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Roblox | 8-K: CEO Compensation

SEC announcement ·  Mar 5 05:12
Summary by Futu AI
On March 1, 2024, Roblox Corporation announced significant changes to the compensation structure for its Founder, President, and CEO, David Baszucki. The Leadership Development and Compensation Committee (LDCC) of the Board of Directors decided to cancel the CEO Long-Term Performance (LTP) Award granted in February 2021, which was contingent on achieving specific stock price goals and had not vested due to unmet targets. Instead, the LDCC approved a new compensation plan for 2024, which is entirely equity-based and valued at $25 million. This plan includes 75% performance-based restricted stock units (PSUs) and 25% time-based restricted stock units (RSUs), with no cash salary or bonus. The PSUs are tied to financial and operating performance goals, while the RSUs vest over three years of continued service. This move reflects a shift towards annual compensation reviews and aligns Baszucki's incentives with shareholder interests, emphasizing a pay-for-performance culture within Roblox.
On March 1, 2024, Roblox Corporation announced significant changes to the compensation structure for its Founder, President, and CEO, David Baszucki. The Leadership Development and Compensation Committee (LDCC) of the Board of Directors decided to cancel the CEO Long-Term Performance (LTP) Award granted in February 2021, which was contingent on achieving specific stock price goals and had not vested due to unmet targets. Instead, the LDCC approved a new compensation plan for 2024, which is entirely equity-based and valued at $25 million. This plan includes 75% performance-based restricted stock units (PSUs) and 25% time-based restricted stock units (RSUs), with no cash salary or bonus. The PSUs are tied to financial and operating performance goals, while the RSUs vest over three years of continued service. This move reflects a shift towards annual compensation reviews and aligns Baszucki's incentives with shareholder interests, emphasizing a pay-for-performance culture within Roblox.
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