Pinterest Inc. filed SEC Form 8-K: Leadership Update
$PINS
Computer Software: Programming Data Processing
Technology
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): August 6, 2024
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(415 ) 762-7100
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officer.
On August 9, 2024, Pinterest, Inc. (the “Company”) announced that Sabrina Ellis, the Company’s Chief Product Officer would, effective immediately, transition to an advisory role and then transition from the Company to pursue other career opportunities, effective as of September 21, 2024. Ms. Ellis’ departure is not the result of any disagreement with the Company or its management.
In connection with Ms. Ellis’ departure, the Company and Ms. Ellis will enter into a separation agreement consistent with the terms provided under the Pinterest, Inc. Severance Plan for Certain Employees filed as an exhibit to the Company’s Quarterly Report on Form 10-Q filed on October 30, 2023, pursuant to which, in exchange for a general release of claims and subject to her compliance with certain restrictive covenants, she will (i) receive a cash payment of $600,000 equal to 12 months his base salary, (ii) have 340,442 shares of restricted stock awards vest, in addition to any restricted stock awards that will vest by their terms prior to September 21, 2024, (iii) have shares of performance based restricted stock awards (“PSU”) vest, subject to the Company’s achievement of the applicable performance goals and in accordance with the terms of the PSU agreement entered into between the Company and Ms. Ellis, and (iv) receive certain other benefits, primarily consisting of a cash payment equivalent to the value of health care benefits for 12 months.
SIGNATURE
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.
| PINTEREST, INC. | ||||||||
| Date: August 9, 2024 | By: | /s/ Wanji Walcott | ||||||
| Wanji Walcott | ||||||||
| Chief Legal and Business Affairs Officer and Corporate Secretary | ||||||||