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 April 24, 2018, the Compensation Committee of the Board of Directors of RealNetworks, Inc. approved the 2018 Executive MBO Plan. The Compensation Committee will administer this plan, which is to the RealNetworks 2005 Stock Incentive Plan, as amended and restated.
Payouts under the 2018 Executive MBO Plan will be determined by our Compensation Committee and will be based 50% on company and/or divisional financial performance and 50% on individual performance. Financial performance will be measured by the achievement of specific financial goals related to revenue (weighted at 25% of total performance) and adjusted EBITDA (weighted at 25% of total performance). Adjusted EBITDA is a non-GAAP measure that we define as GAAP net income (loss) excluding the impact of the following: interest income (loss), income tax expense, gain on investments, equity in net loss of Rhapsody, depreciation and amortization, acquisitions-related intangible asset amortization, stock-based compensation, restructuring and other charges, and lease exit and related charges. Individual performance will be measured based on individual strategic business objectives (weighted at 25% of total performance) and shared strategic leadership objectives (weighted at 25% of total performance).
Any bonuses payable to the 2018 Executive Bonus Plan are expected to be paid 50% in cash and 50% in the form of fully vested restricted stock units.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
to the rules and regulations of the SEC, the attached exhibits are deemed to have been furnished to, but not filed with, the SEC.
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Exhibit No. |
Description |
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10.1 |
2018 Executive MBO Plan |
REALNETWORKS INC ExhibitEX-10.1 2 execbonusplan2018ex101.htm EXHIBIT 10.1 (BONUS PLAN) Exhibit Exhibit 10.1RealNetworks,…To view the full exhibit click here
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.
