secwatch.observer — SEC 8-K summary
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Issuer:     Commerce.com, Inc. (CMRC)
CIK:        0001626450
Form:       8-K
Filed at:   2022-08-12T23:59:59+00:00
Accession:  0001193125-22-219938
Event type: other_material
Sentiment:  neutral
Materiality: 0.40
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

BigCommerce approves severance: CEO gets 12-mo pay, other execs 6-mo on qualifying termination
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- Compensation Committee approved severance letters on Aug 9, 2022 for CEO Brent Bellm, CFO Robert Alvarez, CCO Russell Klein, CSO Robert Kaloustian, CTO Brian Dhatt.
- Non-CIC qualifying termination: CEO receives 12 months base salary and healthcare; other execs receive 6 months each.
- CIC-related qualifying termination (within 3 months before or 18 months after change in control): all execs receive 12 months base salary and healthcare.
- Severance conditioned on execution of release and continued compliance with restrictive covenants.
- Letters supersede prior salary severance and healthcare agreements but not other benefits like equity acceleration.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1626450/000119312522219938/0001193125-22-219938-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1626450/000119312522219938/d353137d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-22-219938

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