SOHU.COM INC. (NASDAQ:SOHU) 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 December25, 2017, the registrant entered into an employment agreement with Dr.Charles Zhang, the registrant’s Chairman and Chief Executive Officer, which will take effect on January1, 2018 following the expiration of his previous agreement. Under the terms of Dr.Zhang’s employment agreement, he will be entitled to receive (i)an annual base salary of RMB4million (or approximately $608,985.58) and (ii)an annual housing allowance RMB2million (or approximately $304,492.79) and will be eligible for an annual discretionary cash bonus as approved by the registrant’s Board of Directors. Dr.Zhang will also be entitled and tax equalization payments and will be eligible to participate in the registrant’s share incentive plans and will receive health, life, and disability insurance. If Dr.Zhang terminates his employment with the registrant for good reason or if his employment is terminated by the registrant without cause, he will be entitled to receive severance benefits, including (i)his monthly base salary for a period (the “Severance Period”) equal to the lesser of six months following termination and the remainder of the term of the employment agreement; (ii)health insurance benefits during the Severance Period with the same coverage provided to him prior to termination (medical, dental, optical and mental health) and in all other material respects comparable to those in place immediately prior to termination; and (iii)payment of the bonus for the remainder of the year of termination, but only to the extent that the bonus would have been earned had he continued in employment through the end of such year. Unless sooner terminated by either Dr.Zhang or the registrant, Dr.Zhang’s employment agreement will expire on December31, 2020.
About SOHU.COM INC. (NASDAQ:SOHU)
Sohu.com Inc. (Sohu) is an online media, search and game service company providing online products and services on personal computers (PCs) and mobile devices in the People’s Republic of China (the PRC). The Company operates through three segments: the Sohu segment; the Sogou segment, and the Changyou segment. Sogou is an online search, client software and mobile Internet product provider in China. Changyou is an online game developer and operator in China as measured by its MMOG Tian Long Ba Bu (TLBB) and its mobile game TLBB three-dimensional (TLBB 3D), and engages primarily in the development, operation and licensing of online games for PCs and mobile devices. The Sohu segment’s main business is the brand advertising business, which offers to users, over its matrices of Chinese language online media, various content, products and services across multiple Internet-enabled devices.
