Renren 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 Officer.
James Jian Liu, a director and the chief operating officer of Moatable, Inc. (the “Company”) intends to take a sabbatical. The sabbatical will begin on June 30, 2023 and continue through June 29, 2024. During the sabbatical, Mr. Liu will remain an at-will employee of the Company but will not fulfill any of his regular duties as an employee. Mr. Liu will continue to serve as a member of the Company’s board of directors.
On June 30, 2023, the Company entered into a sabbatical letter agreement with Mr. Liu. Under the terms of the sabbatical letter agreement, Mr. Liu will not be paid his base salary and benefits during the term of the sabbatical, other than supplementary health benefits which shall continue during his sabbatical. In addition, Mr. Liu will not be eligible to earn annual bonus during the term of the sabbatical. However, Mr. Liu is entitled to receive $30,000 per annum, paid in arrears quarterly, for his continued service on the Company’s board of directors. The vesting of Mr. Liu’s outstanding equity awards, including share options and restricted share units, will be tolled during the sabbatical; however, such equity awards will remain outstanding in accordance with their terms.
The foregoing description of the sabbatical letter agreement is not a complete description of all terms of the sabbatical letter agreement and is qualified in its entirety by reference to the full text of the sabbatical letter agreement, a copy of which is attached as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description |
| 99.1 | Sabbatical Letter Agreement dated June 30, 2023, between James Jian Liu and Moatable, Inc. |
| 104 | The cover page of this Current Report on Form 8-K is formatted in Inline XBRL |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MOATABLE, INC. | |||
| By: | /s/ Chris Palmer | ||
| Date: | June 30, 2023 | Chris Palmer | |
| Chief Financial Officer | |||