITDA Goal •50th Percentile Relative TSR •Target Recurrent Consumer Spending Goal | •≥150% Adjusted EBITDA Goal •≥75th Percentile Relative TSR •Max Recurrent Consumer Spending Goal | ||||||||||
Annual Management Fee | $3,300,000 | $3,300,000 | $3,300,000 | |||||||||
Annual Incentive Metric: Adjusted EBITDA | $0 | $6,600,000 | $13,200,000 | |||||||||
Time-Based RSUs(1) | $15,073,410 | $15,073,410 | $15,073,410 | |||||||||
Performance-Based RSUs Metrics: TSR and Recurrent Consumer Spending Performance(1) | $0 | $30,603,590 | $61,207,180 | |||||||||
Total Compensation Opportunity | $18,373,410 | $55,577,000 | $92,780,590 | |||||||||
Maximum Opportunity at Each Performance Level | ![]() | ![]() | ![]() |
Annual Incentive Plan Achievement | ||
Fiscal Year | Adjusted EBITDA Achievement (% of target) | Annual Incentive Plan Payout |
2025 | 99.9% | Slightly less than target cash bonus |
2024 | 88.6% | Less than target cash bonus |
2023 | 79.2% | No cash bonus |
2022 | 139.8% | Less than maximum cash bonus |
Performance Equity Vesting Achievement | ||
Vest Date | Shares Forfeited (#) | Shares Forfeited (% of maximum performance opportunity) |
May 30, 2025 | 0 | 0% |
May 31, 2024 | 67,920 | 45% |
April 12, 2024 | 18,876 | 14% |
April 13, 2023 | 40,985 | 33% |
April 13, 2022 | 55,126 | 29% |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 41 |
Base Salary | Target Annual Cash Bonus Opportunity (based on Adjusted EBITDA) | Target Equity Incentive Opportunity (66.7% subject to performance vesting) | |||||||
Ms. Goldstein | $1,000,000 | $1,500,000 | (150% of base salary) | $6,120,000 | |||||
Mr. Emerson | $850,000 | $1,062,500 | (125% of base salary) | $4,200,000 |
Direct Compensation Elements | Indirect Compensation Elements |
Base Salary | Other Compensation/Employee Benefits |
Annual Cash Incentive | Severance and Change in Control Protection |
Long-Term Equity Incentives |
42 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
Adjusted EBITDA Achievement | Annual Bonus for Ms. Goldstein and Mr. Emerson |
Less than 80% of the budget | No bonus earned |
80% - 100% of the budget | 36%-100% of target |
100% - 120% of the budget | 100%-140% of target |
120% - 150% of the budget | 140%-200% of target |
Greater than 150% of the budget | Capped at 200% of target |
Annual Salary | Threshold Bonus | Target Bonus | Maximum Bonus | ||
Ms. Goldstein | $1,000,000 | ![]() | |||
Mr. Emerson | $850,000 | ![]() | |||
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 43 |
Time-Based RSUs (#)(2) | Time-Based RSUs ($)(1) | Performance- Based RSUs (#) (at target)(2) | Performance- Based RSUs ($) (at target)(1) | Performance- Based RSUs (#) (at max)(2) | Performance- Based RSUs ($) (at max)(1) | ||||||||||
Ms. Goldstein | 13,791 | $2,040,000 | 27,622 | $4,080,000 | 55,244 | $8,160,000 | |||||||||
Mr. Emerson | 9,464 | $1,400,000 | 18,956 | $2,800,000 | 37,912 | $5,600,000 |
44 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
Performance-Based RSUs Vested (#) | Performance-Based RSUs Forfeited (#) | |
Ms. Goldstein | 15,206(1) | 13,078(2) |
Mr. Emerson | 8,809(3) | 9,809(4) |
Time-Based RSUs (#) | Time-Based RSUs ($)(1) | Performance- Based RSUs (#) (at target)(2) | Performance- Based RSUs ($) (at target)(1) | Performance- Based RSUs (#) (at max)(2) | Performance- Based RSUs ($) (at max)(1) | |||||||||
Ms. Goldstein | 9,045 | $2,040,000 | 18,089 | $4,080,000 | 36,178 | $8,160,000 | ||||||||
Mr. Emerson | 6,207 | $1,400,000 | 12,414 | $2,800,000 | 24,828 | $5,600,000 |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 45 |
46 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 47 |
CEO/ PRESIDENT | ![]() | 6x Base Salary |
OTHER NEOs | ![]() | 3x Base Salary |
48 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
•In and Out Trading. (All purchases of the Company’s securities in the open market must be held for a minimum of six months, with exceptions relating to the exercise of stock options.) •Purchases of Company securities on margin or holding any Company securities in margin accounts. | |
