FORTUNE -- Mark Pincus will not be receiving any special payout for stepping down as CEO of Zynga Inc. (ZNGA), the social gaming company he founded and ran until yesterday turning over the reins to former Microsoft (MSFT) executive Don Mattrick.
Pincus' employment contract stipulates that his equity vesting would accelerate if he lost his job due to a change in control (i.e., Zynga being acquired), but that isn't what happened here.
Moreover, Pincus does not have any salary or bonus continuation clauses in case of either voluntary or involuntary termination -- something featured in the contracts of several other Zynga executives (we don't yet have details of Mattrick's contract).
Of course, such continuations are largely irrelevant given that Pincus recently cut his annual salary to just $1 and said that he would not take either a cash bonus or equity award in 2013.
A Zynga spokeswoman confirms that Pincus will maintain that $1 comp plan in 2013 in his new role as chief product officer, and adds that there is no special compensation tied to his stepping down as CEO.
Pincus currently holds around a 7.5% ownership stake in Zynga, which closed trading today with a market cap of around $2.6 billion.
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Zynga has only its CEO to blame for some of its schadenfreude.
FORTUNE -- Social gaming company Zynga yesterday announced plans to lay off around 18% of its staff, which works out to around 520 employees. Among those losing their jobs are all New York, Los Angeles and Dallas employees. Also included, it seems is most of the OMGPOP studio -- creators of Draw Something -- which Zynga acquired last year for around MOREDan Primack - Jun 4, 2013 2:53 PM ET
Despite a sizable plunge from spring highs, it's not yet game over for Zynga.
By Ryan Derousseau, contributor
FORTUNE -- Unlike its social media cousin Facebook, social-gaming company Zynga had a successful IPO. Priced at $10 a share in December 2011, Zynga (ZNGA) went public with a market cap of $7 billion. But after a couple of disastrous quarters -- highlighted by a decline in paying players of core games like MORENov 21, 2012 5:00 AM ET
A former Zynga exec says not to count the company out.
By Nabeel Hyatt (nabeelhyatt.com), contributor
FORTUNE -- If my email inbox is any indication, there's a lot of speculation about Zynga (ZNGA) right now. Is it a good buy? Is it even going to exist in the year?
I can understand why people are obsessed over this. After all Zynga is one of the benchmark companies of Web 2.0. If the first wave MOREOct 5, 2012 11:28 AM ET
Ex-Zynga exec netted $24 million.
FORTUNE -- Don't feel too bad for John Schappert, who yesterday resigned as Zynga's (ZNGA) chief operating officer after being neutered in a corporate reorganization. Seems he did pretty well for himself, considering that he only was with the company for 15 months.
Based on SEC filings, it appears that Schappert made $24.16 million during that period. Or, put another way, nearly $57,000 per day. Here's the breakdown:
Signing bonus: $10 MOREDan Primack - Aug 9, 2012 1:54 PM ET
Stripped of responsibilities, senior company official resigns.
FORTUNE -- John Schappert has resigned as chief operating officer of Zynga (ZNGA), just weeks after losing oversight of game development in a corporate restructuring.
Schappert had joined the social gaming company in May 2011, after having served as COO of Electronic Arts (EA). It is not believed that a recent EA lawsuit against Zynga played any role in Schappert's resignation.
"We can confirm that John Schappert has MOREDan Primack - Aug 8, 2012 5:08 PM ET
Social gaming company faces class action lawsuit.
FORTUNE -- Zynga (ZNGA) and its bankers were hit with a class action lawsuit yesterday, accusing them of improperly allowing certain insiders to dump shares ahead of a disappointing earnings report.
Defendants include the social networking company, many of its senior executives, its entire board of directors (save for Ellen Simioff, who joined earlier this month) and bankers Goldman Sachs (GS), Morgan Stanley (MS), J.P. MOREDan Primack - Jul 31, 2012 1:38 PM ET
Social gaming giant seeks to expand its brand.
FORTUNE -- Zynga (ZNGA) has made billions of dollars by digitizing "physical" games like poker and Scrabble. Now it's looking to complete the circle.
The San Francisco-based company has begun signing offline branding deals with everything from toy-makers to apparel retailers to television studios. It's unclear if the company hopes such efforts will generate significant revenue, but it certainly believes that its brands can have MOREDan Primack - Jun 26, 2012 3:04 PM ET
Who is selling what?
Zynga (ZNGA) this morning revealed who would be selling shares as part of a secondary stock offering, via an amended regulatory filing. The offering originally was designed to raise $400 million, but now has expanded to upwards of $687 million.
Here's the breakdown:
CEO Mark Pincus: 16.5 million shares, leaving him with around 94 million shares
Institutional Venture Partners: 5.8 million shares, leaving it with around 28.5 million shares
Union Square Ventures: 5.2 MORE
Not too long ago, OMGPOP was on the brink.
Zynga (ZNGA) yesterday announced that it has acquired fellow social game publisher OMGPOP, for a reported $210 million (including employee retention bonuses). Sixteen months ago, it would have been unthinkable.
For the uninitiated, OMGPOP is the creator of Draw Something, a Pictionary-like game that has become the top mobile and top Facebook game since being launched just six weeks ago (bumping off Zynga's Words with Friends).
But OMGpop MOREDan Primack - Mar 22, 2012 10:22 AM ET
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