MDC PARTNERS INC. (NASDAQ:MDCA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 9.01 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers
Approval of Senior Executive Retention Bonus Awards.
On December 11, 2018, the Human Resources and Compensation Committee of the Board of Directors of the Company approved a series of one-time retention incentive awards (the “2018 Retention Awards”) for five (5) senior executives of the Company (excluding the Chief Executive Officer), including David Doft (EVP, Chief Financial Officer: $650,000); Mitchell Gendel (EVP, General Counsel: $650,000); and David Ross (EVP, Strategy and Corporate Development: $500,000) The amount of each 2018 Retention Award will be equal to the applicable executive’s respective target annual bonus award for 2018. Payment of each 2018 Retention Award by the Company is conditioned on continued employment through the successful closing of a significant transaction in 2019, including either a Change of Control of the Company (as defined in the Company’s 2016 Stock Incentive Plan), or the sale of assets, direct investment or a capital markets offering with aggregate proceeds to the Company from any such transaction equal to not less than $100 million (each, a “Payment Event”). In the event an executive terminates his or her employment for good reason or the Company terminates an executive’s employment without cause prior to a Payment Event, such executive is entitled to receive the full amount of his or her 2018 Retention Award. An executive will forfeit the 2018 Retention Award in the event that he or she resigns without good reason or is terminated for cause prior to a Payment Event.
Each 2018 Retention Award will be evidenced by a separate written agreement to be entered into by the Company and the recipient of such award. This summary of the 2018 Retention Awards is qualified by reference to the full text of the form of 2018 Retention Award, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 9.01Financial Statements and Exhibits
(d) Exhibits. The following exhibit is filed herewith:
MDC PARTNERS INC Exhibit
EX-10.1 2 tv509175_ex10-1.htm EXHIBIT 10.1 Exhibit 10.1 December 12,…
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About MDC PARTNERS INC. (NASDAQ:MDCA)
MDC Partners Inc. is a provider of marketing, advertising, activation, communications and strategic consulting solutions. The Company’s segment is Advertising and Communications. It operates through a network of Partner Firms. The Advertising and Communications segment consists of integrated marketing consulting services to Partner Firms that offers advertising, marketing, media, communications solutions, and specialized consumer insights and analytics, including global advertising and marketing services; media buying, planning and optimization; interactive and mobile marketing; direct marketing; public relations; corporate communications; market research; corporate identity and branding services; sales promotion; the design, development, research and implementation of consumer services, and direct marketing services. In addition, certain firms also provide consumer activation services, investor relation services and/or general public insights.