Item 5.02 Departures of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
OnApril 6, 2022 , (the "Effective Date") the Board of Directors (the "Board") ofSentinelOne, Inc. (the "Company") appointedNicholas Warner , the Company's current Chief Operating Officer to the role of President, Security and Vats Srivatsan as the Chief Operating Officer of the Company, effective as ofApril 4, 2022 . Prior to joining the Company,Mr. Srivatsan , aged 55, served as President and Chief Operating Officer atColorTokens Inc. , fromApril 2021 toApril 2022 and in various leadership roles at Palo Alto Networks, Inc. ("PANW"), a global cybersecurity company, including most recently as Chief Strategy Officer fromJanuary 2019 toMarch 2021 . Prior to joining PANW,Mr. Srivatsan served as Managing Director, Business Operations & Strategy at Google Cloud, a cloud computing services company, fromOctober 2015 toJanuary 2019 .Mr. Srivatsan holds a Bachelor of Technology from theIndian Institute of Technology ,Bombay , a M.S. in Manufacturing Engineering fromBoston University , and a Ph.D. inOperations Research from theMassachusetts Institute of Technology . In connection with his appointment, the Company entered into an offer letter withMr. Srivatsan (the "Offer Letter"). The Offer Letter does not have a specific term and provides thatMr. Srivatsan will serve as an at-will employee. Pursuant to the Offer Letter,Mr. Srivatsan is entitled to receive (i) an annual base salary of$450,000 and (ii) an opportunity to earn an annual cash bonus of$450,000 . Subject to the terms and conditions of the Company's 2021 Equity Incentive Plan and the forms and awards thereunder, the Board also approved on the Effective Date a restricted stock unit ("RSU") award with an aggregate value of$15 million (the "Aggregate RSU Value"). The number of shares of the Company's Class A common stock subject to the award is calculated as follows: the Aggregate RSU Value divided by the fair market value of one share of the Company's Class A common stock on the date of grant. Twenty-five (25%) of the RSU shall vest on the first Vesting Date (as defined below) following the one-year anniversary ofApril 4, 2022 (the "First Vesting Date"), and 1/16th of the RSU will vest on each third Vesting Date following the First Vesting Date. Vesting Date is defined as the fifth (5th) day of each month.Mr. Srivatsan is also entitled to certain payments and benefits on termination of employment or upon a termination in connection with a change of control. In the event he is terminated without "cause" or resigns for "good reason" within three months before or twelve months following a "change of control" of the Company, he will be entitled to: (i) an amount equal to twelve months of his base salary and his then-current annual target bonus, in each case at the rate in effect immediately prior to such termination, payable in a cash lump-sum and (ii) to the extentMr. Srivatsan timely elects to receive continued coverage under the Company's group-healthcare plans, the Company will continue to pay the employer portion of his premium payments for such continued coverage for a period ending on the earlier of (x) twelve months following the termination date and (y) the date that he becomes eligible for coverage under another employer's plans. In addition,Mr. Srivatsan's equity awards, excluding awards that would otherwise vest contingent upon remaining-unsatisfied performance criteria, will become vested and exercisable, as applicable, with respect to 100% of the underlying shares. All such severance payments and benefits will be subject toMr. Srivatsan's execution of a general release of claims against us. Additionally, in the event thatMr. Srivatsan is terminated without "cause" or resigns for "good reason" outside of a "change of control," he will be entitled to (i) an amount equal to six months of his base salary at the rate in effect immediately prior to such termination, payable in a cash lump-sum and (ii) to the extent he timely elects to receive continued coverage under the Company's group-healthcare plans, the Company will continue to pay the employer portion of his premium payments for such continued coverage for a period ending on the earlier of (x) six months following the termination date and (y) the date that he becomes eligible for coverage under another employer's plans. All such severance payments and benefits will be subject toMr. Srivatsan's execution of a general release of claims against us.
There are no family relationships between
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S-K promulgated under the Securities Exchange Act of 1934, as amended. In
connection with his appointment, the Company will enter into its standard form
of Indemnification Agreement with
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number Exhibit Description 99.1 SentinelOne Promotes Nicholas Warner to
President, Vats
as COO . 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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