secwatch.observer — SEC 8-K summary
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Issuer:     RingCentral, Inc. (RNG)
CIK:        0001384905
Form:       8-K
Filed at:   2023-08-08T23:59:59+00:00
Accession:  0001384905-23-000036
Event type: leadership
Sentiment:  neutral
Materiality: 0.75
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

RingCentral appoints Tarek Robbiati as CEO; Shmunis becomes Executive Chairman
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- Tarek Robbiati becomes CEO effective Aug 28, 2023; founder Vladimir Shmunis becomes Executive Chairman.
- Robbiati gets $850K base salary, 100% MBO bonus, $8M time-based RSUs and $8M performance-based RSUs.
- Additional buyout equity: $9M time-based RSUs and $9M performance-based RSUs for forfeited prior awards.
- Sign-on bonus of $3M ($1M within 30 days, $2M by Mar 2024) with clawback if terminated for cause within 2 years.
- Severance: 18 months salary + 150% target bonus + full equity acceleration on CIC termination; 12 months salary + 1 year vesting otherwise.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1384905/000138490523000036/0001384905-23-000036-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1384905/000138490523000036/rng-20230802.htm
  HTML page:      https://secwatch.observer/filing/0001384905-23-000036

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