Filed by the Registrant | Filed by a Party other than the Registrant |
o | Preliminary Proxy Statement | ||||||
o | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) | ||||||
x | Definitive Proxy Statement | ||||||
o | Definitive Additional Materials | ||||||
o | Soliciting Material under §240.14a-12 |
x | No fee required. | ||||||
o | Fee paid previously with preliminary materials. | ||||||
o | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. |
By Order of the Board of Directors, | |||||
Paul Grewal | |||||
Chief Legal Officer & Secretary |
Page | |||||||
| Proposals | | | Board Recommendation | | | Page Numbers for Additional Information | | |||
| 1 | | | Election of Directors | | | FOR ALL | | | | |
| 2 | | | Ratification of Appointment of Independent Registered Public Accounting Firm | | | FOR | | | | |
| 3 | | | Advisory Vote on the Compensation of Our Named Executive Officers | | | FOR | | | | |
| 4 | | | Advisory Vote on the Frequency of Future Advisory Votes on the Compensation of Our Named Executive Officers | | | 3 YEARS | | | |
Proposals | Board Recommendation | Page Numbers for Additional Information | |||||||||
1 | Election of Directors | FOR ALL | |||||||||
2 | Ratification of Appointment of Independent Registered Public Accounting Firm | FOR |
i |
ii |
Name(1) | Age | Independent | Position | Director Since | ||||||||||||||||||||||||||
Brian Armstrong | 41 | Chairman of the Board of Directors & Chief Executive Officer | May 2012 | |||||||||||||||||||||||||||
Marc L. Andreessen(2) | 52 | Director | December 2020 | |||||||||||||||||||||||||||
35 | Director | |||||||||||||||||||||||||||||
Kelly A. Kramer | 56 | Director | December 2020 | |||||||||||||||||||||||||||
Tobias Lütke | 43 | Director | ||||||||||||||||||||||||||||
Gokul Rajaram | 49 | Director | August 2020 | |||||||||||||||||||||||||||
62 | Lead Independent Director | January 2017 |
Brian Armstrong is our co-founder and has served as our Chief Executive Officer and a member of our Board of Directors since our inception in May 2012 and as Chairman of our Board of Directors since February 2021. Before our founding, Mr. Armstrong served as a software engineer at Airbnb, Inc., an online marketplace company, from May 2011 to June 2012. From August 2003 to May 2012, Mr. Armstrong served as the founder and Chief Executive Officer of Universitytutor.com, an online tutoring directory. Mr. Armstrong also previously served as a consultant for the enterprise risk management division at Deloitte & Touche LLP, an accounting and consulting firm, from July 2005 to November 2005. In January 2020, Mr. Armstrong founded ResearchHub Technologies, Inc., a scientific research development platform, where he currently serves as Chief Executive Officer and a member of the board of directors. In December 2021, Mr. Armstrong co-founded NewLimit, Inc., a healthcare research company, where he is an investor and a member of the board of directors. Mr. Armstrong holds a B.A. in Computer Science and Economics and an M.S. in Computer Science from Rice University. We believe Mr. Armstrong is qualified to serve on our Board of Directors because of the historical knowledge, operational expertise, leadership, and continuity that he brings to our Board of Directors as our co-founder and Chief Executive Officer. | |||||
1 |
Marc L. Andreessen has served as a member of our Board of Directors since December 2020. Mr. Andreessen is a co-founder and has been a General Partner of Andreessen Horowitz, a venture capital firm, since July 2009. Previously, Mr. Andreessen co-founded and served as the Chairman of the board of directors of Opsware, Inc. (formerly known as Loudcloud Inc.), a software company, from September 1999 until its acquisition by Hewlett-Packard Company, an information technology company, in September 2007. Prior to that time, Mr. Andreessen served as Chief Technology Officer of America Online, Inc., an internet services company, during a portion of 1999. Mr. Andreessen also co-founded Netscape Communications Corporation, a software company, serving in various positions, including Chief Technology Officer and Executive Vice President of Products from April 1994 until it was acquired by America Online in March 1999. Mr. Andreessen has served as a member of the board of directors of Meta Platforms, Inc. (formerly known as Facebook, Inc.), a social technology company, since June 2008, and as a member of the board of directors of Samsara Inc., a connected operations company, since May 2015. Mr. Andreessen also currently serves on the boards of directors of a number of privately held companies. Mr. Andreessen holds a B.S. in Computer Science from the University of Illinois at Urbana-Champaign. We believe that Mr. Andreessen is qualified to serve as a member of our Board of Directors because of his extensive leadership and business experience with the venture capital and technology industries, as well as his service on the boards of directors of other privately and publicly held companies. | |||||
Frederick Ernest Ehrsam III is our co-founder and has served as a member of our Board of Directors since March 2013. Mr. Ehrsam is co-founder at Paradigm, a crypto-focused investment firm, and served as a Managing Member from June 2018 to October 2023 and as a General Partner since October 2023. Mr. Ehrsam also currently serves on the board of directors of a number of privately held companies. From November 2012 to January 2017, Mr. Ehrsam served as our President. Prior to our founding, Mr. Ehrsam was a foreign exchange trader at The Goldman Sachs Group, Inc., a multinational investment bank and financial services company, from July 2010 to June 2012. Mr. Ehrsam holds a B.S. in Computer Science and Economics from Duke University. We believe Mr. Ehrsam is qualified to serve on our Board of Directors because of his understanding of the market dynamics and developments within the crypto asset industry as well as the historical knowledge, operational expertise, leadership, and continuity that he brings to our Board of Directors as our co-founder. | |||||
Kelly A. Kramerhas served as a member of our Board of Directors since December 2020. From January 2015 to December 2020, Ms. Kramer served as the Executive Vice President & Chief Financial Officer of Cisco Systems, Inc., a worldwide technology company. Prior to that, from January 2012 to January 2015, Ms. Kramer served in various finance roles at Cisco, including Senior Vice President, Corporate Finance and Senior Vice President, Business Technology and Operations Finance. Prior to Cisco, Ms. Kramer served in various finance roles at GE Healthcare Systems, including as Vice President & Chief Financial Officer, as well as in various finance roles at GE Healthcare Diagnostic Imaging and GE Healthcare Biosciences, all divisions of General Electric Company, a multinational conglomerate focusing on aviation, power, renewable energy, and digital industry. Ms. Kramer has served on the board of directors of Gilead Sciences, Inc., a biopharmaceutical company, since August 2016, and on the board of directors of Snowflake Inc., a cloud-data platform company, since January 2020. Ms. Kramer also currently serves on the board of directors of a privately held company. Ms. Kramer holds a B.S. in Mathematics from Purdue University. We believe Ms. Kramer is qualified to serve as a member of our Board of Directors because of her extensive financial expertise and management experience. | |||||
2 |
