UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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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. |
Retention Arrangement with President, Worldwide Field Operations
On February 13, 2025, HashiCorp, Inc. (the “Company”) entered into a letter agreement with Susan St. Ledger, the Company’s President, Worldwide Field Operations, as approved by the Compensation Committee of the Board of Directors of the Company. The letter agreement provides, among other things, that the Company will pay (i) a spot bonus of $300,000 to Ms. St. Ledger no later than February 15, 2025, subject to Ms. St. Ledger’s execution and non-revocation of the Company’s standard release of claims, and (ii) a retention bonus of $1,500,000 to Ms. St. Ledger if she remains a full-time employee of the Company in her current role through the earlier of the closing of the acquisition of the Company by International Business Machines Corporation and April 30, 2025 (the “Separation Date”). The retention bonus, to the extent earned, is payable within 30 days following the Separation Date, subject to Ms. St. Ledger’s execution and non-revocation of the Company’s standard release of claims. If, prior to the Separation Date, the Company terminates the employment of Ms. St. Ledger without cause, then Ms. St. Ledger will be entitled to receive the retention bonus within 30 days following the termination date, subject to Ms. St. Ledger’s execution and non-revocation of the Company’s standard release of claims. On the Separation Date, Ms. St. Ledger’s employment with the Company will terminate and she will become a consultant to the Company pursuant to a standard form consulting agreement.
The preceding description of the Letter Agreement does not purport to be complete and is qualified in its entirety by reference to the Letter Agreement filed herewith as Exhibit 10.1 and incorporated herein by reference.
Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
Exhibit No. |
Description | |
10.1* | Letter Agreement between the Company and Susan St. Ledger, dated February 13, 2025. | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
* | Certain exhibits and schedules to this exhibit have been omitted from this filing pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted exhibit or schedule will be furnished to the Securities and Exchange Commission upon request. |
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.
HASHICORP, INC. | ||||||
Date: February 14, 2025 | By: | /s/ Paul Warenski | ||||
Name: | Paul Warenski | |||||
Title: | Chief Legal Officer |
Exhibit 10.1
Susan St. Ledger
101 2nd Street, Suite 700
San Francisco, CA 94105
February 13, 2025
Dear Susan:
In connection with the ongoing potential acquisition of HashiCorp., Inc. (the Company) by IBM (the Acquisition), the Company has determined it is necessary to incentivize you to remain employed by the Company through the earlier of (i) the closing of the Acquisition and (ii) April 30, 2025 (the Projected Separation Date). In light of this necessity, the Company agrees that should you remain employed by the Company through the Projected Separation Date, the Company will pay you a cash bonus equal to one million, five hundred thousand dollars ($1,500,000.00) (the Transaction Bonus).
The Transaction Bonus shall be paid in a lump sum cash payment to you on the next regularly scheduled payroll date (but no later than thirty (30) days) following the Projected Separation Date, subject to your execution and non-revocation of the Companys standard release of claims. In order to receive the Transaction Bonus, you must remain employed by the Company in your current role and as a full-time employee through the Projected Separation Date. However, if the Company terminates your employment without Cause prior to the Projected Separation Date, the Company will pay you the Transaction Bonus on the next regularly scheduled payroll date (but no later than thirty (30) days) following your termination date; provided, that you must execute and not revoke the Companys standard release of claims.
The definition of Cause shall be consistent with the definition contained in the Change in Control and Severance Agreement between you and the Company (the CICSA).
In addition to the Transaction Bonus, the Company will pay you an additional three hundred thousand dollars ($300,000.00) (the Additional Bonus). The Additional Bonus will be paid to you no later than February 15, 2025, subject to your execution and non-revocation of the Companys standard release of claims.
On the Projected Separation Date your employment with the Company will terminate and this termination will qualify as a termination without Cause in connection with a Change in Control and you will be eligible for those benefits outlined in the CICSA. Immediately following your termination of employment, you will become a consultant to the Company pursuant to the terms outlined in the Consulting Agreement attached as Exhibit A hereto.
1
HashiCorp, Inc.
We look forward to continuing to work with you.
Sincerely, |
/s/ Dave McJannet |
Dave McJannet |
Chief Executive Officer |
Accepted: |
/s/ Susan St. Ledger |
Susan St. Ledger |
Exhibit A
Consulting Agreement
Document and Entity Information |
Feb. 13, 2025 |
---|---|
Cover [Abstract] | |
Amendment Flag | false |
Entity Central Index Key | 0001720671 |
Document Type | 8-K |
Document Period End Date | Feb. 13, 2025 |
Entity Registrant Name | HashiCorp, Inc. |
Entity Incorporation State Country Code | DE |
Entity File Number | 001-41121 |
Entity Tax Identification Number | 32-0410665 |
Entity Address, Address Line One | 101 Second Street |
Entity Address, Address Line Two | Suite 700 |
Entity Address, City or Town | San Francisco |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 94105 |
City Area Code | (415) |
Local Phone Number | 301-3250 |
Written Communications | false |
Soliciting Material | false |
Pre Commencement Tender Offer | false |
Pre Commencement Issuer Tender Offer | false |
Security 12b Title | Class A Common Stock, par value $0.000015 per share |
Trading Symbol | HCP |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |