The Beachbody Company Inc.

16/04/2024 | Press release | Distributed by Public on 16/04/2024 20:12

Management Change/Compensation - Form 8-K

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

President Compensation Letter Agreement

On April 10, 2024, Beachbody, LLC ("BODi"), a subsidiary of The Beachbody Company, Inc. (the "Company"), entered into a severance letter agreement with Michael Neiman, who serves as the Company's President, Beachbody (the "Letter Agreement"). The material terms of the Letter Agreement are described below.

Under the Letter Agreement, if Mr. Neimand's employment is terminated by BODi without "cause" or due to his resignation for "good reason" (each, as defined in the Letter Agreement), then he will be eligible to receive the following severance payments and benefits:

(i)
an amount equal to one-half times (or, if such termination occurs on or within 12 months following a "change in control", one times) his annual base salary as in effect on the termination date, payable in substantially equal installments over the six-month period following the termination date;
(ii)
subsidized healthcare coverage for 12 months following the termination date, at the same levels as in effect on the termination date; and
(iii)
an additional 12 months of vesting for each outstanding and unvested time-vesting equity award then-held by Mr. Neimand in The Beachbody Company, Inc. (or, if such termination occurs on or within 12 months following a change in control, full accelerated vesting of all outstanding and unvested time-vesting equity awards then-held by Mr. Neimand).

The severance payments and benefits described above are subject to Mr. Neimand's timely execution and non-revocation of a general release of claims in favor of the Company.

The foregoing description of the Letter Agreement does not purport to be complete and is subject to and qualified in its entirety by reference to the full text of such agreement, a copy of which will be filed as an exhibit to this Current Report on Form 8-K and incorporated herein by reference.