secwatch.observer — SEC 8-K summary
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Issuer:     Freshworks Inc. (FRSH)
CIK:        0001544522
Form:       8-K
Filed at:   2024-02-16T23:59:59+00:00
Accession:  0001544522-24-000016
Event type: other_material
Sentiment:  neutral
Materiality: 0.60
Item codes: 5.02
LLM model:  deepseek-v4-flash:cloud@v2

Freshworks cancels CEO's 6M-share PRSU award, grants $19M replacement equity
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- Board approved cancellation of CEO Mathrubootham's 2021 PRSU award (6M shares, stock price hurdles) effective March 1, 2024 due to macro conditions making hurdles unattainable.
- CEO receives new annual LTI award valued at $19M in time-based RSUs (70%) and performance-based RSUs (30%) vesting over 4 years.
- President Dennis Woodside gets annual award of $15M; CFO Tyler Sloat gets $6M annual plus $4M special refresh RSU; CPO Ramamurthy gets $6M annual.
- Performance-based PRSUs tied to 2024 revenue and free cash flow targets; payout ranges 0%-200% for revenue and 0%-125% for FCF.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1544522/000154452224000016/0001544522-24-000016-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1544522/000154452224000016/frsh-20240213.htm
  HTML page:      https://secwatch.observer/filing/0001544522-24-000016

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