Undead Labs is issuing employee shares, CEO Philip Holt says
Holt says a newly registered corporation acquired the studio after its Microsoft exit and is issuing shares to all employees, while he retains voting control.
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Holt says a newly registered corporation acquired the studio after its Microsoft exit and is issuing shares to all employees, while he retains voting control.
Undead Labs is issuing ownership shares to all its employees after leaving Microsoft, CEO Philip Holt said in an interview published by GamesIndustry.biz on October 26. The interview is the sole source for this ownership account. Holt said he holds a minority stake but retains voting control of the studio.
Microsoft acquired the State of Decay developer in 2018. In July, its Xbox gaming business announced plans to give up ownership of five studios, including Undead Labs.
Holt said a newly registered corporation in Delaware acquired Undead Labs. The company is still issuing employee equity—shares representing ownership—rather than having completed the distribution.
The arrangement separates ownership from voting power. Different classes of shares carry different voting rights, allowing him to control company votes without owning a majority of its shares. This leaves more shares available for employees.
Employee stakes are not equal. Allocations depend on several factors, and Holt believes ownership makes the economics of the business more immediate in employees’ daily work.
Employees currently have few ways to turn their shares into cash beyond selling them back to the company. Holt said a future acquisition could bring employees a payout. He also raised the possibility of dividends—payments to shareholders—if the company earned enough profit and chose to distribute some of it.
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