Tobias Lütke has served as a member of our Board of Directors since February 2022. Since September 2004, Mr. Lütke has served as co-founder and director of Shopify, Inc., an e-commerce company, and, since April 2008, has served as its Chief Executive Officer. Prior to this, Mr. Lütke served as Shopify’s Chief Technology Officer between September 2004 and April 2008. Mr. Lütke has worked on the core team of the Ruby on Rails, a server-side web application framework, and has created many popular open source libraries such as Active Merchant. We believe Mr. Lütke is qualified to serve on our Board of Directors because of his extensive business and leadership experience within the e-commerce and technology industries. | |||||
Gokul Rajaramhas served as a member of our Board of Directors since August 2020. Mr. Rajaram invests in and advises technology companies. From November 2019 to April 2024, Mr. Rajaram served as an executive at DoorDash, Inc., an on-demand prepared food delivery service. From July 2013 to October 2019, Mr. Rajaram held several key positions, including Caviar Lead and Register Lead, at Square, Inc., a financial technology company. Prior to Square, Mr. Rajaram served as Product Director of Ads at Meta Platforms, Inc. (formerly known as Facebook, Inc.), a social media company, from August 2010 to June 2013. Mr. Rajaram was Co-Founder and Chief Executive Officer of Chai Labs Inc., a semantic technology startup company, from December 2007 until it was acquired by Meta in September 2010. From January 2003 to November 2007, Mr. Rajaram served as Product Management Director for Google AdSense, an online advertising company. Mr. Rajaram previously served as a member of the board of directors of RetailMeNot, Inc., a multinational company that maintained a collection of coupon websites, from October 2013 until it was acquired by Harland Clarke Holdings Corp., a payment and marketing services firm, in May 2017. Mr. Rajaram has served as a member of the board of directors of Trade Desk Inc., a global technology company focused on the digital advertising space, since May 2018, and as a member of the board of directors of Pinterest, Inc., an image sharing and social media service, since February 2020. Mr. Rajaram also currently serves on the board of directors of multiple privately held companies. Mr. Rajaram holds a B. Tech in Computer Science from the Indian Institute of Technology Kanpur, a M.S. in Computer Science from the University of Texas, and an M.B.A. from the MIT Sloan School of Management. We believe Mr. Rajaram is qualified to serve as a member of our Board of Directors because of his extensive experience working with the management teams of a number of privately and publicly held companies and his knowledge and extensive experience with product development. | |||||
Fred Wilson has served as a member of our Board of Directors since January 2017 and as our Lead Independent Director since February 2021. Since June 2003, Mr. Wilson has served as a Partner at Union Square Ventures, a venture capital firm. Mr. Wilson has also served as a Managing Partner at Flatiron Partners, a private investment firm, since June 1996. Mr. Wilson has served as a member of the board of directors of Etsy, Inc., an e-commerce website, since June 2007 and has served as the Chairman of the board of directors of Etsy since October 2014. Mr. Wilson also currently serves on the boards of directors of a number of privately held companies. Mr. Wilson holds a S.B. in Mechanical Engineering from the Massachusetts Institute of Technology and an M.B.A. from the Wharton School at the University of Pennsylvania. We believe Mr. Wilson is qualified to serve as a member of our Board of Directors because of his extensive experience in the crypto market and venture capital industries, his knowledge of technology companies, and his deep understanding of our business and operations as one of our early investors. |
3 |
4 |
5 |
| Board of Directors Diversity Matrix | | ||||||||||||
| Total Number of Directors | | | 8 | | |||||||||
| | | Female | | | Male | | | Non-Binary | | | Did Not Disclose Gender | | |
| Part I: Gender Identity | | ||||||||||||
| Directors | | | 2 | | | 4 | | | — | | | 2 | |
| Part II: Demographic Background | | ||||||||||||
| African American or Black | | | — | | | — | | | — | | | — | |
| Alaskan Native or Native American | | | — | | | — | | | — | | | — | |
| Asian | | | — | | | 1 | | | — | | | — | |
| Hispanic or Latinx | | | — | | | — | | | — | | | — | |
| Native Hawaiian or Pacific Islander | | | — | | | — | | | — | | | — | |
| White | | | 2 | | | 3 | | | — | | | — | |
| Two or More Races or Ethnicities | | | — | | | — | | | — | | | — | |
| LGBTQ+ | | | — | | |||||||||
| Did Not Disclose Demographic Background | | | 2 | |
Board of Directors Diversity Matrix | ||||||||||||||
Total Number of Director Nominees | 7 | |||||||||||||
Female | Male | Non-Binary | Did Not Disclose Gender | |||||||||||
Part I: Gender Identity | ||||||||||||||
Director Nominees | 1 | 4 | — | 2 | ||||||||||
Part II: Demographic Background | ||||||||||||||
African American or Black | — | — | — | — | ||||||||||
Alaskan Native or Native American | — | — | — | — | ||||||||||
Asian | — | 1 | — | — | ||||||||||
Hispanic or Latinx | — | — | — | — | ||||||||||
Native Hawaiian or Pacific Islander | — | — | — | — | ||||||||||
White | 1 | 3 | — | — | ||||||||||
Two or More Races or Ethnicities | — | — | — | — | ||||||||||
LGBTQ+ | — | |||||||||||||
Did Not Disclose Demographic Background | 2 |
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7 |
8 |
9 |
10 |
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13 |
14 |
15 |
Name | | Stock Awards ($)(3)(4) | | Total ($) | Name | Stock Awards ($)(3)(4) | Total ($) | |||||||||||||||||||
Marc L. Andreessen(1) | | — | | — | ||||||||||||||||||||||
Frederick Ernest Ehrsam III | | 293,243 | | 293,243 | ||||||||||||||||||||||
Kathryn Haun | | 2,723,390 | | 2,723,390 | ||||||||||||||||||||||
Kelly A. Kramer | | 307,023 | | 307,023 | ||||||||||||||||||||||
Tobias Lütke | | — | | — | ||||||||||||||||||||||
Gokul Rajaram | | 288,650 | | 288,650 | ||||||||||||||||||||||
Fred Wilson(1) | | — | | — |
Stock Awards | |||||||||||
Name | Number of Shares Underlying Stock Awards Granted in the Year Ended December 31, 2023 (#) | Number of Shares Underlying Unvested Stock Awards Held as of December 31, 2023 (#) | |||||||||
Marc L. Andreessen | — | — | |||||||||
Frederick Ernest Ehrsam III | 5,755 | 5,755 | (1) | ||||||||
Kathryn Haun | 5,845 | 5,845 | (2) | ||||||||
Kelly A. Kramer | 6,294 | 6,294 | (3) | ||||||||
Tobias Lütke | 5,396 | 6,641 | (4) | ||||||||
Gokul Rajaram | 6,027 | 6,027 | (5) | ||||||||
Fred Wilson | — | — |
16 |
Our Board of Directors recommends that you vote “FOR ALL” nominees in the election of each of the seven director nominees. |
18 |
| | 2020 | | 2021 | |||||||||||||||||||||||
2022 | 2022 | 2023 | |||||||||||||||||||||||||
Audit fees(1) | | $6,979 | | $6,165 | |||||||||||||||||||||||
Audit-related fees(2) | | 428 | | 1,075 | |||||||||||||||||||||||
Tax fees(3) | | 1,105 | | 237 | |||||||||||||||||||||||
Other fees(4) | | 15 | | 104 | |||||||||||||||||||||||
Total fees | | $8,527 | | $7,581 |
19 |
Our Board of Directors recommends that you vote “FOR” the ratification of the appointment of Deloitte as our independent registered public accounting firm for the year ending December 31, 2024. |
20 |
Name | Age | ||||||||||||||||
Brian Armstrong | 41 | Chairman of the Board of Directors & Chief Executive Officer | |||||||||||||||
Emilie Choi | 45 | President & Chief Operating Officer | |||||||||||||||
Alesia | 47 | Chief Financial Officer | |||||||||||||||
Paul Grewal | 52 | Chief Legal Officer & Secretary | |||||||||||||||
Lawrence Brock | 52 | Chief People Officer |
Emilie Choi has served as our Chief Operating Officer since June 2019 and our President since November 2020. Ms. Choi previously served as our Vice President of Business, Data and International, from March 2018 to June 2019. From December 2009 to March 2018, Ms. Choi served as the Vice President & Head of Corporate Development for LinkedIn Corporation, a professional networking site and, following its acquisition in December 2016, a subsidiary of Microsoft Corporation, a software company. From August 2007 to December 2009, Ms. Choi served in various positions at Warner Bros. Entertainment Inc., a mass media and entertainment company, including as Director of Digital Business Strategy and Operations and Manager of Corporate Business Development and Strategy. Ms. Choi has served as a member of the board of directors of Okta, Inc., an identity and access management company, since August 2022. Ms. Choi previously served as a member of the board of directors of ZipRecruiter, Inc., a jobs marketplace, from May 2021 to August 2022, Naspers Limited, a global internet group, from April 2017 to August 2021, and Prosus N.V., the international internet assets division of Naspers Limited, from April 2017 to August 2021. Ms. Choi holds a B.A. in Economics from the Johns Hopkins University and an M.B.A. from the Wharton School at the University of Pennsylvania. |
Alesia Haas has served as our Chief Financial Officer since April 2018. Prior to joining us, Ms. Haas served as the Chief Financial Officer for Sculptor Capital Management, Inc. (formerly Och Ziff Capital Management Group LLC), a global institutional alternative asset manager, from December 2016 to April 2018. Prior to that, Ms. Haas served in various leadership positions at OneWest Bank, N.A., a commercial bank, from March 2009 until shortly after its acquisition by CIT Group Inc. in December 2015, including most recently as its Chief Financial Officer from January 2013 until the acquisition. Ms. Haas has served as a member of the board of directors of ANGI Homeservices Inc., an internet services company, since September 2017, and Vimeo, Inc., a video software company, since May 2021. Ms. Haas previously served as a member of the board of directors of Sears Holding Corp., a retail holding company, from February 2016 to December 2016. Ms. Haas holds a B.S. in Business Administration from California Polytechnic State University, San Luis Obispo. |
21 |
Paul Grewalhas served as our Chief Legal Officer & Secretary since August 2020. Prior to joining us, Mr. Grewal served as Vice President & Deputy General Counsel of Meta Platforms, Inc. (formerly known as Facebook, Inc.), a social technology company, from June 2016 to August 2020. From December 2010 to June 2016, Mr. Grewal served as a U.S. Magistrate Judge for the U.S. District Court of the Northern District of California. Mr. Grewal was previously a partner at Howrey LLP, a global law firm, and served as a Judicial Law Clerk for the U.S. Court of Appeals for the Federal Circuit and the U.S. District Court for the Northern District of Ohio. Mr. Grewal currently serves on the board of directors of a privately held company and a nonprofit organization. Mr. Grewal holds a S.B. in Civil and Environmental Engineering from the Massachusetts Institute of Technology and a J.D. from the University of Chicago Law School. |
Lawrence Brock has served as our Chief People Officer since February 2019. Prior to joining us, Mr. Brock served as Senior Managing Director and Chief People Officer at Citadel LLC, a hedge fund, from April 2016 to March 2019. From April 2008 to April 2016, Mr. Brock served as Vice President of Global Talent Group and People Infrastructure for Red Hat, Inc., a global open-source software company. Mr. Brock holds a B.A. in Business Administration from the University at Albany, SUNY and an M.B.A. from Georgia State University’s J. Mack Robinson College of Business. |
22 |
Brian Armstrong | Chairman of the Board of Directors & Chief Executive Officer | ||||||||||||
Emilie Choi | President & Chief Operating Officer | ||||||||||||
Alesia Haas | Chief Financial Officer | ||||||||||||
Paul Grewal | Chief Legal Officer & Secretary | ||||||||||||
Lawrence Brock | Chief People Officer |
23 |
What We Do | What We Don’t Do | ||||||||||||||
• | Maintain an independent and experienced compensation committee | • | No pension plans or supplemental executive retirement plans | ||||||||||||
•Maintain an independent compensation committee advisor | • | No hedging of our stock | |||||||||||||
•A significant portion of compensation is performance-based or variable and not guaranteed | • | No pledging of our stock without prior approval by our Chief Legal Officer | |||||||||||||
•Pay-for-performance philosophy and culture | • | No discounted stock option awards | |||||||||||||
•Conduct annual reviews of Named Executive Officer compensation | • | No single-trigger change in control arrangements | |||||||||||||
•Regularly assess risks of our compensation program | • | No excessive perquisites | |||||||||||||
•Emphasize long-term equity compensation | • | No excise tax gross-ups | |||||||||||||
•Double-trigger change in control agreements | |||||||||||||||
• | Require executives to trade through Rule 10b5-1 plans | ||||||||||||||
•Maintain a compensation recovery policy to ensure accountability |
24 |
Named Executive Officer | Position | ||||||||||||||||
Brian Armstrong | Chairman of the Board of Directors & Chief Executive Officer | ||||||||||||||||
Emilie Choi | President & Chief Operating Officer | ||||||||||||||||
Alesia Haas | Chief Financial Officer | ||||||||||||||||
Paul Grewal | Chief Legal Officer & Secretary | 730,000 | |||||||||||||||
Lawrence Brock | Chief People Officer | 730,000 |
25 |
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26 |
Tranche | | | Vesting Percentage | | | Number of Shares Underlying the Option | | | Achievement Date |
$200 per share | | | 34.0% | | | 3,159,930 | | | 7/8/2021 |
$240 per share | | | 13.2% | | | 1,226,796 | | | — |
$280 per share | | | 13.2% | | | 1,226,796 | | | — |
$320 per share | | | 13.2% | | | 1,226,796 | | | — |
$360 per share | | | 13.2% | | | 1,226,797 | | | — |
$400 per share | | | 13.2% | | | 1,226,796 | | | — |
27 |
Tranche | Vesting Percentage (%) | Number of Shares Underlying the Option (#) | Achievement Date | |||||||||||||||||
$200 per share | 34.0 | 3,159,930 | 7/8/2021 | |||||||||||||||||
$240 per share | 13.2 | 1,226,796 | — | |||||||||||||||||
$280 per share | 13.2 | 1,226,796 | — | |||||||||||||||||
$320 per share | 13.2 | 1,226,796 | — | |||||||||||||||||
$360 per share | 13.2 | 1,226,797 | — | |||||||||||||||||
$400 per share | 13.2 | 1,226,796 | — |
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Palo Alto Networks | |||||||||||||||||||||
The Trade Desk | |||||||||||||||||||||
DocuSign | |||||||||||||||||||||
DoorDash | |||||||||||||||||||||
Dropbox | |||||||||||||||||||||
Intuit | Snowflake |
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30 |
31 |
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Name and Principal Position | | Year(1) | | Salary ($)(1) | | Bonus ($) | | Stock Awards ($)(2) | | Option Awards ($)(2) | | All Other Compensation ($) | | Total ($) | Name and Principal Position | Year(1) | Salary ($)(1) | Bonus ($) | Stock Awards ($)(2) | Option Awards ($)(2) | All Other Compensation ($) | Total ($) | |||||||||||||||||||||||||||||||||||||||||||
Brian Armstrong Chairman of the Board of Directors & Chief Executive Officer | | | 2021 | | 1,000,000 | | — | | — | | — | | 1,987,027(3) | | 2,987,027 | Brian Armstrong Chairman of the Board of Directors & Chief Executive Officer | 2023 | 1,000,000 | — | — | — | 3,704,800 | (3) | 4,704,800 | |||||||||||||||||||||||||||||||||||||||||
| 2020 | | 1,000,000 | | — | | — | | 56,670,000(4) | | 1,802,256(5) | | 59,472,256 | 2022 | 1,000,000 | — | — | — | 6,465,350 | (4) | 7,465,350 | ||||||||||||||||||||||||||||||||||||||||||||
Brian Armstrong Chairman of the Board of Directors & Chief Executive Officer | 2021 | 1,000,000 | — | — | — | 2,267,027 | (5) | 3,267,027 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Emilie Choi President & Chief Operating Officer | 2023 | 875,000 | — | 29,834,049 | (6) | 7,480,527 | 35,037 | (7) | 38,224,613 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 873,958 | 62,499 | (8) | 9,870,254 | 12,600,325 | 92,926 | (9) | 23,499,963 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Emilie Choi President & Chief Operating Officer | | 2021 | | 850,000 | | 367,276(6) | | — | | — | | 19,500(7) | | 1,236,776 | 2021 | 850,000 | 367,276 | (8) | — | — | 2,900 | (10) | 1,220,176 | ||||||||||||||||||||||||||||||||||||||||||
Alesia Haas Chief Financial Officer | | 2021 | | 709,000 | | — | | 15,505,943 | | — | | 19,500(7) | | 16,234,443 | Alesia Haas Chief Financial Officer | 2023 | 730,000 | — | — | — | 3,300 | (10) | 733,300 | ||||||||||||||||||||||||||||||||||||||||||
Surojit Chatterjee Chief Product Officer | | | 2021 | | 709,000 | | 213,889(8) | | — | | — | | 19,500(7) | | 942,389 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | | 616,435(9) | | 300,000(8) | | — | | 14,950,463 | | 15,866,898 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Alesia Haas Chief Financial Officer | Alesia Haas Chief Financial Officer | 2022 | 729,125 | — | 4,935,031 | 6,300,115 | 3,050 | (10) | 11,967,321 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 709,000 | — | 15,505,943 | — | 2,900 | (10) | 16,217,843 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 2021 | | 709,000 | | — | | — | | — | | 26,000(7) | | 735,000 | 2023 | 730,000 | — | 2,267,167 | 2,244,146 | 3,300 | (10) | 5,244,613 | |||||||||||||||||||||||||||||||||||||||||||
Paul Grewal Chief Legal Officer & Secretary | | 2020 | | 209,519(9) | | 100,000(10) | | 7,601,630 | | 10,106,430 | | — | | 18,017,579 | Paul Grewal Chief Legal Officer & Secretary | 2022 | 729,125 | — | 2,960,942 | 3,780,031 | 3,050 | (10) | 7,473,148 | ||||||||||||||||||||||||||||||||||||||||||
2021 | 709,000 | — | — | — | 2,900 | (10) | 711,900 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lawrence Brock Chief People Officer | 2023 | 730,000 | — | 2,267,167 | 2,244,146 | 3,300 | (10) | 5,244,613 |
33 |
Name | | | Grant Date | | | All Other Stock Awards: Number of Shares of Stock or Units (#) | | | Grant Date Fair Value of stock and option awards ($)(1) |
Brian Armstrong | | | — | | | — | | | — |
Emilie Choi | | | — | | | — | | | — |
Alesia Haas | | | 1/27/2021(2) | | | 124,336 | | | 15,505,943 |
Surojit Chatterjee | | | — | | | — | | | — |
Paul Grewal | | | — | | | — | | | — |
Estimated Future Payouts Under Equity Incentive Plan Awards(1) | All Other Stock Awards: Number of Shares of Stock or Units (#) | All Other Option Awards: Number of Shares Underlying Options (#) | Exercise or Base Price of Option Awards ($/Share) | Grant Date Fair Value of Stock and Option Awards ($)(2) | |||||||||||||||||||||||||
Name | Type of Award | Grant Date | Threshold (#) | Target (#) | Maximum (#) | ||||||||||||||||||||||||
Brian Armstrong | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Emilie Choi | PRSU(3) | 4/20/2023 | 200,991 | 401,983 | 803,966 | — | — | — | 22,276,787 | ||||||||||||||||||||
RSU(4) | 2/5/2023 | — | — | — | 133,994 | — | — | 7,557,262 | |||||||||||||||||||||
Stock Option(4) | 2/5/2023 | — | — | — | — | 185,391 | 74.63 | 7,480,527 | |||||||||||||||||||||
