Business Context and Reporting Period
This Form 8-K Current Report was filed by Intapp, Inc. on July 11, 2023. The filing discloses significant changes to the company's executive leadership, specifically the departure of the Chief Financial Officer and the appointment of a successor.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on personnel changes and compensation arrangements.
Material Changes
- Departure of CFO: Stephen Robertson informed the company of his retirement in 2024 and will resign as Chief Financial Officer effective August 7, 2023. He is expected to continue as a non-executive senior advisor.
- Appointment of CFO: The Board appointed David Morton as the new Chief Financial Officer, effective August 7, 2023. Mr. Morton joins from Digicert, Inc., bringing over 20 years of technology industry experience, including previous CFO roles at Anaplan, Inc. and Seagate Technology.
Compensation and Employment Terms
An Employment Agreement was entered into with Mr. Morton effective August 7, 2023, with the following terms:
- Base Salary: $450,000 annually.
- Target Bonus: 80% of base salary.
- Long-Term Incentives: An award under the 2021 Omnibus Incentive Plan with a grant date value of $12,000,000. This award will be split approximately 50% in Restricted Share Units and 50% in Performance Share Units.
- Severance: Eligible for severance payments and benefits contingent on termination circumstances and execution of a general waiver and release of claims.
Investor Verification Checklist
- Verify the transition timeline for the CFO role between August 7, 2023, and the end of 2024.
- Review the specific performance metrics attached to the Performance Share Units in the $12 million equity award.
- Confirm the terms of Mr. Robertson's continued service as a non-executive senior advisor.
- Check for any subsequent filings regarding the finalization of the employment agreement or changes to the compensation structure.