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MM > SEC Filings for MM > Form 8-K on 29-Nov-2013All Recent SEC Filings

Show all filings for MILLENNIAL MEDIA INC.



Change in Directors or Principal Officers

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

Change in Compensation for Paul Palmieri

On November 27, 2013, the Compensation Committee of Millennial Media, Inc. (the "Company") approved, effective as of the same date, an increase in compensation for Paul Palmieri, the Company's President and Chief Executive Officer. Mr. Palmieri's base salary was increased from $325,000 to $520,000 and his annual bonus target was increased from 75% of his base salary to 80% of his base salary. Additionally, the Company's Compensation Committee approved a grant to Mr. Palmieri of an option to purchase 900,000 shares of the Company's common stock at an exercise price of $6.34 per share. The option vests over four years, with twenty-five percent of the stock option vesting on November 27, 2014, and the remaining seventy-five percent of the stock option vesting in equal monthly installments over the remaining three years beginning on December 27, 2014, and ending on November 27, 2017, subject to Mr. Palmieri's continuous employment through each vesting date, and subject to accelerated vesting in specified circumstances, including a change of control of the Company, the termination of Mr. Palmieri's employment without cause, or Mr. Palmieri's termination of his employment for good reason, as such terms are defined in his employment agreement. The Compensation Committee also awarded a restricted stock unit grant to Mr. Palmieri for 160,000 shares of common stock. The grant vests in equal quarterly installments over four years beginning on February 15, 2014, and ending on November 15, 2017, subject to Mr. Palmieri's continuous service with the Company as of each vesting date, and subject to accelerated vesting in the same specified circumstances as Mr. Palmieri's stock option grant.

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