Shutterstock Files 8-K Amendment on Director/Officer Changes
Ticker: SSTK · Form: 8-K/A · Filed: Nov 1, 2024 · CIK: 1549346
Sentiment: neutral
Topics: corporate-governance, amendment, officer-changes
Related Tickers: SSTK
TL;DR
Shutterstock filed an 8-K amendment regarding leadership changes and compensation.
AI Summary
Shutterstock, Inc. filed an amendment (8-K/A) on November 1, 2024, to a previous report dated October 24, 2024. This amendment pertains to the departure of directors or certain officers, the election of directors, and compensatory arrangements for certain officers. The filing does not provide specific names or dollar amounts related to these events.
Why It Matters
This filing provides updated information regarding the composition and compensation of Shutterstock's leadership team, which can impact investor confidence and strategic direction.
Risk Assessment
Risk Level: low — The filing is an amendment to a previous report and does not introduce new financial risks or significant operational changes.
Key Players & Entities
- Shutterstock, Inc. (company) — Registrant
FAQ
What is the primary purpose of this 8-K/A filing?
The primary purpose is to amend a previous report concerning the departure of directors or certain officers, the election of directors, and compensatory arrangements of certain officers.
What is the date of the earliest event reported in this filing?
The date of the earliest event reported is October 24, 2024.
What is the filing date of this amendment?
This amendment was filed on November 1, 2024.
What is Shutterstock's state of incorporation?
Shutterstock, Inc. is incorporated in Delaware.
What is Shutterstock's principal executive office address?
Shutterstock's principal executive offices are located at 350 Fifth Avenue, 20th Floor, New York, NY 10118.
Filing Stats: 1,551 words · 6 min read · ~5 pages · Grade level 12.1 · Accepted 2024-11-01 06:01:38
Key Financial Figures
- $0.01 — nge on which registered Common Stock, $0.01 par value per share SSTK New York S
- $450,000 — tion as follows: Annual base salary of $450,000; Annual cash bonus opportunity with a
- $350,000 b — RSUs granted was calculated by dividing $350,000 by the average of the Company's closing p
Filing Documents
- ef20038023_8ka.htm (8-K/A) — 41KB
- ef20038023_ex10-1.htm (EX-10.1) — 68KB
- ef20038023_ex10-2.htm (EX-10.2) — 103KB
- 0001140361-24-044846.txt ( ) — 388KB
- sstk-20241024.xsd (EX-101.SCH) — 4KB
- sstk-20241024_lab.xml (EX-101.LAB) — 21KB
- sstk-20241024_pre.xml (EX-101.PRE) — 16KB
- ef20038023_8ka_htm.xml (XML) — 4KB
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On October 24, 2024, Jarrod Yahes notified Shutterstock, Inc. (the "Company") of his resignation as Chief Financial Officer of the Company, effective November 1, 2024 (the "Effective Date"). Mr. Yahes' resignation is not due to any disagreement with the Company on any matter relating to the Company's operations, policies or practices, including accounting principles, practices and disclosures. In connection with his resignation, Mr. Yahes will receive the accrued benefits for a voluntary resignation in accordance with Section 7(c) of the Employment Agreement dated November 7, 2019 by and between the Company and Mr. Yahes, previously filed as Exhibit 10.22 to the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 26, 2024 (the "Employment Agreement"), and his outstanding unvested equity awards will be forfeited as of the Effective Date. Pursuant to a Transition Agreement entered into on October 31, 2024 between the Company and Mr. Yahes (the "Transition Agreement"), he will remain with the Company in an advisory role through December 31, 2024, during which time he will continue to earn his annual base salary until December 31, 2024 and be eligible to earn an annual cash bonus for the full 2024 fiscal year in accordance with Sections 2(a) and 2(b) of the Employment Agreement. The foregoing description of the Transition Agreement does not purport to be complete and is qualified in its entirety by the text of the Transition Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference. On October 28, 2024, the Board of Directors of the Company (the "Board") unanimously appointed Rik Powell, the Company's Senior Vice President, Finance and Investor Relations since June 3, 2024, as the Company's Chief Financial Off
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits . 10.1 Transition Agreement by and between Jarrod Yahes and Shutterstock, Inc., dated October 31, 2024. 10.2 Employment Agreement by and between Rik Powell and Shutterstock, Inc., dated October 30, 2024. 104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. Management contract or compensatory plan or arrangement .
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SHUTTERSTOCK, INC. Dated: November 1, 2024 By: /s/ Paul Hennessy Name: Paul Hennessy Title: Chief Executive Officer