Summary
This 8-K filing from PayPal Holdings, Inc. reports on the departure of Gabrielle Rabinovitch, Senior Vice President of Investor Relations. Ms. Rabinovitch will transition out of her role by January 31, 2024. During this transition period, she will provide part-time services to the company. Investors should note the financial implications of this departure. Ms. Rabinovitch is eligible to receive a $150,000 transition payment and her 2023 bonus incentive cash payment of $234,375, subject to satisfactory transition services and adherence to agreement terms. Additionally, certain restricted stock units will vest, with the specifics depending on the grant date and performance conditions. This information provides transparency regarding executive compensation and potential cash outflows related to employee transitions.
Key Highlights
- 1Gabrielle Rabinovitch, SVP of Investor Relations, is departing PayPal Holdings, Inc. effective January 31, 2024.
- 2A transition period is in place from January 1, 2024, to January 31, 2024, during which Ms. Rabinovitch will provide part-time transition services.
- 3Ms. Rabinovitch is set to receive a $150,000 lump sum cash payment for satisfactory transition services.
- 4Her 2023 bonus incentive cash payment of $234,375 will be paid out, assuming target performance.
- 5Certain outstanding time-based restricted stock units will vest on or before the transition end date.
- 6Performance-based restricted stock units granted before March 1, 2023, remain eligible for vesting based on executive officer determinations.
- 7Performance-based restricted stock units granted in March 2023 will be forfeited as of December 31, 2023.