CS Disco, Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by CS Disco, Inc. on September 23, 2022. The report discloses a material change in executive leadership involving the departure of the Chief Revenue Officer.
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 personnel changes and does not contain financial performance data.
Material Changes
On September 21, 2022, the Company and Andrew Shimek, Chief Revenue Officer, mutually agreed that Mr. Shimek will leave his position effective October 31, 2022. A Transition and Separation Agreement was executed on September 21, 2022.
Outlook, Risks, and Unusual Items
Under the Transition Agreement, Mr. Shimek will serve in a non-officer employee role from November 1, 2022, through December 31, 2022, focusing on transitioning responsibilities. He will continue to receive his current base salary and benefits through the end of his employment. Subject to remaining an employee through December 31, 2022, or being terminated without cause, and executing a release of claims, Mr. Shimek is entitled to:
- Payment of the 2022 annual bonus as if he remained employed through the certification of financial results.
- Vesting of 4/12ths of outstanding performance-based restricted stock units (PSUs).
- Acceleration of stock option awards as if he remained employed through January 16, 2023.
The full text of the Transition Agreement is expected to be filed as an exhibit to the Quarterly Report on Form 10-Q for the quarter ending September 30, 2022.
Key Facts for Investor Verification
- Effective date of Andrew Shimek's departure as Chief Revenue Officer is October 31, 2022.
- Mr. Shimek will remain with the company in a non-officer capacity until December 31, 2022.
- Compensation includes accelerated vesting of stock options and partial vesting of PSUs contingent on a release of claims.
- Review the upcoming Form 10-Q for the full text of the Transition Agreement and any potential financial impact of the separation.