ZipRecruiter : Management Change/Compensation - Form 8-K
December 22, 2023 at 06:08 am EST
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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.
Cancellation of 2021 Market-Based Restricted Stock Units
On December 21, 2023, ZipRecruiter Inc. (the "Company") entered into a Cancellation of Restricted Stock Unit letter agreement (the "Cancellation Agreement") with Ian Siegel, the Company's Chief Executive Officer, the form of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference. The Cancellation Agreement provides for the cancellation of the 1,398,000 market-based restricted stock units granted to Mr. Siegel on April 19, 2021 (the "RSUs") under the Company's 2014 Equity Incentive Plan. As of the date of the Cancellation Agreement, none of the performance milestones set forth in the RSU award agreement had been met so that all of the RSUs were unvested. Under applicable accounting rules, the cancellation will result in an acceleration of unrecognized stock compensation expense from future periods into the fourth quarter of 2023. The one-time non-cash expense is estimated to be approximately $7.5 million, even though no portion of the RSUs will vest or become outstanding shares. The cancellation of the RSUs will reduce the potential dilution associated with these awards and the Company will no longer be required to recognize the expense associated with these awards over future fiscal quarters. The Board of Directors continuously evaluates compensation for the Company's executives and may consider new equity compensation for Mr. Siegel in the future.
ZipRecruiter Inc. published this content on 22 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 December 2023 11:07:24 UTC.
ZipRecruiter, Inc. provides a two-sided marketplace for work that simplifies the job market for both job seekers and employers. The Company enables work by connecting job seekers and employers in its marketplace. The Companyâs technology delivers matches to its employers immediately after a job goes live and provides tools to streamline the candidate selection process. It provides job seekers with access to various jobs from all over the Internet. Job seekers can filter this array of opportunities by using numerous criteria to find the handful of potential matches on its Website or in its mobile app. On ZipRecruiter, job seekers create a profile and can then apply for certain opportunities with a single click. Its one-click application technology works across both its marketplace and certain Job Distribution Partners to remove barriers between a job seeker and their next opportunity. Jobs posted are distributed to well over 1,000 sites managed by its Job Distribution Partners.
ZIPRECRUITER, INC. 
