Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 23, 2020, the Compensation and Human Resources Committee (the
"Committee") of the Board of Directors (the "Board") of Match Group, Inc. (the
"Company") approved and adopted the 2020 Match Group, Inc. Deferred Compensation
Plan for Non-Employee Directors (the "Director Deferred Compensation Plan"). The
Director Deferred Compensation Plan allows each non-employee director to defer
all or a portion of their Board retainer into cash or stock units. The Director
Deferred Compensation Plan, which is effective as of October 23, 2020, will
apply to compensation earned and deferred after December 31, 2020.
In accordance with the Director Deferred Compensation Plan, a participant may
irrevocably elect to defer all or a portion of their annual retainer fees
(including fees for services as a chair or member of one or more committee(s) of
the Board) until such director's separation from service with the Company. Upon
a separation from service, the participant will be entitled to receive a payment
of his or her account balance in either a lump sum or in equal annual
installments over a period not to exceed five years.
A participant may elect to defer fees into (i) share units representing a number
of shares of common stock of the Company, par value $.001 per share, that could
have been purchased with the deferred fees that otherwise would have been
payable to the participant on each payment date and (ii) a cash fund. Any
amounts that are contributed to the cash fund will be credited with deemed
interest at the rate set forth in the Director Deferred Compensation Plan.
The above summary is qualified in its entirety by reference to the full text of
the Director Deferred Compensation Plan, a copy of which is filed as Exhibit
10.1 to this report and incorporated herein by reference.
In addition, on October 23, 2020, the Committee approved an amendment to the
Company's Non-Employee Director Compensation Program (the "Non-Employee Director
Compensation Program") to provide that all non-employee directors will be
covered by such program. The amendment also provides that the Chairman of the
Board will receive an annual cash retainer in the amount of $80,000. Such
changes are effective as of the Company's separation from IAC/InterActive Corp
on June 30, 2020 (the "Separation").
As a result of the amendment to the Non-Employee Director Compensation Program,
two of the Company's non-employee directors, Joseph Levin and Glenn Schiffman,
became eligible to receive an annual retainer for their service on the Board
following the Separation in the amount of $130,000 and $50,000, respectively.
Also as a result of this amendment, Messrs. Levin and Schiffman became eligible
to receive an equity award for their service on the Board following the
Separation. Accordingly, on October 23, 2020, each of Messrs. Levin and
Schiffman was granted an award of restricted stock units with a value of
$250,000 as of the grant date, as compensation for such service.
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Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Number Description
2020 Match Group, Inc. Deferred Compensation Plan for Non-Employee
10.1 Directors
104 Inline XBRL for the cover page of this Current Report on Form 8-K
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