FORM | |
CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | |
Date of Report (Date of earliest event reported): | |
(Exact name of registrant as specified in its charter) |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act: | ||
Class | Trading symbol | Name of each exchange on which registered |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | |
Emerging growth company | |
☐ | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. |
Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
• | severance in an amount equal to Mr. Weiss's base salary of $450,000, prorated for the period starting on his separation date through March 20, 2021, which will be paid in installments in accordance with the Company's regular payroll procedures commencing on the 60th day after his separation date; |
• | reimbursement for premiums paid for coverage pursuant to COBRA for Mr. Weiss and his eligible dependents for a period starting on his separation date through March 20, 2021; and |
• | a lump sum payment of $140,000, less applicable taxes and withholding, payable following the 60th day after his separation date. |
Item 9.01 | Financial Statements and Exhibits. |
10.1 | Separation Agreement and General Release, dated March 22, 2020 |
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
Exhibit No. | Exhibit Description | |
10.1 | ||
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
SHUTTERSTOCK, INC. | ||
Dated: March 25, 2020 | By: | /s/ Jarrod Yahes |
Jarrod Yahes | ||
Chief Financial Officer |