•Pledging Company securities as collateral for a loan. •Short sales of the Company’s securities. •Transactions in puts, calls or other derivatives on the Company’s securities, as well as any other derivative or hedging transactions on Company securities. | |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 49 |
July 28, 2025 | Submitted by the Compensation Committee of the Board of Directors: Michael Sheresky (Chair) Michael Dornemann Roland Hernandez J Moses |
50 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
Name and Principal Position | Fiscal Year | Salary ($) | Stock Awards ($)(1) | Non-Equity Incentive Plan Compensation ($)(2) | All Other Compensation ($)(3) | Total ($) |
Strauss Zelnick(4) Executive Chairman and Chief Executive Officer | 2025 | 1 | — | — | 106,456 | 106,457 |
2024 | 1 | — | — | 274,073 | 274,074 | |
2023 | 1 | — | — | 115,014 | 115,015 | |
Lainie Goldstein Chief Financial Officer | 2025 | 1,000,000 | 8,839,424 | 1,495,500 | 13,800 | 11,348,724 |
2024 | 1,000,000 | 8,219,600 | 952,800 | 14,081 | 10,186,481 | |
2023 | 1,000,000 | 10,340,393 | — | 14,327 | 11,354,720 | |
Karl Slatoff(4) President | 2025 | 1 | — | — | — | 1 |
2024 | 1 | — | — | — | 1 | |
2023 | 1 | — | — | 8,868 | 8,869 | |
Daniel Emerson Executive Vice President and Chief Legal Officer | 2025 | 850,000 | 6,066,139 | 1,059,313 | 56,122 | 8,031,574 |
2024 | 850,000 | 5,640,876 | 674,900 | 13,200 | 7,178,976 | |
2023 | 850,000 | 7,254,541 | — | 18,826 | 8,123,367 |
Name | Fiscal Year | Probable Outcome ($) | Maximum Performance ($) |
Lainie Goldstein | 2025 | 6,627,899 | 13,255,798 |
2024 | 6,033,708 | 12,067,417 | |
2023 | 7,587,067 | 15,174,134 | |
Daniel Emerson | 2025 | 4,548,492 | 9,096,984 |
2024 | 4,140,732 | 8,281,464 | |
2023 | 5,321,779 | 10,643,558 |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 51 |
Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) | Estimated Future Payouts Under Equity Incentive Plan Awards(2) | All Other Stock Awards: Number of Shares of Stock or Units(2) (#) | Grant Date Fair Value of Stock Awards ($)(4) | ||||||||
Name | Grant Date | Approval Date | Threshold ($) | Target ($) | Maximum ($) | Threshold (#) | Target (#) | Maximum (#)(3) | |||
Strauss Zelnick(5) | — | — | — | — | — | — | — | — | — | — | |
Lainie Goldstein | 6/1/2024 | 5/29/2024 | — | — | — | — | 27,622 | 55,244 | — | 6,627,899 | |
6/1/2024 | 5/29/2024 | — | — | — | — | — | — | 13,791 | 2,211,525 | ||
— | — | — | 1,500,000 | 3,000,000 | — | — | — | — | — | ||
Karl Slatoff(5) | — | — | — | — | — | — | — | — | — | — | |
Daniel Emerson | 6/1/2024 | 5/29/2024 | — | — | — | — | 18,956 | 37,912 | — | 4,548,492 | |
6/1/2024 | 5/29/2024 | — | — | — | — | — | — | 9,464 | 1,517,647 | ||
— | — | — | 1,062,500 | 2,125,000 | — | — | — | — | — |
52 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 53 |
54 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
Stock Awards | |||||
Name | Stock Award Grant Date | Number of Shares or Units of Stock That Have Not Vested (#)(1) | Market Value of Shares or Units of Stock That Have Not Vested ($)(2) | Equity Incentive Plan Awards: Number of Unearned Shares or Units of Stock That Have Not Vested (#) | Equity Incentive Plan Awards: Market Value of Unearned Shares or Units of Stock That Have Not Vested ($)(2) |
Strauss Zelnick(3) | — | — | — | — | — |
Lainie Goldstein | 6/1/2024 | 13,791 | 2,858,185 | 55,244 | 11,449,319 |
6/1/2023 | 8,937 | 1,852,193 | 63,640 | 13,189,390 | |
6/1/2022 | 5,205 | 1,078,736 | 66,700 | 13,823,575 | |
Karl Slatoff(3) | — | — | — | — | — |
Daniel Emerson | 6/1/2024 | 9,464 | 1,961,414 | 37,912 | 7,857,262 |
6/1/2023 | 6,135 | 1,271,479 | 43,674 | 9,051,437 | |
6/1/2022 | 3,573 | 740,504 | 45,774 | 9,486,662 |
Stock Awards | ||
Name | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($) |
Strauss Zelnick(1) | — | — |
Lainie Goldstein | 33,690(2) | $5,567,262.06 |
Karl Slatoff(1) | — | — |
Daniel Emerson | 21,189(3) | $3,510,849.09 |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 55 |
