MoneyGram International, Inc. (NASDAQ:MGI) 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 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

MoneyGram International, Inc. (the “Company”) maintains severance benefits for all of its employees, the intended benefits of which are to provide financial protection in the event of a qualifying termination of employment. Each of the Company’s named executive officers, other than the Executive Chairman and the Chief Executive Officer, whose severance provisions are included in their employment agreements, have entered into an individual severance agreement with the Company.

In connection with the Company’s entry into the Agreement and Plan of Merger, dated January 26, 2017, with Alipay (UK) Limited, a United Kingdom limited company, Matrix Acquisition Corp., a Delaware corporation and wholly owned subsidiary of Parent, and, solely for purposes of certain specified provisions of the Merger Agreement, Alipay (Hong Kong) Holding Limited, a Hong Kong limited company, the individual severance agreements were amended effective February 22, 2017 to provide the covered officers certain protections in the event of a qualifying termination of employment within the two-year period following the effective time of the merger. If the officer is terminated without “cause” (other than by reason of death or disability) or the officer terminates for “good reason” (as such terms are defined by the severance agreement) within the 24-month period commencing on and immediately following the effective time of the merger, the officer will receive (i) cash severance in an amount equal to one year of the officer’s annual base salary, (ii) provided applicable performance goals are met, a pro rata portion of the officer’s annual incentive bonus for the year in which the termination occurs (not to exceed the officer’s annual target incentive opportunity), payable in a lump sum when such cash bonuses are regularly paid, and (iii) full vesting of any outstanding restricted stock unit awards or long-term performance-based cash awards held by the officer on the date of termination.

About MoneyGram International, Inc. (NASDAQ:MGI)

MoneyGram International, Inc. is a provider of money transfer services. The Company operates through two segments: Global Funds Transfer and Financial Paper Products. The Company’s Global Funds Transfer segment offers money transfer services and bill payment services primarily to unbanked and underbanked consumers. It utilizes point-of-sale platforms, including AgentConnect, DeltaWorks, Delta T3 and MoneyGram Online. The bill payment service includes ExpressPayment service. The Company offers its services under the MoneyGram brand. The Company’s Financial Paper Products segment offers money orders to consumers through its retail agents and financial institutions located across the United States and Puerto Rico. Its Financial Paper Products segment provides official check outsourcing services for financial institutions across the United States. The Company also offers Digital/Self-Service solutions, such as moneygram.com, mobile solutions, account deposit and kiosk-based services.

MoneyGram International, Inc. (NASDAQ:MGI) Recent Trading Information

MoneyGram International, Inc. (NASDAQ:MGI) closed its last trading session up +0.01 at 12.78 with 251,264 shares trading hands.