8-K/ALeadership Changes

Rocket Companies, Inc. 8-K/A Report, Executive Changes (Feb 27, 2023)

Filed February 27, 2023For Securities:RKT

Summary

This amendment to Rocket Companies, Inc.'s (RKT) Form 8-K provides crucial details regarding the compensation package for its incoming Interim Chief Executive Officer, Bill Emerson. Effective June 1, 2023, Mr. Emerson will receive a base salary of $600,000, along with eligibility for a target bonus of 100% of his base salary for 2023. This signals a significant commitment from the company to incentivize its new leadership during a period of transition. Furthermore, Mr. Emerson will be granted restricted stock units (RSUs) valued at $6,000,000 on March 3, 2023. These RSUs are designed to promote long-term alignment with shareholder interests, as they will vest in equal installments over the first three years following the grant date. Investors should note that these compensation details were not finalized at the time of the initial announcement, and this filing serves to provide complete transparency on the agreed-upon terms for Mr. Emerson's role.

Key Highlights

  • 1Bill Emerson appointed Interim CEO effective June 1, 2023.
  • 2Emerson's compensation includes a $600,000 base salary starting June 1, 2023.
  • 3He is eligible for a target bonus of 100% of his base salary for 2023.
  • 4A significant equity grant of $6,000,000 in Restricted Stock Units (RSUs) will be awarded on March 3, 2023.
  • 5The RSUs will vest over three years, encouraging long-term commitment.
  • 6This filing is an amendment to provide previously undetermined compensation details.

Frequently Asked Questions

Mr. Emerson will receive a base salary of $600,000 starting June 1, 2023, is eligible for a target bonus of 100% of his base salary for 2023, and will be granted $6,000,000 in Restricted Stock Units (RSUs) on March 3, 2023, which will vest over three years.

Bill Emerson's appointment as Interim CEO is effective June 1, 2023. His base salary will also commence from this date. The RSU grant, however, will be made on March 3, 2023.

This filing is an amendment (8-K/A) because the specific compensation arrangements for Mr. Emerson's appointment as Interim CEO were not fully determined when the original Form 8-K was filed. This amendment provides the complete and finalized details of his compensation package.

The $6,000,000 worth of Restricted Stock Units (RSUs) granted to Mr. Emerson will vest in equal installments on each of the first three anniversaries of the grant date, which is March 3, 2023.