Warner Music Group Corp 8-K, filed Mar 18, 2021
Warner Music Group Corp. (WMG)
About this 8-K
Warner Music Group Corp filed this 8-K on March 18, 2021, reporting on events of March 12, 2021.
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): March 18, 2021 (
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
On March 12, 2021, the Compensation Committee (the “Committee”) of the Board of Directors of Warner Music Group Corp. (the “Company”) approved an amendment to the Second Amended and Restated Warner Music Group Corp. Senior Management Free Cash Flow Plan (the “Plan”). The amendment (the “Amendment”) will allow Max Lousada, Chief Executive Officer of Warner Recorded Music, to redeem up to 535,000 of his vested Matching Equity Units (as defined in the Plan) on or about March 12, 2021, in exchange for shares of the Company’s Class A Common Stock. Prior to the Amendment, these Matching Equity Units would have become eligible for redemption in December 2023 and December 2024. Corresponding changes were made to the limited liability company agreement of WMG Management Holdings LLC (the “LLC Agreement”), which, together with the Plan, governs equity awards granted in connection with the Plan.
These descriptions of the Amendment, the Plan and the LLC Agreement do not purport to be complete and are subject to, and are qualified in their entirety by, the complete text of the Amendment, the Plan and the LLC Agreement. Copies of the Plan and the LLC Agreement were filed with the Company’s Annual Report on Form 10-K for the year ended September 30, 2020 as filed with the SEC. A copy of the Amendment will be filed as exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021.
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.
| WARNER MUSIC GROUP CORP. | ||
| By: | /s/ Paul M. Robinson | |
| Paul M. Robinson | ||
| Executive Vice President, General Counsel and Secretary | ||
Date: March 18, 2021