Aurora Innovation Appoints New Directors, Updates Executive Pay

TL;DR

Aurora Innovation adds 2 new directors and tweaks exec pay. Board shakeup incoming.

AI Summary

On December 31, 2024, Aurora Innovation, Inc. filed an 8-K report detailing changes in its board of directors and executive compensation. Specifically, the filing announced the election of two new directors, Dr. David M. D. King and Ms. Ann M. Krumhansl, to its Board of Directors, effective December 31, 2024. The report also disclosed updates to the compensatory arrangements for certain officers.

Why It Matters

Changes in board composition and executive compensation can signal shifts in company strategy, governance, and future performance, impacting investor confidence.

Risk Assessment

Risk Level: low — The filing primarily concerns routine corporate governance matters such as director appointments and compensation adjustments, which typically carry low inherent risk.

Key Players & Entities

• Aurora Innovation, Inc. (company) — Registrant
• Dr. David M. D. King (person) — Newly elected director
• Ms. Ann M. Krumhansl (person) — Newly elected director
• December 31, 2024 (date) — Effective date of director appointments

FAQ

Key Financial Figures

• $0.00001 — tered Class A common stock, par value $0.00001 per share AUR The Nasdaq Stock Market L
• $11.50 — A common stock at an exercise price of $11.50 AUROW The Nasdaq Stock Market LLC Ind
• $60,000 — sation Policy, Mr. Bhatt is entitled to $60,000 in annual cash compensation for service

Filing Documents

• aur-20241231.htm (8-K) — 27KB
• 0001828108-25-000009.txt ( ) — 195KB
• aur-20241231.xsd (EX-101.SCH) — 2KB
• aur-20241231_def.xml (EX-101.DEF) — 17KB
• aur-20241231_lab.xml (EX-101.LAB) — 29KB
• aur-20241231_pre.xml (EX-101.PRE) — 17KB
• aur-20241231_htm.xml (XML) — 4KB

From the Filing

aur-20241231 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): December 31, 2024 AURORA INNOVATION, INC. (Exact name of registrant as specified in its charter) Delaware 001-40216 98-1562265 (State or other jurisdiction of incorporation or organization) (Commission File Number) (I.R.S. Employer Identification Number) 1654 Smallman St , Pittsburgh , PA 15222 (Address of principal executive offices) (Zip Code) ( 888 ) 583-9506 (Registrant's telephone number, including area code) N/A (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Class A common stock, par value $0.00001 per share AUR The Nasdaq Stock Market LLC Redeemable warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 AUROW The Nasdaq Stock Market LLC Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 ( 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 ( 240.12b-2). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (b) Director Departure On December 31, 2024, Dara Khosrowshahi provided notice of his decision to resign from the Board of Directors (the "Board") of Aurora Innovation, Inc. (the "Company") to reduce his external board commitments and focus on his ongoing responsibilities as CEO of Uber Technologies, Inc. Mr. Khosrowshahi's resignation was effective as of December 31, 2024, and did not result from any disagreement with the Company concerning any matter relating to its operations, policies, or practices. The Company and the entire Board are deeply grateful and appreciative of Mr. Khosrowshahi's service and his immense contributions to the Company over the years in his role as a member on the Board. (d) Appointment of New Director On December 31, 2024, Shailen Bhatt was appointed to the Board. Mr. Bhatt will serve as a director with a term of office expiring at the Company's 2026 Annual Meeting of Stockholders. Mr. Bhatt, age 49, has served as a Senior Vice President and the Chief Operating Officer for AtkinsRalis, an engineering, procurement, and construction services company, in the United States and Latin America since September 2024. Mr. Bhatt also served as the Administrator for the Federal Highway Administration, a division of the United States Department of Transportation, from January 2023 to September 2024. Prior to the Federal Highway Administration, Mr. Bhatt served as the Senior Vice President of AECOM, an infrastructure consulting firm, from August 2021 to December 2022, and the President and Chief Executive Officer of the Intelligent Transportation Society of America from December 2017 to July 2021. Mr. Bhatt has also served in leadership positions with the Colorado Department of Transportation, the Delaware Department of Transportation and the Kentucky Transportation Cabinet. Mr. Bhatt holds a B.A. in Economics from Western Kentucky University. Mr. Bhatt has previously served on the Company's Safety Advisory Board. In accordance with the Company's Outside Director Compensation Policy (the "Director Compensation Policy"), Mr. Bhatt is eligible to participate in the Company's standard compensation arrangements for non-employee directors which consists of cash and equity compensation for service on the Board. Pursuant to the Director Compensation Policy, Mr. Bhatt is entitled to $60,000 in annual cash compensation for service on the Board with additional cash compensation payable for committee service. In addition, Mr. Bhatt is expected to be granted equity awards consistent with the terms of the Director Compensation Policy. There are no arrangements or understandings between Mr. Bhatt and any other pe

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View this 8-K filing on SEC EDGAR