ASCENT CAPITAL GROUP,INC. (NASDAQ:ASCMA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 29, 2019, Monitronics International, Inc. (doing business as “Brinks Home Security”), a wholly owned subsidiary of Ascent Capital Group, Inc. (“Ascent”), adopted a retention plan (the “Retention Plan”) to provide retention bonuses to certain employees of Brinks Home Security.
Fred Graffam, Senior Vice President and Chief Financial Officer of Brinks Home Security, will receive a $250,000 bonus under the retention plan that will be paid in three equal installments on April 5, 2019, January 1, 2020 and July 1, 2020, subject to his continued employment with Brinks Home Security on such dates.
If Mr. Graffam’s employment is terminated by Brinks Home Security without cause (as defined in the Retention Plan), by him for good reason (as defined in Mr. Graffam’s employment agreement with Ascent) or due to his death or long-term disability (as defined in the applicable long-term disability plan), he (or his estate or legal representative) will receive a lump sum cash payment equal to any amount of the retention bonus that remains unpaid, subject to timely execution, delivery and non-revocation (if applicable) of a general release of claims.
If Mr. Graffam voluntarily terminates his employment with Brinks Home Security for any reason (other than for good reason), he will forfeit any amount of the retention bonus that remains unpaid as of the date of termination.
About ASCENT CAPITAL GROUP,INC. (NASDAQ:ASCMA)
Ascent Capital Group, Inc. is a holding company. The Company’s segments include Monitronics, LiveWatch and Other Activities. The Company’s subsidiaries include Monitronics International, Inc. (Monitronics) and LiveWatch Security, LLC (LiveWatch). Monitronics provides a range of residential security services, including hands-free two-way interactive voice communication with the monitoring center, cellular options, and an interactive service option, which allows the customer to control their security system remotely using a computer or smart phone. Monitronics performs monitoring services for subscribers located in all 50 states, the District of Columbia, Puerto Rico and Canada. LiveWatch is a do-it-yourself (DIY) home security provider offering professionally monitored security services through a direct-to-consumer sales channel. LiveWatch offers a differentiated go-to-market strategy through direct response television, Internet and radio advertising.