UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Emerging growth company
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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 |
Effective August 31, 2021, Martin E. Louie stepped down as the Senior Vice President, Corporate Initiatives of Marcus & Millichap, Inc. (the “Company”). In connection with his departure, the Company entered into a Severance Agreement dated September 13, 2021 (the “Agreement”). Pursuant to the Agreement, Mr. Louie will receive a continued base salary payment of $29,167 per month for up to 15 months, and COBRA reimbursement of $4,561 per month for 15 months. Mr. Louie will also receive a monthly cash payment of $8,317 for up to 15 months, in satisfaction of his unvested RSUs. In addition, the Company will pay him an amount equal to the aggregate balance in his Stock Appreciation Right account. The Agreement also includes terms concerning restrictive covenants, retirement benefits, reimbursement, non-competition and non-disparagement, confidentiality, release and waiver of claims, refraining from certain legal actions and cooperation with the Company. A copy of the Agreement is filed as Exhibit 10.1 to this Form 8-K.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit Number |
Exhibit Title or Description | |
| 10.1 | Severance Agreement between the Company and Martin E. Louie dated September 13, 2021. | |
| 104 | Cover Page Interactive Data File - the cover page iXBRL tags are 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.
| MARCUS & MILLICHAP, INC. | ||||||
| Date: November 22, 2021 | By: | /s/ Steven F. DeGennaro | ||||
| Steven F. DeGennaro | ||||||
| Chief Financial Officer | ||||||
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