UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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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. |
As previously disclosed, on May 23, 2023, Tariq M. Shaukat, President of Bumble Inc. (the “Company”), notified the Company of his decision to resign effective as of September 1, 2023. On August 22, 2023, the Company entered into a Transition Agreement (the “Transition Agreement”) with Mr. Shaukat, pursuant to which Mr. Shaukat’s resignation will now become effective on August 28, 2023 (the “Effective Date”) and the Company will retain Mr. Shaukat in an advisory role from the Effective Date through December 31, 2023 (the “Advisory Period”). Other than certain accrued rights, Mr. Shaukat will not be entitled to any payment or benefits in connection with his resignation from the Company.
Pursuant to the terms of the Transition Agreement, Mr. Shaukat’s stock options and restricted stock units of the Company and incentive units of Buzz Holdings L.P. will continue to vest during the Advisory Period in accordance with their terms and the terms of the Transition Agreement. Subject to Mr. Shaukat’s execution and non-revocation of a release of claims at the end of the Advisory Period, the exercise period during which Mr. Shaukat’s vested options will remain exercisable following the end of the Advisory Period will be extended until December 31, 2024.
The foregoing summary description of the terms of the Transition Agreement is qualified in its entirety by reference to the full text of the Transition Agreement, a copy of which is filed as Exhibit 10.1 attached hereto and the terms of which are incorporated by reference herein.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit No. | Description of Exhibit | |
| 10.1 | Transition Agreement, dated as of August 22, 2023, by and between the Company and Tariq M. Shaukat | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
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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.
| BUMBLE INC. | ||||||
| Date: August 23, 2023 | By: | /s/ Laura Franco | ||||
| Name: | Laura Franco | |||||
| Title: | Chief Legal and Compliance Officer | |||||
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