UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 5, 2023, Eric Young joined Snap Inc. to serve as Senior Vice President of Engineering.
Mr. Young will have an annual salary of $1,000,000. In addition, Mr. Young will be awarded restricted stock units with an aggregate value of at least $40,000,000 in shares of our Class A common stock subject to time-based vesting over four years, and a sign-on bonus of $500,000 that will be paid in four quarterly installments. The foregoing description of Mr. Young’s offer letter is qualified in its entirety by reference to the full text of the agreement, which is attached to this Current Report on Form 8-K as Exhibit 10.1 and incorporated by reference.
Mr. Young, age 46, was previously employed at Alphabet Inc., serving in a variety of roles, most recently as Vice President of Engineering at Google. Prior to Google, Mr. Young served in a variety of roles at Amazon.com, Inc. Mr. Young holds a B.S. from Vanderbilt University and an M.B.A. from the Wharton School at the University of Pennsylvania.
Mr. Young does not have any family relationship with any of our board of directors or any executive officer. There are no relationships or related transactions between Mr. Young and us that would be required to be reported.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number |
Description | |
10.1 | Offer Letter, by and between Snap Inc. and Eric Young, dated April 14, 2023. | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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.
SNAP INC. | ||||||
Date: June 5, 2023 | By: | /s/ Derek Andersen | ||||
Derek Andersen | ||||||
Chief Financial Officer |