secwatch.observer — SEC 8-K summary
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Issuer:     Root, Inc. (ROOT)
CIK:        0001788882
Form:       8-K
Filed at:   2021-07-02T23:59:59+00:00
Accession:  0001788882-21-000051
Event type: leadership
Sentiment:  neutral
Materiality: 0.55
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1788882/000178888221000051/0001788882-21-000051-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1788882/000178888221000051/root-20210701.htm
  HTML page:      https://secwatch.observer/filing/0001788882-21-000051

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