56 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 57 |
Lainie Goldstein | Termination Without Cause ($)(1) | Death or Disability ($) | Change in Control Termination Without Cause or for Good Reason ($) | Retirement ($)(5) | |
Salary Payment | 2,000,000 | — | 2,000,000 | — | |
Continuation of Medical Insurance | $18,484 | — | 18,484 | — | |
Acceleration of Equity Awards(2) | $31,932,044 | $31,932,044 | $31,932,044 | $4,597,841 | |
Bonus Payment | 4,500,000 | 1,500,000 | 4,500,000 | — | |
Stay Bonus | — | — | $500,000 | (3) | — |
Total Termination Benefits | $38,450,528 | $33,432,044 | $38,950,528 | (4) | $4,597,841 |
Daniel Emerson | Termination Without Cause ($)(1) | Death or Disability ($) | Change in Control Termination Without Cause or for Good Reason ($) | Retirement ($)(5) | |
Salary Payment | 850,000 | — | 1,275,000 | — | |
Continuation of Welfare Benefits | $35,528 | — | $53,292 | — | |
Acceleration of Equity Awards(2) | $21,914,408 | $21,914,408 | $21,914,408 | — | |
Bonus Payment | 1,062,500 | — | 1,593,750 | — | |
Total Termination Benefits | $23,862,436 | $21,914,408 | $24,836,450 | (4) | $— |
58 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 59 |
Fiscal Year | Summary Compensation Table Total for PEO1 ($) | Compensation Actually Paid to PEO1,2,3,4 ($) | Average Summary Compensation Table Total for Non-PEO NEOs1 ($) | Average Compensation Actually Paid to Non-PEO NEOs1,2,3,4 ($) | Value of Initial Fixed $100 Investment based on:5 | Net Income ($ Millions) | Adjusted EBITDA6 ($ Millions) | |
TSR ($) | Peer Group TSR ($) | |||||||
2025 | ( | |||||||
2024 | ( | |||||||
2023 | ( | |||||||
2022 | ||||||||
2021 |
Fiscal Year | Summary Compensation Table Total for PEO ($) | Exclusion of Stock Awards for PEO ($) | Inclusion of Equity Values for PEO ($) | Compensation Actually Paid to PEO ($) |
2025 |
Fiscal Year | Average Summary Compensation Table Total for Non-PEO NEOs ($) | Average Exclusion of Stock Awards for Non-PEO NEOs ($) | Average Inclusion of Equity Values for Non-PEO NEOs ($) | Average Compensation Actually Paid to Non-PEO NEOs ($) |
2025 | ( |
60 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
Fiscal Year | Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year for PEO ($) | Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards for PEO ($) | Vesting-Date Fair Value of Equity Awards Granted During Year that Vested During Year for PEO ($) | Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year for PEO ($) | Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year for PEO ($) | Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Included for PEO ($) | Total- Inclusion of Equity Values for PEO ($) |
2025 |
Fiscal Year | Average Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year for Non- PEO NEOs ($) | Average Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards for Non-PEO NEOs ($) | Average Vesting-Date Fair Value of Equity Awards Granted During Year that Vested During Year for Non-PEO NEOs ($) | Average Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year for Non-PEO NEOs ($) | Average Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year for Non-PEO NEOs ($) | Average Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Included for Non-PEO NEOs ($) | Total - Average Inclusion of Equity Values for Non-PEO NEOs ($) |
2025 |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 61 |
62 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 63 |
64 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
Summary Compensation Table Total (Adjusted for Maximum ZMC Opportunity) for PEO1,2 ($) | Compensation Actually Paid (Adjusted for Maximum ZMC Opportunity) to PEO1,2,3,4 ($) | Average Summary Compensation Table Total (Adjusted for Maximum ZMC Opportunity) for Non-PEO NEOs1,2 ($) | Average Compensation Actually Paid (Adjusted for Maximum ZMC Opportunity) to Non-PEO NEOs1,2,3,4 ($) | Value of Initial Fixed $100 Investment based on:5 | ||||
Fiscal Year | TSR ($) | Peer Group TSR ($) | Net Income ($ Millions) | Adjusted EBITDA6 ($ Millions) | ||||
