FriendFinder's Bell, Staton Sign New Deals With Company

BOCA RATON, Fla. — FriendFinder Networks Inc. on Friday said that it restructured employment and compensation agreements with two top executives with the company, Marc Bell and Daniel Staton.

The move to restructure employment agreements for Bell and Staton comes at a time when the pair, along with another exec, Andrew Conru, have been building up their portfolio of FriendFinder stock.

Last month, the three execs bought more shares of the company. Now, Bell, Staton and Conru, control more than 51 percent of common shares in the company.

The new "consulting agreement" deals for Bell and Staton mean that the pair will hold the titles of non-executive co-chairman of the board. 

Bell, the former longtime chief executive of the company, earlier this year gave up the post to Anthony Previte and later took the title of chief strategy officer. Staton, along with Bell, had been executive co-chairman of the board.

With the new employment agreements in place, Bell and Staton will receive annual consulting fees of $500,000 per year, which may be increased each year by 10 percent.

The employment deals go further, granting — Bell and Staton 62,500 shares of the company's common stock each quarter, as well as an option to purchase 4,000 additional shares. The agreements also give them 2,500 shares of restricted stock annually.

Bell and Staton also will be eligible to receive an additional consulting fee annually, subject to the successful completion of a refinancing of the company's outstanding debt in an amount up to 100 percent of their consulting fee and 100 percent of the dollar value of the quarterly common stock grants.

According to the agreements, both Bell and Staton would gain lucratively if they were terminated following a “change in control”  in an amount equal to five times Bell's or Staton's consulting fee and five times the value of 250,000 shares of the company's common stock, as well as 100 percent of additional consulting fee opportunities.

Bell's and Staton's consulting services call for services that include "enterprise-wide" business initiatives, strategic planning and issues relating to the company's debt, including any refinancing of the company's debt. As of March, the company had outstanding principal debt of $497.7 million.

FriendFinder Networks operates AdultFriendFinder.com, Amigos.com, AsiaFriendFinder.com, Cams.com, FriendFinder.com, BigChurch.com and SeniorFriendFinder.com, among others. FriendFinder Networks also produces and distributes original video content and engages in brand licensing.  It also operates Penthouse magazine.

The company recently announced that it is making significant changes to boost income and reduce debut, including shifting the focus of an affiliate network strategy to one that supports the further development of primary brands. As a result, FriendFinder said it had begun the process of shutting 5,000 co-branded websites, calling them " too cumbersome and cost prohibitive" to continue operating.

FriendFinder shares traded at 80 cents a share on the Nasdaq on Monday. The company had its initial public offering in May 2011 at $10 a share.

XBIZ calls to Previte, FriendFinder's CEO, went unreturned at post time.

Related:  

Copyright © 2025 Adnet Media. All Rights Reserved. XBIZ is a trademark of Adnet Media.
Reproduction in whole or in part in any form or medium without express written permission is prohibited.

More News

Penthouse Names Hazel Winters August's 'Pet of the Month'

Penthouse Magazine has named Hazel Winters as Pet of the Month for August.

Bree Mills Wraps Production on Pure Taboo Thriller 'The Secrets We Share'

Adult Time has announced that production has wrapped on the thriller, "The Secrets We Share," written and directed by studio CCO Bree Mills.

Evil Angel Drops Angelo Godshack's 'Hardcore Gangbangs 4'

Evil Angel has released director Angelo Godshack’s “Hardcore Gangbangs 4.”

European Commission to Assess Pornhub, XVideos, XNXX Compliance With Digital Services Act

The European Commission plans to conduct a study to determine how well adult sites Pornhub, XVideos and XNXX are addressing illegal content and other potential harms under the EU’s Digital Services Act.

Sabien DeMonia Stars in Latest From Brazzers

Sabien DeMonia stars with Jordi El Nino Polla and Danny D in the latest release from Brazzers, titled “Double Stuffed Sabien.”

Connie Perignon Makes Her Deeper Debut

Connie Perignon has made her debut for Vixen Media Group (VMG) studio imprint Deeper, alongside Kazumi and Anton Hardon in “Bare Witness.”

German Higher Court Upholds Ban on PornHub, YouPorn

The Higher Administrative Court of Rhineland-Palatinate on Thursday upheld a “network ban” on Aylo-owned adult sites Pornhub and YouPorn for failing to comply with German age verification regulations.

Kaci Kennedy Makes Her WIFEY Debut

Creator Kaci Kennedy stars with her husband Dakota Sexton and Chocolate Rod in the latest release from Vixen Media Group studio imprint WIFEY.

Bad Bella Makes Her New Sensations Debut

Bad Bella has made her New Sensations debut, starring alongside Danny Mountain.

Alabama Notifying Adult Sites of New Tax Set to Take Effect Sept. 1

The Alabama Department of Revenue has begun sending notices to adult site operators about a new 10% tax on their revenues, set to be enforced starting Sept. 1.

Show More