Market Exclusive

GROUPON,INC. (NASDAQ:GRPN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

GROUPON,INC. (NASDAQ:GRPN) 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 Arrangements for Certain Officers.

As previously disclosed, Melissa Thomas was appointed as the Chief Accounting Officer and Treasurer of Groupon, Inc. (the “Company”), effective November 30, 2018. On November 28, 2018, the Compensation Committee of the Company’s Board of Directors (the “Compensation Committee”) approved the compensation in connection with Ms. Thomas’ appointment as Chief Accounting Officer and Treasurer.

In connection with her appointment, Ms. Thomas will receive an annual base salary of $325,000 and will be eligible for an annual performance bonus with a target amount of 50% of base salary.

In addition, as part of the Company’s 2019 annual compensation review process for senior executives, Ms. Thomas will receive an award of restricted stock units (“RSUs”) and target performance share units (“PSUs”) under the Groupon, Inc. 2011 Incentive Plan, as amended, with an aggregate value of $412,500. The actual number of RSUs and target PSUs is subject to approval by the Compensation Committee and will be calculated in a manner consistent with that of other senior executives.

Ms. Thomas’ RSU award will vest in equal installments over a four-year period, with the specific vesting schedule to be determined in a manner consistent with the vesting schedules for other senior executives. Ms. Thomas’ PSUs will have a maximum payout capped at 200% of the target award. The actual number of PSUs earned, if at all, will be determined based on the Company meeting specific performance objectives to be established by the Compensation Committee within the first 90 days of 2019. PSUs earned, if any, will vest one-fourth in 2020 following the Compensation Committee’s certification of the performance objectives, and in equal installments in January of each subsequent year. The vesting of RSUs and issuance of PSUs are subject to Ms. Thomas’ continued employment with the Company at the end of the performance period and on the vesting dates, as applicable.

Under Ms. Thomas’ severance benefit agreement, she will receive severance benefit amounts upon a termination of employment without Cause or for Good Reason equal to six months of salary and benefits, the accelerated vesting of outstanding time-based equity awards that are scheduled to vest over the six month period following termination, and vesting of a pro-rated portion of her outstanding performance-based equity awards for the applicable performance period (subject to the Compensation Committee’s certification of the performance objectives following the end of the performance period). In the event that Ms. Thomas’ employment is terminated in connection with a change in control of the Company, she will receive an amount equal to 12 months of salary and benefits and the accelerated vesting of 50% of her outstanding equity awards. The description of the terms of Ms. Thomas’ severance benefit agreement is not complete and is qualified in its entirety by the form of severance benefit agreement filed as Exhibit 10.1 to the Form 10-Q for the quarter ended March 31, 2017, and incorporated herein by reference.

About GROUPON,INC. (NASDAQ:GRPN)
Groupon, Inc. operates online local commerce marketplaces throughout the world that connect merchants to consumers by offering goods and services at a discount. The Company operates through three segments: North America, which represents the United States and Canada; EMEA, which consists of Europe, the Middle East and Africa, and international operations (Rest of World). It offers deals on goods and services in approximately three categories: Local Deals (Local), Groupon Goods (Goods) and Groupon Getaways (Travel). Collectively, Local and Travel consists of its services offerings and Goods, which the Company refers as Shopping, which reflect its product offerings. In its Goods category, the Company acts as the merchant of record, particularly for deals in North America and in EMEA. It offers deals on products for which it acts as the merchant of record. It acts as a marketing agent by selling vouchers (Groupons) that can be redeemed for products or services with third party merchants.

Exit mobile version