SNAP INTERACTIVE, INC. (OTCMKTS:STVID) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

SNAP INTERACTIVE, INC. (OTCMKTS:STVID) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

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Item 5.02. Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.

Stock Option Awards

On April 13, 2017, the compensation committee of the board of
directors of Snap Interactive, Inc. (the
Company) awarded Alexander Harrington
(i) a stock option representing the right to purchase 80,000
shares of common stock at an exercise price equal to $3.63 per
share, with the shares underlying this stock option vesting 25%
on the six month anniversary of the date of grant and the
remaining three tranches vesting on each of the first, second and
third anniversaries of the first vesting date, provided that Mr.
Harrington is providing services to the Company on such dates
(the Harrington Standard Award), and
(ii) a stock option representing the right to purchase 24,000
shares of common stock at an exercise price equal to $3.63 per
share, with the shares underlying this stock option vesting based
on the Companys Annual Revenues (as defined below) equaling or
exceeding the following thresholds at any time within the
four-year period commencing on the date of grant, in each case
provided that Mr. Harrington is providing services to the Company
on such dates: (a) $40 million 8,000 shares vest, (b) $60 million
8,000 shares vest and (c) $100 million 8,000 shares vest (the
Harrington Performance Award). The
award of each of these stock options is subject to the approval
by the Companys stockholders of the First Amendment (the
Amendment) to the Snap Interactive,
Inc. 2016 Long-Term Incentive Plan (the Incentive
Plan
) at the Companys 2017 Annual Meeting of
Stockholders to be held on May 25, 2017. If the Amendment is not
approved by the Companys stockholders, these stock options will
be deemed to have been granted outside of the Incentive Plan.

With respect to the Harrington Performance Award, capitalized
terms used and not otherwise defined herein shall have the
meanings set forth below:

(i)Acquired Entity means an entity
acquired by the Company in a Qualifying Transaction.

(ii)Annual Revenues means the sum of
(A) the Companys total revenue for a fiscal year, as reported on
the Companys Annual Report on Form 10-K for that fiscal year,
which is filed with the U.S. Securities and Exchange Commission
(the SEC) and (B) the annualized
Revenue for each Acquired Entity for the fiscal year in which a
Qualifying Transaction occurs, in each case excluding any
non-recurring items included on the Companys annual income
statement for such fiscal year.

(iii)Annualized Revenue means the
amount determined by multiplying (A) an Acquired Entitys total
revenue for the period beginning on the closing date of a
Qualifying Transaction and ending on the last day of the Companys
fiscal year in which the Qualifying Transaction occurred (the
Measurement Period), as reported in
audited financial statements prepared on behalf of the Company,
by (B) a fraction, the numerator of which is the number of
calendar days in the applicable fiscal year and the denominator
of which is the number of calendar days in the Measurement
Period.

(iv)Qualifying Transaction means a
corporate transaction whereby the Company acquires all of the
equity interests or all or substantially all of the assets of an
unrelated company, corporation, partnership, or other entity.

The foregoing description of the Harrington Standard Award and
the Harrington Performance Award does not purport to be complete
and is qualified in its entirety by reference to, with respect to
the Harrington Standard Award, the Form of Nonqualified Stock
Option Agreement awarded under the Incentive Plan, which was
filed as Exhibit 10.2 to the Companys Quarterly Report on Form
10-Q filed on August 8, 2016 by the Company with the SEC and,
with respect to the Harrington Performance Award, the
Nonqualified Stock Option Agreement, dated as of April 13, 2017,
by and between the Company and Mr. Harrington, a copy of which is
filed as Exhibit 10.1 to this Current Report on Form 8-K, and in
each case are incorporated by reference herein.

Section 9 Financial Statements and
Exhibits

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description
10.1 Nonqualified Stock Option Agreement, dated as of April 13,
2017, by and between Snap Interactive, Inc. and Alexander
Harrington.


About SNAP INTERACTIVE, INC. (OTCMKTS:STVID)

Snap Interactive, Inc. operates a portfolio of dating applications. The Company’s dating applications include FirstMet and The Grade. The Company provides an online dating application under the FirstMet brand that is native on Facebook, iPhone operating systems (iOS) and Android platforms, and is also accessible on mobile devices and desktops at FirstMet.com. The FirstMet application is available to users and active subscribers. The Company’s online dating application under The Grade brand is native on iOS and Android. The Grade is a mobile dating application that holds users accountable to a standard of behavior by using an algorithm that assigns letter grades to users ranging from A+ to F, based on profile quality, messaging quality and reviews from other users of the application. Users with a grade of D receive a warning and instructions on how to improve their grade, while users failing to improve an F grade are at risk of expulsion.

SNAP INTERACTIVE, INC. (OTCMKTS:STVID) Recent Trading Information

SNAP INTERACTIVE, INC. (OTCMKTS:STVID) closed its last trading session 00.00 at 3.62 with shares trading hands.

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