Etsy, Inc. (NASDAQ:ETSY) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
was appointed chief financial officer (principal financial and
principal accounting officer), effective on or about June 1,
2017, or on a mutually agreed later date.
diversified Internet company that owns and operates marketplace
and media businesses, since April 2015. From January 2012 to
March 2015, Ms. Glaser served as Chief Financial Officer of Move,
Inc. (operator of Realtor.com), an online network of websites for
real estate search and home enthusiasts, and Ms. Glaser helped
lead the sale of Move, Inc. to News Corporation, a diversified
media and information services company, in November 2014. From
April 2008 to November 2011, Ms. Glaser served as Chief Operating
and Financial Officer of MyLife.com, a subscription-based people
search business, and from May 2005 to April 2008, she was the
Senior Vice President of Finance at Yahoo! Inc. Between 1986 and
2005, Ms. Glaser held finance and operations positions of
increasing responsibility at The Walt Disney Company and was Vice
President of Operations and Business Planning for the Consumer
Products group at the time of her departure. From August 2010 to
July 2014, Ms. Glaser served on the board of directors of Sport
Chalet, Inc., a full service specialty retailer, and as a member
of its Audit Committee and Corporate Governance and Nominating
Committee.
entered into a letter agreement to which her annual base salary
will be $350,000. Ms. Glaser will be eligible to participate in
Etsys management cash incentive plan, with an annual target bonus
of up to 75% of her base salary. Ms. Glaser will receive an
equity award with a fair value at the time of the grant equal to
$1,600,000, subject to the approval of Etsys compensation
committee. Fifty percent (50%) of the equity award will be in the
form of restricted stock units, and fifty percent (50%) of the
equity award will be in the form of stock options. Twenty-five
(25%) of the equity award will vest if Ms. Glaser remains
continuously employed at Etsy for 12 months and the balance will
vest over the next three years of continuous employment.
her relocation from California to New York, Etsy will provide Ms.
Glaser with relocation assistance of up to $53,000 and a
temporary travel allowance of up to $36,000, which will each be
grossed up for tax purposes. A portion of the signing bonus and
relocation/travel benefits is subject to repayment if Ms. Glaser
voluntarily resigns without good reason or is terminated for
cause, each as defined in the letter agreement, within 12 months
of her start date. Ms. Glaser will participate in Etsys change in
control severance plan and severance plan in accordance with
their terms, except that she is entitled to 12 months of
severance and COBRA coverage under the severance plan. Ms. Glaser
will also enter into Etsys standard indemnification agreement.
entirety by reference to the full text of the letter agreement,
which is filed as Exhibit 10.1 to this Form 8-K.
appointed interim chief financial officer (principal financial
and principal accounting officer), effective from April 3, 2017
until Ms. Glasers start date.
President and Controller. Before joining Etsy, Ms. Mullane was
Vice President and Corporate Controller at SunGard Data Systems
(acquired by FIS), a global software and services company serving
the financial services, education and non-profit sectors, from
April 2006 to December 2013. Prior to that, Ms. Mullane served in
other corporate accounting leadership roles at SunGard from
November 1999 to April 2006. Ms. Mullane has held accounting
leadership positions in the telecom industry and she began her
career at PricewaterhouseCoopers LLP.
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Exhibit No.
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Description
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10.1
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Letter Agreement between Etsy, Inc. and Rachel Glaser,
dated April 2, 2017 |
About Etsy, Inc. (NASDAQ:ETSY)
Etsy, Inc. (Etsy) operates a marketplace to connect people around the both online and offline for making, selling and buying goods. The Company’s geographical segments include United States and International. The Company’s community includes Etsy sellers, Etsy buyers, wholesale partners, manufacturers and Etsy employees. The Company’s platform includes marketplace, Seller Services, technology and community, both online and offline. The Company offers a range of services to help Etsy sellers build their personal brands, engage customers and complete transactions. The Company has over three seller services: Promoted Listings, Direct Checkout and Shipping Labels. Its Promoted Listings offering enables an Etsy seller to pay a cost-per-click-based fee to feature and promote her goods in search results generated by Etsy buyers on its platform. Its Direct Checkout offering allows Etsy sellers to accept various forms of payment, such as credit cards, debit cards, PayPal and Etsy gift cards. Etsy, Inc. (NASDAQ:ETSY) Recent Trading Information
Etsy, Inc. (NASDAQ:ETSY) closed its last trading session 00.00 at 10.63 with 2,320,928 shares trading hands.
