Form 8-K - Current report
09 March 2024 - 8:30AM
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
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 8, 2024 (March 7, 2024)
MONEYLION INC.
(Exact name of registrant as specified in its
charter)
Delaware |
|
001-39346 |
|
85-0849243 |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(IRS Employer
Identification No.) |
30 West 21st Street, 9th Floor,
New York, NY 10010
(Address of principal executive offices, including
zip code)
Registrant’s telephone number, including
area code: (212) 300-9865
N/A
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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|
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b)
of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name
of each exchange on which registered |
Class A common stock, par value $0.0001 per share |
|
ML |
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The New York Stock Exchange |
Redeemable warrants: each whole warrant exercisable for 1/30th of one share of Class A common stock |
|
ML WS |
|
The New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Equity Awards to Diwakar Choubey, Richard Correia
and Timmie Hong
Subject to the terms and conditions
of the MoneyLion Inc. Amended and Restated Omnibus Incentive Plan (as may be amended or restated from time to time, the “Plan”)
and the applicable award grant notices and agreements thereunder, on March 7, 2024, the Compensation Committee of the Board of Directors
(the “Committee”) of MoneyLion Inc. (the “Company”) approved the following grants of equity awards
(the “2024 LTIP Awards”) to Diwakar Choubey, Chief Executive Officer of the Company, Richard Correia, President, Chief
Financial Officer and Treasurer of the Company, and Timmie Hong, Chief Product Officer of the Company (each, an “Executive”):
| |
2024 LTIP Awards | |
| |
RSUs | | |
KPI PSUs (100% Target) | |
Diwakar Choubey | |
| 76,364 | | |
| 32,727 | |
Richard Correia | |
| 50,909 | | |
| 21,818 | |
Timmie Hong | |
| 25,455 | | |
| 10,909 | |
The portion of the 2024 LTIP
Awards that were awarded in the form of restricted stock units (“RSUs”) will vest quarterly in twelve equal installments
on the 15th day of each February, May, August and November, beginning on May 15, 2024, subject to the Executive’s
continued service with the Company or one of its subsidiaries through the applicable vesting date. Each RSU represents a contingent right
to receive one share of the Company’s Class A common stock, par value $0.0001 per share (the “Class A Common Stock”),
upon vesting of the RSU.
The remaining portion of the
2024 LTIP Awards that were awarded in the form of performance share units (“KPI PSUs”) are subject to vesting based
on the achievement of specified target key performance indicators during the year ended December 31, 2024 related to the Company’s
revenue (the “Revenue Performance Goal”), customer acquisition (the “Acquisition Performance Goal”)
and EBITDA (the “EBITDA Performance Goal” and collectively, the “Performance Goals”), which will
be determined by the Committee, subject to the Executive’s continued service with the Company or one of its subsidiaries through
the applicable vesting date. The number of KPI PSUs that may be earned with respect to each Performance Goal will range from 80% to 120%
of the awarded amounts, determined by linear interpolation based on the achievement of the Performance Goal within such range. Upon the
date that the Committee certifies the Company’s achievement of the applicable Performance Goals (if ever achieved), one-third of
the earned KPI PSUs will vest immediately, and the remainder of the earned KPI PSUs will vest quarterly in eight equal installments on
the 15th day of each February, May, August and November beginning after the date on which the Committee certifies the
Company’s achievement of the Performance Goals. Each KPI PSU represents a contingent right to receive one share of Class A Common
Stock upon vesting of the KPI PSU.
The summary of the 2024 LTIP
Awards set forth above does not purport to be complete and is qualified in its entirety by reference to the full text of the award grant
notices and agreements, the forms of which are attached to this Current Report on Form 8-K as Exhibit 10.1 and Exhibit 10.2 and incorporated
by reference herein.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
| + | Management contract or compensatory plan or arrangement. |
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.
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MONEYLION INC. |
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|
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By: |
/s/ Richard Correia |
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Name: |
Richard Correia |
|
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Title: |
President, Chief Financial Officer and Treasurer |
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|
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Date: March 8, 2024 |
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Mar. 07, 2024 |
Document Type |
8-K
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Amendment Flag |
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Document Period End Date |
Mar. 07, 2024
|
Entity File Number |
001-39346
|
Entity Registrant Name |
MONEYLION INC.
|
Entity Central Index Key |
0001807846
|
Entity Tax Identification Number |
85-0849243
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
30 West 21st Street
|
Entity Address, Address Line Two |
9th Floor
|
Entity Address, City or Town |
New York
|
Entity Address, State or Province |
NY
|
Entity Address, Postal Zip Code |
10010
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City Area Code |
212
|
Local Phone Number |
300-9865
|
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Entity Emerging Growth Company |
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Class A common stock, par value $0.0001 per share |
|
Title of 12(b) Security |
Class A common stock, par value $0.0001 per share
|
Trading Symbol |
ML
|
Security Exchange Name |
NYSE
|
Redeemable warrants: each whole warrant exercisable for 1/30th of one share of Class A common stock |
|
Title of 12(b) Security |
Redeemable warrants: each whole warrant exercisable for 1/30th of one share of Class A common stock
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Trading Symbol |
ML WS
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Security Exchange Name |
NYSE
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