TIME INC. (NASDAQ:TIME) 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.
TIME INC. (NASDAQ:TIME) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(c) On January 4, 2017, Time Inc. (the “Company”) appointed Galiya Tleuova as SVP, Controller of the Company, effective on the same day.
Ms. Tleuova, age 40, has twenty years of experience in accounting, finance and business development in the United States, Europe and Asia. Prior to her appointment with Time Inc., Ms. Tleuova was with Deloitte & Touche since 2001, most recently as a Senior Manager. She holds an M.I.M. from the University of St. Thomas, an M.B.A. from the University of North Dakota and an M.S. in Economics and Management from Kostanai State University. Ms. Tleuova is a Certified Public Accountant.
In connection with her appointment as SVP, Controller, the Company has entered into an Employment Agreement with Ms. Tleuova on January 4, 2017 (the “Employment Agreement”), which provides for an annual base salary of $325,000, an annual bonus payment in a target amount of 50% of Ms. Tleuova’s base salary in each applicable bonus year, and long-term incentive compensation with an initial annual target value of $150,000. The Employment Agreement contains customary provisions regarding confidentiality and non-competition. The Employment Agreement expires on December 31, 2019.
If Ms. Tleuova’s employment is terminated by the Company without cause or if Ms. Tleuova terminates the Employment Agreement due to an uncured material breach by the Company, she will be entitled to severance equal to her base salary and average annual bonus amount for a period of twelve months, subject to certain conditions. Such severance benefits will be payable over the 12-month severance period, consistent with the Company’s usual practices. In addition, if the Company does not offer to renew the Employment Agreement following its expiration and Ms. Tleuova’s employment is terminated without cause, Ms. Tleuova will be entitled to the severance payments described above.
Other than the Employment Agreement, there are no arrangements or understandings between Ms. Tleuova and any other person to which she was appointed as SVP, Controller of the Company.
TIME INC. (NASDAQ:TIME) Recent Trading Information
TIME INC. (NASDAQ:TIME) closed its last trading session at with 595,796 shares trading hands.
TIME INC. (NASDAQ:TIME) closed its last trading session at with 595,796 shares trading hands.
