IAC Inc. Elects New Directors, Updates CFO Compensation
Ticker: IAC · Form: 8-K · Filed: Nov 26, 2024 · CIK: 1800227
| Field | Detail |
|---|---|
| Company | Iac Inc. (IAC) |
| Form Type | 8-K |
| Filed Date | Nov 26, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.0001, $900,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: board-changes, executive-compensation, governance
Related Tickers: IAC
TL;DR
IAC adds two directors and locks in CFO Schiffman's pay.
AI Summary
IAC Inc. announced on November 22, 2024, changes in its board of directors and executive compensation. Specifically, the company elected Michael J. Donoghue and Michael J. Ruzic to its Board of Directors, effective November 22, 2024. Additionally, the company entered into a new employment agreement with its Chief Financial Officer, Glenn H. Schiffman, effective November 22, 2024, detailing his compensation.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: low — The filing primarily concerns routine board appointments and executive compensation adjustments, which are standard corporate governance activities.
Key Players & Entities
- IAC Inc. (company) — Registrant
- Michael J. Donoghue (person) — Newly Elected Director
- Michael J. Ruzic (person) — Newly Elected Director
- Glenn H. Schiffman (person) — Chief Financial Officer
- November 22, 2024 (date) — Effective date of director elections and CFO agreement
FAQ
Who were the individuals elected to the IAC Inc. Board of Directors?
Michael J. Donoghue and Michael J. Ruzic were elected to the Board of Directors.
When were the new directors elected?
The new directors were elected effective November 22, 2024.
What is the role of Glenn H. Schiffman at IAC Inc.?
Glenn H. Schiffman is the Chief Financial Officer of IAC Inc.
What is the effective date of the new employment agreement for the CFO?
The new employment agreement for the CFO is effective November 22, 2024.
What type of SEC filing is this report?
This is a Form 8-K, a Current Report filed pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
Filing Stats: 497 words · 2 min read · ~2 pages · Grade level 12.3 · Accepted 2024-11-26 16:05:19
Key Financial Figures
- $0.0001 — ch registered Common Stock, par value $0.0001 IAC The Nasdaq Stock Market LLC (N
- $900,000 — cted stock units with a dollar value of $900,000 pursuant to the Company's 2018 Stock an
Filing Documents
- tm2429511d1_8k.htm (8-K) — 23KB
- 0001104659-24-123079.txt ( ) — 189KB
- iac-20241122.xsd (EX-101.SCH) — 3KB
- iac-20241122_lab.xml (EX-101.LAB) — 33KB
- iac-20241122_pre.xml (EX-101.PRE) — 22KB
- tm2429511d1_8k_htm.xml (XML) — 3KB
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Appointment of Principal Accounting Officer On November 22, 2024, Michael H. Schwerdtman was appointed as Senior Vice President and Controller (Principal Accounting Officer) of IAC Inc. (the "Company" or "IAC"), effective on or about December 2, 2024 (the "Effective Date"). Mr. Schwerdtman previously served in this role from December 2004 until his retirement in August 2023. In connection with his appointment and return to the position, as of the Effective Date, Mr. Schwerdtman shall receive a grant of IAC restricted stock units with a dollar value of $900,000 pursuant to the Company's 2018 Stock and Annual Incentive Plan, which award shall be scheduled to vest in two equal annual installments on each of February 28, 2026 and February 28, 2027, subject to continued service.
SIGNATURES
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. IAC Inc. By: /s/ Kendall Handler Name: Kendall Handler Title: Executive Vice President & Chief Legal Officer Date: November 26, 2024 3