IAC Inc.
11/26/2024 | Press release | Distributed by Public on 11/26/2024 15:06
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. |
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.