secwatch.observer — SEC 8-K summary
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Issuer:     Getaround, Inc (—)
CIK:        0001839608
Form:       8-K
Filed at:   2024-02-28T23:59:59+00:00
Accession:  0000950170-24-021669
Event type: leadership
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 5.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Getaround appoints Eduardo Iniguez as CEO; $6M/$5M EBITDA milestone bonuses and equity grants of ~88M shares
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- Eduardo Iniguez becomes CEO effective Feb 26, 2024; replaces co-founder Sam Zaid who remains on board.
- Base salary of $650,000; annual bonus target 100% of base with 50% guaranteed minimum for 2024 and 2025.
- Milestone bonuses: $6M if trailing 4-quarter adjusted EBITDA >= $0; $5M if adjusted EBITDA >= $25M.
- Signing bonus of $350,000; equity inducement grants of up to 11.1M shares (10% current diluted) and up to 76.95M shares (10% future diluted upon note conversion).
- Jason Mudrick, Mudrick Capital founder, appointed Chair of the Board.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1839608/000095017024021669/0000950170-24-021669-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1839608/000095017024021669/getr-20240226.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-021669

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer