Item 5.02 Departure of Directors or Certain Officers? Election of Directors?
Appointment of Certain Officers? Compensatory Arrangements of Certain Officers.
On October 17, 2020, the Board of Directors (the "Board") of Pinterest, Inc.
(the "Company") increased the size of the Board from 9 to 10 directors and
appointed Salaam Coleman Smith to the Board as a Class III director to fill the
resulting vacancy, with a term effective from October 31, 2020 and expiring at
the Company's 2022 annual meeting of stockholders. Concurrent with her election
as a director of the Company, Ms. Smith, an independent director, was appointed
to the Audit Committee of the Board.
There are no arrangements or understandings between Ms. Smith and any other
persons pursuant to which she was selected to serve a director. Additionally,
there are no transactions involving the Company and Ms. Smith that the Company
would be required to report pursuant to Item 404(a) of Regulation S-K.
Ms. Smith will be entitled to receive compensation for her Board service in
accordance with the Company's standard compensation arrangements for
non-employee directors pursuant to the Company's Non-Employee Director
Compensation Policy (the "Non-Employee Director Compensation Policy"), which is
filed as an exhibit to Amendment No. 2, filed April 8, 2019, to the Company's
Registration Statement on Form S-1 (Registration No, 333-230458). As set forth
in the Non-Employee Director Compensation Policy, in connection with her
appointment, Ms. Smith will be granted restricted stock units, in respect of
shares of the Company's Class A common stock under the Company's 2019 Omnibus
Incentive Plan, which shall vest in three equal annual installments, subject to
her continued service as a non-employee director through each such vesting date.
Ms. Smith will enter into an indemnification agreement with the Company in the
same form as entered into with other directors, which is filed as an exhibit to
Amendment No. 2, filed April 8, 2019, to the Company's Registration Statement on
Form S-1 (Registration No, 333-230458).
On October 20, 2020 the Company issued a press release relating to Ms. Smith's
appointment. This press release is attached as Exhibit 99.1 to this Current
Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit Number Description
99.1 Press Release issued by Pinterest, Inc., dated Octo ber
20 , 2020.
Cover Page Interactive Data File (embedded within the Inline XBRL
104 document).
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