RealNetworks, Inc. (NASDAQ:RNWK) 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 February7, 2018, RealNetworks, Inc. filed a current report on Form 8-K reporting the promotion of Max Pellegrini to the position of President of RealNetworks. On March7, 2018, the Compensation Committee of the Board of Directors approved Mr.Pellegrini’s new compensation arrangements.
Effective February 1, 2018, Mr.Pellegrini will receive an annual base salary of $450,000 and will continue to be a participant under the company’s Executive Bonus Plan, with a performance-based bonus opportunity equal to 50% of his annual base salary. On March 7, 2018, Mr.Pellegrini was granted a stock option to acquire 500,000 shares of RealNetworks' common stock to the company's 2005 Stock Incentive Plan, which will vest in equal installments every six months over a period of four years from the date of grant.
About RealNetworks, Inc. (NASDAQ:RNWK)
RealNetworks, Inc. (RealNetworks) is engaged in creating applications and services, which help in connecting with digital media. The Company provides the digital media services and products it creates to consumers, mobile carriers and other businesses. It operates through three segments: RealPlayer Group, Mobile Entertainment and Games. Its RealPlayer Group business consists of its photo and video sharing product, RealTimes and its RealPlayer media player software, and related products and services. Its Mobile Entertainment segment consists primarily of the digital media services, which it provides to network service providers as software as a service (SaaS) offerings. It owns and operates casual games service, offering casual games through digital downloads, online subscription play, third-party portals, social networks and mobile devices. Its casual games include board, card, puzzle, word and hidden-object games. It develops, publishes, licenses and distributes casual games.