MEREDITH CORPORATION (NYSE:MDP) 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 (e)
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March19, 2019, Meredith Corporation amended its employment agreement with Jonathan B. Werther, President– National Media Group (the Amendment). The Amendment establishes that, in the event Mr. Werther is terminated without cause, (1) the period for which Mr. Werther will receive severance shall be increased from twelve (12) months to eighteen (18) months, (2) Mr. Werther shall be deemed to have met the age and service requirements for vesting in the Meredith Replacement Benefit Plan and the Meredith Supplemental Benefit Plan, and (3) all awards of restricted stock units and stock options shall automatically vest, and stock options shall be exercisable for the full unexpired term of the option. In addition, the post-termination non-solicitation period was increased from twelve (12) months to eighteen (18) months and the scope of the non-solicitation covenant was expanded to cover clients of Meredith. The Amendment is attached as an exhibit to this Current report on Form 8-K and this disclosure is qualified in its entirety by reference to the Amendment.
Financial Statements and Exhibits
Amendment to Employment Agreement dated March 19, 2019.
MEREDITH CORP Exhibit
About MEREDITH CORPORATION (NYSE:MDP)
Meredith Corporation is a diversified media company. The Company is focused primarily on the home and family marketplace. The Company operates through two segments: Local Media and National Media. As of June 30, 2016, the Company’s Local Media segment includes 16 owned television stations, one managed television station and related digital and mobile media operations. Its National Media segment includes magazine publishing, custom content and customer relationship marketing, digital and mobile media, brand licensing, database-related activities, and other related operations. Its National Media segment focuses on the food, home, parenthood, and health markets and is a publisher of magazines serving women. As of June 30, 2016, the Company’s owned television stations consist of seven CBS affiliates, five FOX affiliates, two MyNetworkTV affiliates, one NBC affiliate, one ABC affiliate and one independent station. The National Media segment also focuses on run-of-press display advertising.