Offerpad Solutions Inc 8-K, filed Dec 19, 2023
Offerpad Solutions Inc. (OPAD)
About this 8-K
Offerpad Solutions Inc filed this 8-K on December 19, 2023, reporting on events of December 14, 2023.
Items reported
- Item 5.02: Director or officer change, or executive pay
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Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 14, 2023, the Board of Directors of Offerpad Solutions Inc. (the “Company”) approved an increase to the annual base salary for Benjamin Aronovitch, the Company’s Chief Legal Officer, from $375,000 to $475,000. In addition, the annual base salaries for James Grout, the Company’s Senior Vice President, Finance and Hiten Patel, the Company’s Senior Vice President, Controller, increased to $325,000 (collectively with Mr. Aronovitch’s base salary increase, the “Executive Base Salary Increases”). The Executive Base Salary Increases will be effective January 1, 2024.
The Company also granted a one-time $100,000 retention bonus (the “Retention Bonus”) to each of Messrs. Grout and Patel, which will be payable in a single lump-sum payment on or within 15 days following the later of (x) March 15, 2025, and (y) the date on which the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 is filed with the Securities and Exchange Commission (the later of such dates, the “Retention Date”), subject to the executive’s continued employment. The Retention Bonuses are expected to be evidenced by Bonus Letter Agreements to be entered into by the Company with each such executive (each, a “Bonus Letter Agreement”).
Under the Bonus Letter Agreements, if the executive’s employment is terminated by the Company without “cause” (as defined the executive’s Long-Term Carried Interest Award Agreement with the Company) prior to the Retention Date and within three months prior to or one year following a “change in control” (as defined in the Company’s 2021 Incentive Award Plan), subject to the executive’s timely execution and non-revocation of a release of claims in favor of the Company, the Company will pay the Retention Bonus to the executive within 60 days following the later of the termination date or the consummation of the change in control.
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 thereunto duly authorized.
| Offerpad Solutions Inc. | ||||||
| Date: December 19, 2023 |
By: |
/s/ Benjamin A. Aronovitch | ||||
| Benjamin A. Aronovitch Chief Legal Officer and Secretary | ||||||