SoFi stock falls after announcing $1.5B public offering of common stock
Grindr Inc. (NYSE:GRND) announced Monday that its Board of Directors’ Compensation Committee has approved amended employment agreements and new equity incentive arrangements for several key executives, including Chief Executive Officer George Arison. The information was disclosed in a press release statement and detailed in a filing with the Securities and Exchange Commission.
The revised compensation package extends Mr. Arison’s employment agreement for five additional years, through October 2030. The amended agreement includes provisions for accelerated vesting of unvested equity awards in the event of certain types of termination or a change in control, as well as modifications to severance protections and definitions of "Cause" and "Good Reason" for termination.
As part of the new arrangements, Mr. Arison is eligible for a refresh grant of restricted stock units (RSUs) representing the right to receive 2.25 million shares of Grindr common stock, subject to shareholder approval of an increase in shares available under the company’s 2022 Equity Incentive Plan. The agreement also modifies the performance thresholds and timeframes for market capitalization-based RSU awards, with specific milestones tied to company market capitalization, stock price, or adjusted EBITDA.
In addition to Mr. Arison’s agreement, amended offer letters were executed with Chief Financial Officer John North, Chief Product Officer Austin “AJ” Balance, and General Counsel & Head of Global Affairs Zachary Katz. These amendments revise the vesting conditions for equity awards, introduce new performance-based RSU grants, and update severance and termination definitions. Mr. North’s revised arrangement includes up to $11 million in RSUs tied to future performance milestones, while Mr. Balance and Mr. Katz are eligible for additional RSUs based on company performance targets.
On November 30, the Compensation Committee also granted performance-based stock units to Mr. Balance and Mr. Katz, which vest if specified stock price targets are achieved and certain service conditions are met.
These changes are designed to retain key executives and align compensation with company performance objectives. All information is based on the company’s press release statement and SEC filing.
In other recent news, Grindr Inc. announced the termination of discussions regarding a take-private proposal valued at $18 per share from major shareholders Ray Zage and James Lu. The Special Committee, composed of independent directors, cited uncertainty around the financing as the reason for ending talks. The shareholders, who control over 60% of Grindr’s stock, had initially secured significant expressions of interest for acquisition financing. In the wake of these developments, Citizens lowered its price target for Grindr to $21, maintaining a Market Outperform rating. The adjustment follows Grindr’s third-quarter results, which showed revenue 2% above consensus and EBITDA exceeding expectations by 11%. Meanwhile, Goldman Sachs also adjusted its price target for Grindr to $20 while maintaining a Buy rating. The investment bank highlighted that Grindr’s revenue performance surpassed their estimates, driven by the advertising sector. Both firms noted that Grindr remains a leader in its category, despite investor concerns.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.