Yext, Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Yext, Inc. on March 3, 2020. The filing reports a corporate governance event regarding the Board of Directors.
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 director appointments and compensation arrangements.
Material Changes
- Board Expansion: The Board of Directors increased the number of authorized directors from seven to eight.
- Director Election: Seth Waugh was elected as a Class II director to fill a vacancy. His term expires at the 2022 annual meeting of stockholders.
- Committee Assignment: Mr. Waugh was appointed to the Audit Committee, replacing Michael Walrath, who is stepping down from that committee.
Compensation and Governance Details
Mr. Waugh's compensation follows the Company's outside director policy:
- Initial Grant: Received an initial grant of restricted stock valued at $300,000 (19,467 shares) at the time of grant. This vests in approximately equal annual installments over three years, subject to continued service.
- Annual Grant Eligibility: Eligible for an annual restricted stock grant valued at $150,000 starting at the fiscal 2021 annual meeting, provided he has served for at least six months. This vests 100% on the one-year anniversary or upon a change of control.
- Form of Payment: Mr. Waugh elected to receive cash retainers in the form of restricted stock.
- Indemnification: Entered into the Company's standard indemnification agreement for directors and officers.
Investor Verification Checklist
- Verify the total number of authorized directors is now eight.
- Confirm Seth Waugh's specific vesting schedule for the 19,467 shares of restricted stock.
- Review the Company's proxy statement dated April 26, 2019, for the full details of the outside director compensation policy.
- Monitor future filings for the annual restricted stock grant eligibility in fiscal 2021.