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