Cinedigm Corp. (NASDAQ:CIDM) 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
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers, Compensatory Arrangements of Certain Officers. |
On January 4, 2017, Cinedigm Corp. (the Company) entered into an
amendment (the Amendment) to the Employment Agreement dated as of
August 22, 2013 between the Company and Christopher J. McGurk
(the Employment Agreement). to the Amendment, McGurk will
continue to serve as the Chief Executive Officer and Chairman of
the Board of the Company through March 31, 2018. The Amendment
also provides that (i) if the McGurks employment continues after
March 31, 2018 without an extension or renewal of the Employment
Agreement, as amended, or entry into another employment
agreement, and the Company terminates MeGurks employment without
cause or he resigns with good reason, McGurk is entitled to
receive the severance benefits described in the Employment
Agreement and the Amendment and (ii) if McGurks employment is
terminated by the Company without cause at any time before, but
not including, March 31, 2018, in addition to all payments to
which McGurk may be entitled under the Employment Agreement as
amended by the Amendment, McGurk will receive a one-time,
lump-sum payment of $250,000, which payment would be in lieu and
in full satisfaction of any retention bonus that would have been
payable for the fiscal year ended March 31, 2017 under the
Employment Agreement.
All terms of the Employment Agreement that were not affected by
the Amendment remain in full force and effect.
Prior to entering into the Employment Agreement, in November
2016, McGurk received a grant of 300,000 shares of restricted
Class A Common Stock of the Company. One-third (1/3) of these
shares vest on November 4 of each of 2017, 2018 and 2019.
The foregoing description of the Amendment is qualified in its
entirety by reference to such agreement, which is filed herewith
as Exhibit 10.1.
| Item 9.01 | Financial Statements and Exhibits. |
| Exhibit No. | Description | |
| 10.1 |
Amendment to Employment Agreement between Cinedigm Corp. and Christopher J. McGurk dated as of January 4, 2017. |
About Cinedigm Corp. (NASDAQ:CIDM)
Cinedigm Corp. is a distributor and aggregator of independent movie, television and other short form content managing a library of distribution rights to a range of titles and episodes released across various platforms. The Company’s segments include the first digital cinema deployment (Phase I Deployment), the second digital cinema deployment (Phase II Deployment), digital cinema services (Services), and media content and entertainment group (Content & Entertainment). The Phase I Deployment and Phase II Deployment segments are the non-recourse, financing vehicles and administrators for its digital cinema equipment (the Systems) installed in movie theatres. The Services segment provides fee-based support to over 12,000 movie screens in its Phase I Deployment and Phase II Deployment segments. Its Content & Entertainment segment is engaged in ancillary market aggregation and distribution of entertainment content, and branded and curated over-the-top (OTT) digital network business. Cinedigm Corp. (NASDAQ:CIDM) Recent Trading Information
Cinedigm Corp. (NASDAQ:CIDM) closed its last trading session up +0.07 at 1.36 with 74,238 shares trading hands.
