MDC Partners Inc. filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
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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. |
Amendment of Employment Agreement with CEO
On September 8, 2021, Stagwell Inc. (the “Company’) and Mark Penn, Chief Executive Officer of the Company, entered into an amendment (the “CEO Amendment”) to the Employment Agreement, dated as of March 14, 2019, by and between the Company and Mr. Penn. Pursuant to the terms of the CEO Amendment, Mr. Penn will receive an annualized base salary of $1.0 million and will be eligible for an annual discretionary bonus with a target amount equal to 110% of his then-current base salary.
The description of the CEO Amendment in this Item 5.02 is qualified in its entirety by reference to the terms of the CEO Amendment, which is filed as Exhibit 10.1 hereto and is incorporated herein by reference.
Amendment of Employment Agreement with CFO
On September 8, 2021, the Company and Frank Lanuto, Chief Financial Officer of the Company, entered into an amendment (the “CFO Amendment”) to the Employment Agreement, dated as of May 6, 2019, by and between the Company and Mr. Lanuto. Pursuant to the terms of the CFO Amendment, Mr. Lanuto will receive an annualized base salary of $625,000 and will be eligible for an annual discretionary bonus with a target amount equal to 95% of his then-current base salary.
The description of the CFO Amendment in this Item 5.02 is qualified in its entirety by reference to the terms of the CFO Amendment, which is filed as Exhibit 10.2 hereto and is incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| 10.1 | Employment Agreement Amendment, dated as of September 8, 2021, by and between the Company and Mark Penn. |
| 10.2 | Employment Agreement Amendment, dated as of September 8, 2021, by and between the Company and Frank Lanuto. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: September 8, 2021
| STAGWELL INC. | ||
| By: | /s/ Frank Lanuto | |
| Frank Lanuto | ||
| Chief Financial Officer | ||