Five9, Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Five9, Inc. on January 15, 2021. The filing reports the appointment of a new member to the Company's 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 corporate governance and director compensation.
Material Changes
The primary material change reported is the appointment of Ms. Susan Barsamian to the Board of Directors, effective January 15, 2021. She will serve as a Class I Director with a term expiring at the 2021 annual meeting of stockholders.
Management Commentary, Risks, and Unusual Items
Director Background: Ms. Barsamian brings significant experience from Hewlett Packard Enterprise (HPE), including roles as Chief Sales and Marketing Officer for HPE Software and General Manager of Enterprise Security Products. She currently serves on the boards of NortonLifeLock Corporation and Box, Inc.
Compensation Arrangements: As a non-employee director, Ms. Barsamian will receive compensation under the Company's policy, including specific initial equity grants:
- Initial RSU Award: Valued at $370,000, vesting in three equal annual installments.
- Prorated RSU Award: Valued at $61,667, vesting on the first anniversary of the grant date.
Vesting Acceleration: The grants will accelerate upon a change of control or termination of service due to death or disability.
Exclusions: Ms. Barsamian is not eligible for the regular 2021 automatic annual grant of RSUs scheduled for the 2021 annual meeting.
Indemnification: The Company entered into a standard indemnification agreement with Ms. Barsamian effective January 15, 2021.
Investor Verification Checklist
- Verify the total number of RSUs issued based on the closing stock price on the grant date.
- Review the Company's Non-Employee Director Compensation Policy for ongoing annual compensation details.
- Confirm the specific vesting schedule dates relative to the grant date.
- Check for any subsequent filings regarding the 2021 annual meeting of stockholders.