Planet Fitness, Inc. (NYSE:PLNT) 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 Arrangement of Certain Officers.
As previously disclosed, effective November 30, 2017 (the “Resignation Date”), Richard Moore resigned from his position as Chief Administrative Officer and General Counsel of Planet Fitness, Inc. (the “Company”). Also effective as of the Resignation Date, the Company and Mr. Moore entered into a Transition and Consulting Agreement (the “Transition Agreement”), to which Mr. Moore will provide consulting and transition services from December 1, 2017 through December 31, 2018 in exchange for a consulting fee at an annualized rate of $315,000. to the Transition Agreement, Mr. Moore will also be eligible to receive any annual bonus, to the extent earned, for the 2017 fiscal year, and his stock option award granted on May 4, 2017 will continue to vest through December 31, 2019.
About Planet Fitness, Inc. (NYSE:PLNT)
Planet Fitness, Inc. is a franchisor and operator of fitness centers in the United States. The Company operates through three segments: Franchise, Corporate-owned stores and Equipment. The Franchise segment includes operations related to its franchising business in the United States, Puerto Rico, Canada and the Dominican Republic. The Corporate-owned stores segment includes operations with respect to all corporate-owned stores throughout the United States and Canada. The Equipment segment includes the sale of equipment to franchisee-owned stores in the United States. It serves as the reporting entity for its various subsidiaries that operate three distinct lines of business: licensing and selling franchises under the Planet Fitness trade name; owning and operating fitness centers under the Planet Fitness trade name, and selling fitness-related equipment to franchisee-owned stores.