2025 | 43,302,010 | 118,690,718 | 16,044,732 | 44,748,653 | 174.73 | 220.69 | (4,478.90) | 901.00 |
2024 | 32,754,669 | 46,964,443 | 13,006,396 | 16,636,856 | 125.19 | 205.89 | (3,744.2) | 845.2 |
2023 | 50,006,805 | 42,108,832 | 17,582,716 | 13,563,715 | 100.58 | 165.71 | (1,124.7) | 940.6 |
2022 | 21,499,437 | 16,151,492 | 8,062,073 | 5,691,540 | 129.62 | 183.07 | 418.0 | 827.2 |
2021 | 22,619,255 | 42,685,643 | 8,722,480 | 15,884,714 | 148.98 | 170.46 | 588.9 | 1,066.1 |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 65 |
Adjusted EBITDA Relative TSR Recurrent Consumer Spending |
Component | Value of Award Under Current Policy(1) | Notes | ||
Annual Retainer | For Each Non-Employee Director | $300,000 | $235,000 restricted stock/ $65,000 cash | |
Lead Independent Director Additional Fees | For Lead Independent Director | $200,000 | $100,000 restricted stock/ $100,000 cash | |
Committee Fees | Audit Committee | Chair | $40,000 | — |
Other Members | $20,000 | — | ||
Compensation Committee | Chair | $30,000 | — | |
Other Members | $15,000 | — | ||
Corporate Governance Committee | Chair | $20,000 | — | |
Other Members | $10,000 | — | ||
Executive Committee | Chair | N/A | Lead Independent Director serves as Executive Committee Chair for no additional fee | |
Other Independent Members | $25,000 | — |
66 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
Name | Fees Earned or Paid in Cash ($) | Stock Awards ($)(1) | Total ($) |
Michael Dornemann | 120,000 | 253,881 | 373,881 |
Roland Hernandez | 80,000 | 253,881 | 333,881 |
J Moses | 100,000 | 253,881 | 353,881 |
Michael Sheresky | 117,500 | 253,881 | 371,381 |
LaVerne Srinivasan | 165,000 | 362,438 | 527,438 |
Susan Tolson | 105,000 | 253,881 | 358,881 |
Paul Viera(2) | 85,000 | 253,881 | 338,881 |
William “Bing” Gordon(3) | 65,000 | 253,881 | 318,881 |
Strauss Zelnick(4) | — | — | — |
Ellen Siminoff(5) | 95,000 | 253,881 | 348,881 |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 67 |
68 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
Name and Address of Beneficial Owner(1) | Number of Shares of Common Stock Beneficially Owned(2) | Percentage of Outstanding Common Stock Beneficially Owned |
The Vanguard Group, Inc.(3) | 18,764,271 | 10.17% |
BlackRock, Inc.(4) | 12,726,923 | 6.90% |
The Public Investment Fund(5) | 11,414,680 | 6.19% |
State Street Corporation(6) | 8,976,671 | 4.87% |
Strauss Zelnick(7) | 1,645,348 | * |
Karl Slatoff(8) | 1,328,797 | * |
Lainie Goldstein(9) | 315,657 | * |
Daniel Emerson(10) | 152,271 | * |
J Moses | 23,647 | * |
Michael Sheresky | 64,940 | * |
Michael Dornemann | 21,694 | * |
LaVerne Srinivasan | 11,026 | * |
Susan Tolson | 30,901 | * |
Paul Viera(11) | 90,665 | * |
Roland Hernandez | 9,506 | * |
William B. Gordon | 60,573 | * |
Ellen Siminoff(12) | 14,551 | * |
All directors and executive officers as a group (13 persons)(13) | 2,489,774 | 1.34% |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 69 |
70 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 71 |
72 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
2022 Transition Period 2 Year Cliff Vest Performance Award Vested (#) | 2022 Transition Period 2 Year Cliff Vest Performance Award Forfeited (#) | ||
Based on Achievement of Recurrent Consumer Spending Performance-Vesting Criteria | Based on Achievement of TSR Performance- Vesting Criteria | Based on Achievement of Recurrent Consumer Spending Performance-Vesting Criteria | Based on Achievement of TSR Performance- Vesting Criteria |
37,732 | 45,280 | — | 67,920 |
2022 Transition Period 3 Year Cliff Vest Performance Award Vested (#) | 2022 Transition Period 3 Year Cliff Vest Performance Award Forfeited (#) | ||
Based on Achievement of Recurrent Consumer Spending Performance-Vesting Criteria | Based on Achievement of TSR Performance- Vesting Criteria | Based on Achievement of Recurrent Consumer Spending Performance-Vesting Criteria | Based on Achievement of TSR Performance- Vesting Criteria |
