ZG 8-K
Zillow Group, Inc. (ZG)
8-K
2024-01-09
For: 2024-01-06
View Original
Added on
April 08, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): January 6, 2024
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||
(206 ) 470-7000
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | |||||
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. | ||||
Appointment of J. William Gurley to the Board of Directors
On January 6, 2024, the Board of Directors (the “Board”) of Zillow Group, Inc. (the “Company” or “Zillow Group”) appointed J. William Gurley as a member of the Board, effective immediately.
Mr. Gurley serves as a general partner of Benchmark Capital, a venture capital firm, which he joined in 1999. Previously, he served as a partner of Hummer Windblad Venture Partners, a venture capital firm, a research analyst for Credit Suisse First Boston, an investment bank, and a design engineer at Compaq Computer Corporation, a manufacturer of computers and related components. Mr. Gurley currently serves on the board of directors of Stitch Fix, Inc., a publicly traded fashion personalization company, and Nextdoor Holdings, Inc., a publicly traded social networking company. Mr. Gurley previously served on the board of directors of Zillow Group, Inc. (including, its predecessor, Zillow, Inc.) from 2005 to 2015. Mr. Gurley holds a B.S. in Computer Science from the University of Florida and an M.B.A. from the University of Texas.
Mr. Gurley joins Mr. Blachford, Mr. Stephenson, and Ms. Thielke as a Class I director. In accordance with the Company’s Amended and Restated Articles of Incorporation and Amended and Restated Bylaws, Mr. Gurley’s initial term of board service will expire at the 2024 annual meeting of shareholders. Based on information provided by Mr. Gurley, and upon the review and recommendation of the Nominating and Governance Committee of the Board, the Board has determined that Mr. Gurley is “independent” as that term is defined under the applicable rules and regulations of the Securities and Exchange Commission and the listing requirements and rules of Nasdaq. At this time, Mr. Gurley has not been appointed to any Board committees.
Mr. Gurley will receive the standard compensation received by Zillow Group nonemployee directors, which consists of annual stock option grants pursuant to the Stock Option Grant Program for Nonemployee Directors under the Zillow Group, Inc. 2020 Incentive Plan (the “NED Program”), which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference. Pursuant to the NED Program, nonemployee directors are eligible to receive on each March 1st a stock option grant for that number of shares of the Company’s Class C capital stock having a Black-Scholes-Merton value of $250,000 on the date of grant, with one-fourth of the shares subject to this option grant vesting quarterly over one year and a per share exercise price equal to the closing price of the Company’s Class C capital stock on the date of grant.
In addition, in connection with his initial appointment to the Board, Mr. Gurley will receive a stock option grant for that number of shares of the Company’s Class C capital stock having a Black-Scholes-Merton value of $41,667 on the date of grant and a per share exercise price equal to the closing price of the Company’s Class C capital stock on the date of grant. This option grant will become fully vested and exercisable on March 1, 2025. As is customary, Mr. Gurley and the Company will enter into an indemnification agreement providing for contractual rights to indemnification, expense advancement and reimbursement to the fullest extent permitted by the Washington Business Corporation Law, substantially in the form filed as Exhibit 10.2 to this Current Report on Form 8-K and incorporated herein by reference.
A copy of the press release announcing Mr. Gurley’s appointment as a member of the Board is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
| Item 9.01 | Financial Statements and Exhibits. | ||||
(d) Exhibits.
| Exhibit Number | Description | |||||||
| 10.1* | ||||||||
| 10.2* | ||||||||
| 99.1 | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
| * | Indicates a management contract or compensatory plan or arrangement. | |||||||
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 hereunto duly authorized.
| Dated: January 9, 2024 | ZILLOW GROUP, INC. | ||||||||||
| By: | /s/ JENNIFER ROCK | ||||||||||
| Name: | Jennifer Rock | ||||||||||
| Title: | Chief Accounting Officer | ||||||||||
Media Chrissy Roebuck [email protected] Investors [email protected] Brad Berning Zillow Group Reappoints Bill Gurley to Board of Directors Jan. 9, 2024 — Zillow Group announced today the reappointment of Bill Gurley, prominent venture capitalist and partner at Benchmark Capital, to the company’s Board of Directors1, effective immediately. Gurley previously served on the Board from 2005 to 2015. Zillow Group co-founder and CEO Rich Barton said: “We couldn’t be happier to welcome Bill Gurley back to our Board of Directors. I can easily say Zillow would not be the company it is today without the invaluable contributions he made as both an investor and adviser in our earliest days, as well as during his original decade-long tenure as Board Director. Bill is a visionary and renowned adviser to mission-driven technology teams building brands for the long term, with especially deep expertise in digital consumer marketplaces. We're excited to have his insights and expertise once again helping guide Zillow's growth and success.” Bill Gurley, partner at Benchmark and newest member of Zillow Group’s Board, said: “Zillow is drastically improving the renting, buying and selling experience for consumers across the country. In the 18 years since I first invested in Zillow and joined its board, it’s been incredibly rewarding to see the company grow to be a household name and category leader by delivering innovative products and services for consumers and agents. Over the next several years, I believe Zillow is going to harness its astounding brand power to continue transforming the consumer experience and real estate industry.” 1 https://investors.zillowgroup.com/investors/governance/board-and-committee-composition/default.aspx Exhibit 99.1
Bill Gurley has spent more than 20 years as a general partner at Benchmark, joining in 1999. In addition to Zillow, over his venture career, Bill has invested in and served on the board of such companies as Jamdat (IPO: JMDT, Acq. by EA), GrubHub2 (IPO: GRUB), Nextdoor3 (IPO: KIND), OpenTable4 (IPO: OPEN, Acq. by Priceline), Stitch Fix5 (IPO: SFIX), and Uber6 (IPO: UBER). Before entering the venture capital business, Bill spent four years on Wall Street as an “Institutional Investor”-ranked research analyst, including three years at CS First Boston. He also worked as the lead analyst on Amazon's IPO. Prior to his finance career, he worked as a computer engineer at Compaq in Houston. Bill received his Bachelor of Science in computer science from the University of Florida and a Master of Business Administration from the University of Texas. He is also a Chartered Financial Analyst. Bill maintains a blog on the evolution and economics of high-technology businesses called Above the Crowd7, and he can be followed on X at @bgurley8. Zillow Group’s Board of Directors includes Rich Barton, Lloyd Frink, Amy Bohutinsky, Erik Blachford, Claire Cormier Thielke, Bill Gurley, Jay Hoag, Gregory Maffei, Gordon Stephenson, and April Underwood. About Zillow Group: Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, great partners, and easier buying, selling, financing and renting experiences. Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans℠, Trulia®, Out East®, StreetEasy®, HotPads®, ShowingTime+℠, Spruce® and Follow Up Boss®. All marks herein are owned by MFTB Holdco, Inc., a Zillow affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). © 2023 MFTB Holdco, Inc., a Zillow affiliate. (ZFIN) 2 https://www.grubhub.com/ 3 https://nextdoor.com/ 4 https://www.opentable.com/ 5 https://www.stitchfix.com/ 6 https://www.uber.com/ 7 https://abovethecrowd.com/ 8 https://twitter.com/bgurley