Payoneer Global Inc 8-K, filed May 29, 2024
Payoneer Global Inc. (PAYO)
About this 8-K
Payoneer Global Inc filed this 8-K on May 29, 2024, reporting on events of May 27, 2024.
Items reported
- Item 5.02: Director or officer change, or executive pay
United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
May 29, 2024 (
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| Item 5.02 | Departure of Directors or Principal Officers. |
(b) On May 29, 2024, Payoneer Global Inc. (the “Company”) announced that Arnon Kraft is expected to depart as Chief Operating Officer of the Company, on June 30, 2024 (the “Transition Date”). Mr. Kraft will remain employed by Payoneer Research and Development Ltd., a subsidiary of the Company, for a transition period through March 31, 2025 (the “Departure Date”).
In connection with Mr. Kraft’s departure from the Company, Payoneer Research and Development Ltd. and Mr. Kraft entered into a Separation Agreement dated May 27, 2024 (the “Separation Agreement”). The Separation Agreement provides that Mr. Kraft will cease to serve as Chief Operating Officer on the Transition Date. Mr. Kraft will continue to be employed as a non-executive employee through the Departure Date to support transition activities related to his role as Chief Operating Officer and/or the Operations department teams during the first three months of such period, and then to be reasonably available to assist on matters relating to areas of his work from time to time through the Departure Date.
The Separation Agreement provides for (i) salary continuation payments through the Departure Date and eligibility for seventy-five percent of his 2024 target annual bonus with respect to 2024; (ii) participation in benefit plans through the Departure Date, (iii) payment of the value of any accrued but unused vacation days up until and including the Transition Date, and (iv) continued vesting of his equity awards through the Departure Date. The foregoing payments and benefits are contingent upon Mr. Kraft’s release of claims in favor of the Company and its subsidiaries and compliance with certain restrictive covenants, including non-compete covenants for a period of 6 months following the Departure Date and non-solicitation covenants for a period of 12 months following the Departure Date.
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PAYONEER GLOBAL INC. | |||
| May 29, 2024 | By: | /s/ John Caplan | |
| Name: | John Caplan | ||
| Title: | Chief Executive Officer | ||