Unity Software Inc.
10/30/2024 | Press release | Distributed by Public on 10/30/2024 15:25
Management Change/Compensation Form 8 K
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Appointment of Chief Operating Officer
On October 28, 2024, Unity Software Inc. (the "Company" or "Unity") appointed Alex Blum, its Senior Vice President, Corporate Development as its Chief Operating Officer, effective as of November 1, 2024 (the "Role Change Date").
In connection with his appointment, Mr. Blum entered into a role change letter (the "Role Change Letter") with the Company, providing for: (i) an annual base salary of $525,000, effective as of the Role Change Date, (ii) a target bonus of 75% of his base salary, subject to the terms of the Company's 2024 corporate bonus plan, (iii) a one-time cash bonus of $25,000 which shall be paid in February 2025, (iv) an award of 59,555 time-vesting restricted stock units (the "RSU Award"), and (v) a time-vesting option to purchase 39,703 shares of common stock (the "Option Award"). Both the RSU Award and the Option Award will be issued pursuant to the Company's 2020 Equity Incentive Plan. The RSU Award will vest in equal quarterly installments over four years, and the Option Award will vest monthly over four years, each subject to Mr. Blum's continuous employment.
Mr. Blum, age 62, has served as the Company's Senior Vice President, Corporate Development since July 2024. Prior to joining Unity, Mr. Blum was an investor and advisor to a variety of privately held technology companies across numerous high growth sectors. Most recently, from January 2015 until April 2021, he served as the Executive Chairman of Tru Optik, a connected television advertising data management platform, prior to its acquisition by TransUnion. Prior to that, Mr. Blum held several roles at AOL, a web portal and online service provider including as the Vice President of Product for AOL's Audience Business. Mr. Blum holds a B.S. degree in Mechanical Engineering from the University of Colorado, Boulder and an M.B.A. from Seattle University.
Mr. Blum will participate in the Company's Executive Severance Plan (the "Severance Plan"), as described under the heading "Executive Severance Agreements and Change in Control Benefits" previously disclosed in the Company's definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on April 18, 2024.
The foregoing summaries are not complete and are qualified in their entirety by the copy of the Role Change Letter, attached as Exhibit 10.1 to this Current Report on Form 8-K. Mr. Blum will also enter into a customary indemnification agreement with the Company in the form previously approved by the Board and filed with the Securities and Exchange Commission.