Business Context and Reporting Period
This Form 8-K filing by PubMatic, Inc. (PUBM) reports a corporate governance event dated June 5, 2023. The filing details the appointment of a new Chief Accounting Officer and the transition of the former Controller.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on executive compensation and personnel changes.
Material Changes
- Appointment: Lisa Gimbel was appointed as Chief Accounting Officer (CAO) and principal accounting officer.
- Departure: Michael Van Der Zweep, the former Controller and principal accounting officer, will transition to an advisory role and plans to retire.
Management Commentary and Compensation Details
Ms. Gimbel's compensation package, outlined in an Offer Letter, includes:
- Base Salary: $340,000 annually.
- Bonus Target: $85,000 annually under the 2023 Annual Employee Bonus Plan.
- Equity Award: Restricted Stock Units (RSUs) valued at $400,000, subject to Board approval. The award has a four-year term with a one-year cliff, followed by quarterly vesting over the remaining three years.
Ms. Gimbel brings prior experience as Vice President of Technical Accounting and SEC Reporting at Salesforce, Inc., and previously served as Corporate Controller for DocuSign, Inc.
Investor Verification Checklist
- Verify the final grant date and valuation of the $400,000 RSU award in the upcoming Form 10-Q for the quarter ended June 30, 2023.
- Confirm the exact retirement date for Michael Van Der Zweep following the transition period.
- Review the standard form of indemnity agreement referenced as Exhibit 10.1 in the Company's Form S-1.