Root CTO Daniel Manges ceases as employee, becomes advisor for $10k/month; unvested equity forfeited

Root, Inc.

Daniel Manges ceases as CTO employee effective July 2, 2021, and enters Advisor Agreement starting July 3, 2021.
Monthly advisor fee of $10,000 plus reasonable approved expenses; either party may terminate at any time.
Unvested equity awards forfeited; 1,257,080 restricted shares subject to repurchase by Root at $0.678/share.
Transition was previously disclosed on June 7, 2021; Manges had agreed to step down as CTO effective June 21.

item 5.02 item 9.01

Executive movements

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Departed

Daniel Manges

Chief Technology Officer

ROOT · Root, Inc.

Effective: 2021-06-21
Filed: July 2, 2021, 7:59 PM ET

effective June 21, 2021, Daniel Manges, Chief Technology Officer, agreed to transition out of his role

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Daniel Manges changed role as Chief Technology Officer at Root, Inc..

Action: agreed to transition out of his role
Role: Chief Technology Officer

Exact text from the filing

effective June 21, 2021, Daniel Manges, Chief Technology Officer, agreed to transition out of his role

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Root, Inc. filing history →

Source: SEC EDGAR

accession 0001788882-21-000051

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