Five9, Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Five9, Inc. on March 10, 2025. The filing discloses a significant executive leadership change within the company.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation and appointment details.
Material Changes
On March 10, 2025, Andy Dignan was promoted from Chief Operating Officer to President, effective immediately. Mr. Dignan has been with Five9 since September 2018, previously serving as Chief Customer Officer (December 2022) and Chief Operating Officer (November 2023).
Compensation and Equity Awards
- Base Salary: $465,000 annually.
- Target Bonus: $395,250 annually under the 2025 Executive Bonus Program, subject to corporate performance targets.
- Restricted Stock Units (RSU): Grant with a dollar value of $1,333,333. Vesting occurs quarterly (1/16th every three months) starting March 3, 2025, contingent on continued service.
- Performance-Based RSUs (PRSU): Target dollar value of $666,667. Payout ranges from 0% to 200% based on Relative Total Shareholder Return (RTSR) against the S&P Software and Services Select Index over three overlapping periods (1-year, 2-year, and 3-year).
- Severance: Remains eligible as a Tier 3 Participant under the 2019 Key Employee Severance Benefit Plan.
Risks and Contingencies
The filing notes that equity awards are subject to continued employment. There are no reportable family relationships or related party transactions involving Mr. Dignan.
Investor Verification Checklist
- Verify the exact vesting schedule and cliff provisions for the $1.33 million RSU grant.
- Review the specific corporate performance targets approved by the Compensation Committee in February 2025 for the annual bonus.
- Confirm the methodology for calculating Relative Total Shareholder Return (RTSR) against the S&P Software and Services Select Index for the PRSU award.
- Check for any subsequent filings regarding the departure of the previous President or changes to the executive team structure.