41,304 | 123,910 | — | — |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 73 |
2022 Annual Grant Performance Award Vested (#) | 2022 Annual Grant Performance Award Forfeited (#) | ||
Based on Achievement of Recurrent Consumer Spending Performance-Vesting Criteria | Based on Achievement of TSR Performance- Vesting Criteria | Based on Achievement of Recurrent Consumer Spending Performance-Vesting Criteria | Based on Achievement of TSR Performance- Vesting Criteria |
56,100 | 168,302 | — | — |
74 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 75 |
2022 Performance Award Vested (#) | 2022 Performance Award Forfeited (#) | ||||
Based on Achievement of IP Performance- Vesting Criteria | Based on Achievement of Recurrent Consumer Spending Performance-Vesting Criteria | Based on Achievement of TSR Performance- Vesting Criteria | Based on Achievement of IP Performance- Vesting Criteria | Based on Achievement of Recurrent Consumer Spending Performance-Vesting Criteria | Based on Achievement of TSR Performance- Vesting Criteria |
17,476 | 17,478 | 85,986 | — | — | 18,876 |
76 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 77 |
78 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
Executive Summary Of Proposal | ||
Summary of Proposal: | To amend and restate the Amended and Restated Take-Two Interactive Software, Inc. 2017 Stock Incentive Plan (the “2017 Plan”) to increase the share reserve under the 2017 Plan by 5,200,000 shares of common stock. | |
Number of Shares Available for Grant under the 2017 Plan: | 5,943,569 as of June 30, 2025 | |
Number of Shares Subject to Outstanding Awards under the 2017 Plan: | 9,521,810 as of June 30, 2025 | |
Number of Total Shares of Common Stock Outstanding: | 184,404,145 as of June 30, 2025 | |
Uses of Equity Compensation: | Equity is an essential tool to attract and retain highly-skilled creative talent, and it aligns the interests of creative employees with shareholders. •Our creative employees at our Rockstar Games, 2K, and Zynga labels drive our business, are critical to our continued success, and help us build shareholder value. •We believe our use of equity throughout Take-Two, and beyond the executive level is a strategic advantage and vital to our ownership culture, as evidenced by 90% of our full-time employees being eligible to participate in the 2017 Plan. •Two-thirds of equity grants to ZMC and our non-ZMC NEOs are performance- based and, therefore, at risk. •In fiscal 2025, equity awards were primarily used to incentivize and retain employees at our labels as illustrated below: |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 79 |
Executive Summary Of Proposal | ||
Certain Plan Highlights: | •Limits on certain awards to individual participants •Non-liberal recycling of shares used to satisfy tax withholding obligations or as payment for the exercise price or base price for stock options and SARs •No evergreen provision for share reserve •Dividends and dividend equivalents on awards do not vest and are not paid until the award is earned and vested •Annual compensation limits for non-employee directors •No repricing of underwater stock options or SARs without shareholder approval •No discounted stock options or SARs •Clawback provisions •Non-liberal change in control provisions •No automatic grants •Double-trigger acceleration of vesting for equity assumed or substituted for in connection with a change in control |
80 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 81 |
Amended and Restated 2017 Plan | |
Total shares of common stock underlying outstanding stock options | 219 |
Weighted average exercise price of outstanding stock options | $33.2 |
Weighted average remaining contractual life of outstanding stock options | 4.69 years |
Total shares subject to outstanding, unvested full-value awards (1) | 9,521,591 |
Total shares of common stock currently available for grant | 5,943,569 |
Key Equity Metric | 2025 | 2024 | 2023 | ||
Burn Rate(1) | 1.20% | 1.12% | 1.56% |
82 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 83 |
