Live Ventures Incorporated (NASDAQ:LIVE) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors, Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.
On October 2, 2017, the Board of Directors of Live Ventures Incorporated (the “Company”) appointed Mr. Michael J. Stein to serve as the Senior Vice President, General Counsel of the Company effective immediately.
Mr. Stein, age 44, most recently served as a partner at the law firm of DLA Piper LLP (US) where, since April 2016 and from April 2005 through June 2012, he advised public companies on corporate governance matters, debt and equity securities offerings (including several initial public offerings) and merger and acquisition transactions. Prior to rejoining DLA Piper in April 2016, Mr. Stein served as Associate Chief Counsel – Transactional at Caesars Entertainment Corporation (NASDAQ: CZR) and Senior Vice President, Deputy General Counsel at Everi Holdings Inc. (NYSE: EVRI). Mr. Stein holds a Juris Doctor from the University of Maryland and Bachelor’s and Master’s degrees in Accounting from the University of Florida.
to the terms of an employment agreement dated September 5, 2017 that became effective on October 2, 2017, by and between Mr. Stein and the Company, Mr. Stein shall receive an annual base salary of $310,000 and be eligible to participate in all benefit programs or plans sponsored by the Company. The Company shall pay or reimburse Mr. Stein for reasonable expenses incurred or paid in the performance of his duties in accordance with the generally applicable policies and procedures of the Company. If Mr. Stein is terminated by the Company for cause or if he terminates his employment, he shall be entitled to (i) his annual base salary through the termination date, (ii) any accrued but unused paid time off as of the termination date and (iii) reimbursement for outstanding, but unreimbursed business expenses as of the termination date. If Mr. Stein is terminated by the Company without cause or as the result of a disability, he shall be entitled to (i) his annual base salary for three months, to be paid in equal installments on the Company’s regular pay dates (subject to applicable withholdings and deductions), (ii) any accrued but unused paid time off as of the termination date and (iii) reimbursement for outstanding, but unreimbursed business expenses as of the termination date.
A copy of the employment agreement is filed hereto as Exhibit 10.1 and is incorporated herein by reference. The foregoing description of the employment agreement is subject to, and qualified in its entirety by, the employment agreement.
On September 5, 2017, the Company granted Mr. Stein an aggregate of 20,000 incentive stock options under the Company’s 2014 Omnibus Equity Incentive. The options are exercisable for cash. The vesting schedule and exercise price of the options are as follows:
| Options | Vesting Schedule | Number of Options | Exercise Price |
| Option A | 12 months | 4,000 | $23.4100 |
| Option B | 24 months | 4,000 | $27.6000 |
| Option C | 36 months | 4,000 | $31.7400 |
| Option D | 48 months | 4,000 | $36.5010 |
| Option E | 60 months | 4,000 | $41.9762 |
A copy of the stock option agreement is filed hereto as Exhibit 10.2 and is incorporated herein by reference. The foregoing description of the stock option agreement is subject to, and qualified in its entirety by, the stock option agreement.
There are no family relationships between Mr. Stein and any of the officers or directors of the Company. Mr. Stein has not engaged in any related party transactions.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
LIVE VENTURES Inc ExhibitEX-10.1 2 live_ex1001.htm EMPLOYMENT AGREEMENT Exhibit 10.1 EMPLOYMENT AGREEMENT This Employment Agreement (the “Agreement”) is made effective as of September 5,…To view the full exhibit click here
About Live Ventures Incorporated (NASDAQ:LIVE)
Live Ventures Incorporated, formerly LiveDeal, Inc., is a holding company. The Company offers LiveDeal.com, a real-time deal engine that connects restaurants across the United States and consumers via a platform. The Company operates in three segments: legacy merchant’s services; online marketplace platform, and manufacturing. The legacy merchants’ services segment consists of local exchange carrier (LEC) and Velocity Local. The online marketplace platform segment consists of LiveDeal.com and various consumer products entities. The manufacturing segment includes the operations of Marquis Industries, Inc. (Marquis Industries). Marquis Industries is a carpet manufacturer and a manufacturer of yarn products, as well as a reseller of hard surface flooring products. LiveDeal.com provides marketing solutions to restaurants to boost customer awareness and merchant visibility on the Internet.
