Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On September 8, 2020, GreenSky, Inc. (the "Company") announced the appointment
of Andrew Kang as the Company's Executive Vice President and Chief Financial
Officer, effective September 14, 2020. The Company's Board of Directors
appointed Mr. Kang to such position on August 3, 2020.
From April 2018 to September 2020, Mr. Kang, age 44, served as Corporate
Treasurer of Santander Holdings USA, the U.S. bank holding company of Banco
Santander S.A. From September 2015 to September 2020, he also served as
Executive Vice President of Santander Consumer USA, a full spectrum auto finance
company. Mr. Kang was responsible for all funding, liquidity and bank
relationships and oversaw over $50 billion in securitizations, private credit
facilities and asset sales. He also was responsible for the company's asset and
liability management, capital management, strategic planning and investor
relations. Mr. Kang received a Bachelor of Arts in Biology and
post-baccalaureate certification in Accounting, both from the University of
Virginia.
In connection with Mr. Kang's appointment as Executive Vice President and Chief
Financial Officer, the Company agreed to pay him a base salary of $650,000, plus
an annual discretionary cash bonus with a target of 50% of his base salary. In
addition, Mr. Kang is eligible to receive equity awards at a targeted annual
value of $650,000, vesting ratably on the first four anniversaries of the grant
date. Within 30 days of the start of his employment, the Company will grant Mr.
Kang 200,000 shares of restricted Class A common stock, which will vest ratably
on the first four anniversaries of September 14, 2020. On or before February 28,
2021, the Company will pay Mr. Kang a $220,000 cash sign-on bonus. The terms of
Mr. Kang's compensation arrangements are subject to certain customary
requirements and other terms.
On September 8, 2020, the Company issued a press release announcing the
appointment of Mr. Kang as Executive Vice President and Chief Financial Officer.
A copy of the press release is attached as Exhibit 99.1 and is incorporated
herein by reference.
On September 14, 2020, Robert Partlow will transition from the Company's
Executive Vice President and Chief Financial Officer to the newly created role
of Executive Vice President of Capital Markets.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
99.1 Press release, dated September 8, 2020
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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