Paycor HCM Inc. filed SEC Form 8-K: Leadership Update
$PYCR
Computer Software: Prepackaged Software
Technology
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): January 17, 2024
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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. | ||||
On January 17, 2024, the Compensation and Benefits Committee (the “Committee”) of the Board of Directors of Paycor HCM, Inc. (the “Company”) approved certain compensation actions in connection with the promotion of Ryan Bergstrom to the newly created position of Chief Product and Technology Officer, effective as of January 22, 2024 (the “Effective Date”). Specifically, in connection with his promotion, the Committee approved an increase in Mr. Bergstrom’s base salary from $385,000 to $400,000, effective as of the Effective Date, and a one-time equity grant, effective as of April 1, 2024 (the “Grant Date”), with a grant date fair value of $700,000, 75% of which will consist of restricted stock units (“RSUs”) and the remaining 25% of which will consist of stock options. Thirty-three percent (33%) of the RSUs will vest on the first anniversary of the Grant Date, with the remainder vesting in eight (8) equal quarterly installments thereafter, and thirty-three percent (33%) of the stock options will vest on the first anniversary of the Grant Date, with the remainder vesting in 24 equal monthly installments thereafter, in each case subject to Mr. Bergstrom’s continued employment through the applicable vesting date. The RSUs and stock options will be granted under the Paycor HCM, Inc. 2021 Omnibus Incentive Plan (the “2021 Plan”) and will otherwise be subject to the terms of the 2021 Plan and the terms and conditions set forth in the applicable award agreements, forms of which were filed as Exhibits 10.7 and 10.8 to the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2023, filed with the Securities and Exchange Commission on August 28, 2023, and are incorporated herein by reference.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PAYCOR HCM, INC. | |||||||||||||||||
| January 23, 2024 | By: | /s/ ALICE GEENE | |||||||||||||||
| Name: Alice Geene | |||||||||||||||||
| Title: Chief Legal Officer and Secretary | |||||||||||||||||
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