MDC will pay six-figure incentive to five execs to stay on until it closes a deal

The board of MDC Partners has approved a one-time “retention incentive” award for five senior executives of the company that is conditional on continued employment through the successful closing of a significant transaction in 2019, according to an SEC filing Friday evening.MDC Partners said in September that it was exploring potential strategic alternatives that could include the sale of the agency holding company, whose portfolio includes 72andSunny, Anomaly, Assembly and Doner.The filing said that on Dec. 11, the Human Resources and Compensation Committee of MDC’s board of directors approved the awards for executives with the exception of outgoing CEO Scott Kauffman. Exec VP and chief financial officer David Doft and Exec VP and general counsel Mitchell Gendel will receive awards of $650,000. David Ross, Exec VP of strategy and corporate development, will receive an award of $500,000. The amounts are equal to the “applicable executive’s respective target annual bonus award for 2018.”
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Source: Ad Age – News