MATCH GROUP, INC. (NASDAQ:MTCH) 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 of Certain Officers.
On August 8, 2018, Match Group, Inc. (“Match Group”) entered into new employment agreements with each of Gary Swidler, Chief Financial Officer of Match Group, and Jared Sine, General Counsel and Secretary of Match Group (each, an “Executive”). A summary of the key terms of each Executive’s arrangement is set forth below.
Term: Each agreement provides for an initial term of one year and provides for automatic renewals for successive one year terms absent written notice from Match Group or the Executive 90 days prior to the expiration of the then-current term.
Compensation: Each Executive will receive an annual base salary ($550,000 in the case of Mr. Swidler and $350,000 in the case of Mr. Sine), subject to increases from time to time in Match Group’s discretion. Each Executive will also be eligible for discretionary annual bonuses.
Severance: Upon a termination of the Executive’s employment by Match Group without “cause” (and other than by reason of death or disability), or the Executive’s resignation for “good reason”, subject to the execution and non-revocation of a release and compliance with the restrictive covenants set forth below: (i)the Executive will be entitled to salary continuation for 12months (the “Severance Period”), subject to offset, (ii)all Match Group equity awards and equity awards issued by any Match Group subsidiary that are outstanding on the date of termination and that would have vested through the first anniversary of his date of termination will vest on the termination date, and (iii) during the Severance Period (but ceasing once equivalent employer-paid coverage is otherwise available to him), the Executive will be entitled to continued coverage under Match Group’s group health plan or monthly payments necessary to cover the premiums for continued coverage under Match Group’s plans through COBRA, which payments will be grossed up for applicable taxes. Upon a termination of the Executive’s employment for any reason other than for cause, all vested stock options will remain exercisable for sixmonths following the termination date. In addition, upon a termination of the Executive’s employment due to his death, all Match Group equity awards and equity awards issued by any Match Group subsidiary that are outstanding on the termination date and that would have vested through the first anniversary of the date of termination will vest upon his death.
Restrictive Covenants: to his agreement, each Executive is bound by a covenant not to compete with Match Group during the term of his employment and for 12 months thereafter and by
covenants not to solicit Match Group’s employees or business partners during the term of his employment and for 12 months thereafter. In addition, each Executive has agreed not to use or disclose any confidential information of Match Group or its affiliates and to be bound by customary covenants relating to proprietary rights and the related assignment of such rights.
The above summary is qualified in its entirety by reference to each employment agreement, copies of which are filed as Exhibit 10.1 and Exhibit 10.2 to this Current Report on Form 8-K and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
Employment Agreement between Gary Swidler and Match Group, Inc., dated as of August 8, 2018
Employment Agreement between Jared Sine and Match Group, Inc., dated as of August 8, 2018
Match Group, Inc. ExhibitEX-10.1 2 mtch8-k20180814ex101.htm EMPLOYMENT AGREEMENT BETWEEN GARY SWIDLER AND MATCH GROUP,…To view the full exhibit click
About MATCH GROUP, INC. (NASDAQ:MTCH)
Match Group, Inc. is a provider of dating products. The Company operates in two segments: Dating and Non-dating. Its Dating segment provides dating products and the Company’s Non-dating segment provides various education services, including test preparation, academic tutoring and college counseling services. It operates The Princeton Review, which provides various educational test preparation, academic tutoring and college counseling services. The Princeton Review includes Tutor.com and The Princeton Review. The Company operates a portfolio of over 45 brands, including Match, OkCupid, PlentyOfFish, Tinder, Meetic, Twoo, OurTime, BlackPeopleMeet and FriendScout24, each designed to manage its users’ likelihood of finding a romantic connection. Through its portfolio of brands, it provides tailored products to meet the varying preferences of its users. It offers its dating products in approximately 38 languages across over 190 countries.