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TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 85 |
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TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 87 |
88 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 89 |
![]() | THE BOARD OF DIRECTORS BELIEVES THAT AN AMENDMENT AND RESTATEMENT OF THE AMENDED AND RESTATED TAKE-TWO INTERACTIVE SOFTWARE, INC. 2017 STOCK INCENTIVE PLAN IS IN THE BEST INTERESTS OF THE COMPANY AND UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE “FOR” THE APPROVAL OF THE AMENDMENT AND RESTATEMENT OF THE AMENDED AND RESTATED 2017 STOCK INCENTIVE PLAN. |
90 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
Plan Category | Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights(1)(2) | Weighted- Average Exercise Price of Outstanding Options, Warrants and Rights ($)(3) | Weighted- Average Remaining Contractual Life of Outstanding Options, Warrants and Rights (years)(3) | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in the First Column) |
Equity compensation plans approved by shareholders | 8,602,475 | $33.62 | 4.69 | 15,938,885(4) |
Equity compensation plans not approved by shareholders | — | — | — | — |
Total | 8,602,475 | 33.62 | 4.69 | 15,938,885 |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 91 |
![]() | THE BOARD OF DIRECTORS BELIEVES THAT RATIFICATION OF THE APPOINTMENT OF ERNST & YOUNG LLP IS IN THE BEST INTERESTS OF THE COMPANY AND UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE “FOR” SUCH RATIFICATION. |
92 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
3/31/2025 | 3/31/2024 | |
Audit fees(1) | $5,767,000 | $6,509,000 |
Audit-related fees | 8,000 | 7,000 |
Tax fees(2) | 1,661,000 | 1,233,000 |
Total fees | $7,436,000 | $7,749,000 |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 93 |
Dated: July 28, 2025 | Submitted by the Audit Committee of the Board of Directors: Susan Tolson (Chair) Ellen Siminoff Paul Viera |
94 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
•the election as directors of the 10 nominees named in the attached Proxy Statement; •the approval, on a non-binding advisory basis, of the compensation of the Company’s “named executive officers” as disclosed in this Proxy Statement; •the approval of an amendment and restatement of the 2017 Plan to increase the available shares reserved thereunder; •the ratification of the appointment of Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending March 31, 2026; and •such other business that may properly come before the Annual Meeting or any adjournment thereof. |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | 95 |
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TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | A-1 |
(in thousands) | Fiscal Year Ended March 31, 2025 |
GAAP Net Loss | $(4,478.9) |
Net effect from deferral in net revenues and related cost of goods sold | $12.9 |
Stock-based compensation | $324.0 |
Business reorganization | $106.5 |
Business acquisitions | $90.1 |
Interest expense (income) | $68.7 |
Depreciation and amortization | $229.4 |
Goodwill impairment | $3,545.2 |
Amortization and impairment of intangible assets | $847.0 |
Bonus | $142.5 |
Income taxes | $(12.4) |
Other | $26.0 |
Adjusted EBITDA | $901.0 |
B-1 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | B-2 |
B-3 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | B-4 |
B-5 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | B-6 |
B-7 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | B-8 |
B-9 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | B-10 |
B-11 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | B-12 |
B-13 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | B-14 |
B-15 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | B-16 |
B-17 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | B-18 |
B-19 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement | B-20 |
B-21 | TAKE-TWO INTERACTIVE SOFTWARE, INC. | 2025 Proxy Statement |