Townsquare Media, Inc. (NYSE:TSQ) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

ME Staff 8-k
-
0
Townsquare Media, Inc. (NYSE:TSQ) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Townsquare Media, Inc. (NYSE:TSQ) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 – Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On December 16, 2019, Robert Worshek joined Townsquare Media, Inc. (the “Company”) as SVP, Chief Accounting Officer. Mr. Worshek succeeds Linda Lie, who is transitioning to a new role within the Company’s accounting department.
Mr. Worshek, age 48, has 25 years of experience in the accounting industry. From November 2017 to December 2019, Mr. Worshek served in several interim senior accounting and finance roles for private and publicly traded companies. These roles include independent contractor positions at Drew Marine, providing technical accounting services, from July 2019 to December 2019 and at Triton Advisory Services serving one of their clients in the roles of interim divisional Chief Financial Officer and interim Director of Shared Services from July 2018 to March 2019. From May 2014 to June 2017, Mr. Worshek held various positions at Element Solutions, Inc. (formerly Platform Specialty Products Corporation), including Vice President of Accounting and Chief Accounting Officer. From January 2011 to October 2013, Mr. Worshek was the Chief Accounting Officer of SunTrust Banks, Inc. Prior thereto, Mr. Worshek was held various positions with increasing responsibilities in the audit and transaction service practices of PricewaterhouseCoopers LLP from November 1997 to December 2010. Mr. Worshek also served as Practice Fellow at the Financial Accounting Standards Board from July 2009 to December 2010. Mr. Worshek has a Bachelor of Science degree in Business Administration from the University of Nebraska at Omaha and an MBA from the Booth School of Business at the University of Chicago.
There are no family relationships between Mr. Worshek and any director or executive officer of the Company, and Mr. Worshek has no direct or indirect material interest in any transaction required to be disclosed to Item 404(a) of Regulation S-K.
On December 10, 2019, Mr. Worshek entered into an offer letter with the Company (the “Offer Letter”), to which Mr. Worshek will receive an annual base salary of $290,000 and will be eligible to be considered for an annual cash incentive opportunity of 30-50% of annual base salary to the Company’s discretionary Incentive Bonus Program. Mr. Worshek will also receive a one-time equity award of 25,000 stock options, and will be eligible to receive additional stock option awards. Under the terms of the Offer Letter, perpetual confidentiality, assignment of intellectual property and non-disparagement obligations, and a non-solicitation covenant (with respect to customers and employees) apply during Mr. Worshek’s employment with the Company and for a period of one year following termination.
The foregoing description of the Offering Letter is a summary.
About Townsquare Media, Inc. (NYSE:TSQ)

Townsquare Media, Inc. is a media, entertainment and digital marketing solutions company principally focused on small and mid-sized markets across the United States. The Company operates through two segments: Local Advertising and Live Events. The Company’s Local Advertising segment offers broadcast, digital and mobile advertising within its local markets. The Company’s Live Events segment consists of a range of live events, which the Company creates, promotes and produces, including music concerts, multi-day music festivals, fairs, consumer expositions and trade shows, athletic events, lifestyle events and other forms of entertainment. The Company reports the remainder of its business in its Other Media and Entertainment category, which principally provides digital marketing solutions, e-commerce solutions and digital advertising services nationally. The Company’s assets include radio stations, live events, and digital, mobile, video and social media properties.