Business Context and Reporting Period
This Form 8-K Current Report was filed by Box, Inc. on March 26, 2021. The filing addresses Item 5.02 regarding the departure of a senior officer and the appointment of a successor.
Key Financial Metrics
The filing text does not provide revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on personnel changes and associated compensation arrangements.
Material Changes
- Departure: Jeff Mannie, Chief Accounting Officer and Controller, announced his departure effective April 9, 2021, after more than eight years with the company.
- Appointment: Eliahu "Eli" Berkovitch was promoted to succeed Mr. Mannie as Vice President, Chief Accounting Officer and Controller, effective April 9, 2021.
Management Commentary and Compensation Details
Management noted Mr. Mannie's significant positive impact since joining in 2013. Mr. Berkovitch, who has been with Box since 2015, brings prior experience from PubMatic, Inc. and PricewaterhouseCoopers LLP. His compensation package includes:
- Base Salary: $320,000 annually.
- Bonus: Eligible for a discretionary annual bonus of up to 35% of base salary.
- Equity: Grant of 32,000 restricted stock units (RSUs) vesting over four years, with the first tranche vesting on June 20, 2021.
- Agreements: Standard Change of Control and Severance Agreement and Indemnification Agreement will be executed.
Investor Verification Checklist
- Verify the effective date of the leadership transition (April 9, 2021).
- Confirm the vesting schedule details for the 32,000 RSUs granted to the new Chief Accounting Officer.
- Review the referenced standard Change of Control and Severance Agreement (Exhibit 10.7 to Form S-1) for specific payout terms.
- Monitor subsequent filings for any interim financial reporting impacts resulting from the leadership change.