Lemonade, Inc. (LMND): CFO Mr. Bixby took another position

Events in this filing

Item 5.02 as filed

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Compensation of Mr. Bixby as Class III member of the Board effective January 1, 2027
On October 12, 2026, the Company and Mr. Bixby entered into a transition letter agreement (the "Transition Agreement"). Pursuant to the Transition Agreement, Mr. Bixby will continue to serve as the CFO through January 1, 2027. The Transition Agreement does not provide for any severance or other separation payments. Because Mr. Bixby will continue to provide services as a director, his transition will not constitute a termination of service under the Company's 2020 Incentive Award Plan, and his outstanding equity awards will continue to vest in accordance with their terms during the term of his service as a director.
As a non-employee director, Mr. Bixby will participate in the Company’s Non-Employee Director Compensation Policy, as amended effective January 1, 2027 (the “Director Compensation Policy”), under which he will receive an annual cash retainer of $50,000, and commencing with the 2027 Annual Meeting of Stockholders, an annual award of restricted stock units with a grant date fair value of $185,000 that vests on the first anniversary of the grant date, subject to his continued service on the Board through such vesting date. Notwithstanding the terms of the Director Compensation Policy, the parties have agreed that Mr. Bixby will not receive an initial equity award in connection with his appointment to the Board.
Compensation of Mr. Stead as CFO effective January 1, 2027
On October 12, 2026, the Company and Mr. Stead entered into an employment agreement (the "Employment Agreement") in connection with his appointment as CFO. The Employment Agreement provides for an annual base salary of $412,500 and a grant of 80,000 restricted stock units which will vest quarterly over 4 years beginning March 1, 2027, subject to Mr. Stead's continued service through such vesting dates.
The foregoing description of the Employment Agreement is qualified in its entirety by reference to the Employment Agreement, a copy of which will be filed as an exhibit in the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2026.