8-KLeadership ChangesExhibits & Filings

CrowdStrike Holdings, Inc. 8-K Report, Executive Changes (Mar 12, 2021)

Filed March 12, 2021For Securities:CRWD

Summary

CrowdStrike Holdings, Inc. (CRWD) filed an 8-K on March 12, 2021, primarily to disclose the adoption of its new Corporate Incentive Plan (CIP). This plan, effective March 9, 2021, outlines the framework for annual cash incentive awards to eligible employees, including named executive officers. The CIP's performance goals are tied to key financial metrics such as annual recurring revenue and operating income, with awards determined quarterly based on the achievement of these goals. The adoption of the CIP signals a structured approach to executive and employee compensation, aligning incentives with the company's financial performance and strategic objectives. While specific performance targets for the upcoming fiscal year will be detailed in the 2022 proxy statement, the plan's foundation on revenue and profitability metrics is a positive indicator for investors, suggesting a focus on sustainable growth and operational efficiency.

Key Highlights

  • 1Adoption of a new Corporate Incentive Plan (CIP) effective March 9, 2021.
  • 2The CIP governs annual cash incentive awards for eligible employees, including named executive officers.
  • 3Performance metrics for the CIP include Annual Recurring Revenue (ARR), Operating Income, and EBITDA.
  • 4Awards are determined on a quarterly basis based on the achievement of specified performance goals.
  • 5The Compensation Committee has the discretion to modify performance goals or award amounts.
  • 6Participants must remain employed through the payment date to receive incentive awards.
  • 7The full text of the CIP is attached as an exhibit to the 8-K filing.

Frequently Asked Questions

The CIP is designed to provide a structured framework for granting annual cash incentive awards to eligible employees, including executives. Its purpose is to align employee compensation with the company's financial performance and strategic objectives.

The CIP performance goals may include metrics such as annual recurring revenue (ARR), operating income, and EBITDA. Specific targets for the upcoming fiscal year will be detailed in the company's annual proxy statement.

Cash incentive awards payable under the CIP will generally be paid no later than 60 days following the end of the applicable performance period. Employees must remain employed through the date of payment to be eligible.

Yes, the Compensation Committee has broad authority to administer the CIP. This includes determining award terms, setting performance goals, and the discretion to modify or adjust performance goals or achievement levels as it deems appropriate.