Youbet.com Inc. (Nasdaq:UBET), an online horse racing and wagering company, announced Wednesday that jockey Chris McCarron joined its board of directors effective immediately.
McCarron, who is filling the seat vacated by Charles D. Peebler Jr., has been Youbet.com's corporate spokesman and product advisor since 1996. He has raced Thoroughbreds for 26 years and is the leading all-time jockey by money won with earnings exceeding $234 million. Having won nearly 7,000 races in his career including multiple Triple Crown and Breeder's Cup races, McCarron was inducted into the Thoroughbred Racing Hall of Fame in 1989. He is also a co-founder of the Don MacBeth Fund, benefiting disabled jockeys, and currently serves as an Executive Director of the Jockey's Guild of America.
Non-employee directors receive no annual retainer or meeting fees, but are reimbursed for travel costs and other out-of-pocket expenses incurred in attending board of directors and committee meetings. As additional compensation for the non-employee members of the board of directors, Youbet.com issues stock options.
In March 2000, Youbet.com granted to Caesar Kimmel, Alan Landsburg, Charles Peebler, and William Roedy options to acquire 25,000 shares of common stock each, pursuant to the 1998 Stock Plan at an exercise price of $4.78. The shares vest monthly over one year and are exercisable for a period of 10 years. As of March 24, 2001, options to acquire 200,000 shares of common stock held in the aggregate by non-employee directors are outstanding and fully vested.