Alesia Haas | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Paul Grewal | RSU(4) | 2/5/2023 | — | — | — | 40,198 | — | — | 2,267,167 | ||||||||||||||||||||
Stock Option(4) | 2/5/2023 | — | — | — | — | 55,617 | 74.63 | 2,244,146 | |||||||||||||||||||||
Lawrence Brock | RSU(4) | 2/5/2023 | — | — | — | 40,198 | — | — | 2,267,167 | ||||||||||||||||||||
Stock Option(4) | 2/5/2023 | — | — | — | — | 55,617 | 74.63 | 2,244,146 |
34 |
Option Awards | Stock Awards | ||||||||||||||||||||||||||||||||||||||||
Name | Grant Date(1) | Vesting Commencement Date | Number of Securities Underlying Unexercised Options Exercisable (#) | Number of Securities Underlying Unexercised Options Unexercisable (#) | EIP Awards: Number of Securities Underlying Unexercised Unearned Options (#) | Option Exercise Price ($) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($)(2) | Equity Incentive Plan Awards: Number of Unearned Shares or Units That Have Not Vested (#) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares or Units That Have Not Vested ($)(2) | ||||||||||||||||||||||||||||||
Brian Armstrong | 10/31/2019 | (3) | 6/3/2019 | 2,753,924 | — | — | 18.71 | 10/30/2029 | — | — | — | — | |||||||||||||||||||||||||||||
8/11/2020 | (4) | — | 3,159,930 | — | 6,133,981 | 23.46 | 8/10/2030 | — | — | — | — | ||||||||||||||||||||||||||||||
Emilie Choi | 5/1/2018 | (5) | 3/5/2018 | 110,000 | — | — | 6.9733 | 4/30/2028 | — | — | — | — | |||||||||||||||||||||||||||||
10/31/2019 | (6) | 6/3/2019 | 1,308,513 | — | — | 18.71 | 10/30/2029 | — | — | — | — | ||||||||||||||||||||||||||||||
2/9/2022 | (7) | 2/20/2022 | 133,539 | — | — | 214.50 | 2/9/2032 | — | — | — | — | ||||||||||||||||||||||||||||||
2/9/2022 | (8) | 2/20/2022 | — | — | — | — | — | 17,143 | 2,981,511 | — | — | ||||||||||||||||||||||||||||||
2/5/2023 | (9) | 11/20/2022 | 185,391 | — | — | 74.63 | 2/5/2033 | — | — | — | — | ||||||||||||||||||||||||||||||
2/5/2023 | (10) | 11/20/2022 | — | — | — | — | — | 89,329 | 15,536,100 | — | — | ||||||||||||||||||||||||||||||
4/20/2023 | (11) | — | — | — | — | — | — | — | — | 401,983 | 69,912,883 | ||||||||||||||||||||||||||||||
Alesia Haas | 5/1/2018 | (12) | 4/17/2018 | 617,668 | — | — | 6.9733 | 4/30/2028 | — | — | — | — | |||||||||||||||||||||||||||||
4/29/2020 | (13) | 1/1/2020 | 78,433 | — | — | 18.13 | 4/28/2030 | — | — | — | — | ||||||||||||||||||||||||||||||
2/9/2022 | (7) | 2/20/2022 | 66,769 | — | — | 214.50 | 2/9/2032 | — | — | — | — | ||||||||||||||||||||||||||||||
2/9/2022 | (8) | 2/20/2022 | — | — | — | — | — | 8,571 | 1,490,668 | — | — | ||||||||||||||||||||||||||||||
Paul Grewal | 9/21/2020 | (14) | 8/31/2020 | 401,722 | — | — | 26.26 | 9/20/2030 | — | — | — | — | |||||||||||||||||||||||||||||
11/23/2020 | (14) | 8/31/2020 | 185,304 | — | — | 28.71 | 11/22/2030 | — | — | — | — | ||||||||||||||||||||||||||||||
12/29/2020 | (15) | 11/20/2020 | — | — | — | — | — | 57,693 | 10,033,967 | — | — | ||||||||||||||||||||||||||||||
2/9/2022 | (7) | 2/20/2022 | 40,061 | — | — | 214.50 | 2/9/2032 | — | — | — | — | ||||||||||||||||||||||||||||||
2/9/2022 | (8) | 2/20/2022 | — | — | — | — | — | 5,143 | 894,471 | — | — | ||||||||||||||||||||||||||||||
2/5/2023 | (9) | 11/20/2022 | 55,617 | — | — | 74.63 | 2/5/2033 | — | — | — | — | ||||||||||||||||||||||||||||||
2/5/2023 | (10) | 11/20/2022 | — | — | — | — | — | 26,799 | 4,660,882 | — | — | ||||||||||||||||||||||||||||||
Lawrence Brock | 4/17/2019 | (14) | 2/25/2019 | 25,994 | — | — | 17.87 | 4/16/2029 | — | — | — | — | |||||||||||||||||||||||||||||
2/5/2020 | (16) | 2/5/2020 | 183,520 | — | — | 18.71 | 2/4/2030 | — | — | — | — | ||||||||||||||||||||||||||||||
12/29/2020 | (15) | 2/20/2021 | — | — | — | — | — | 96,705 | 16,818,934 | — | — | ||||||||||||||||||||||||||||||
2/9/2022 | (7) | 2/20/2022 | 40,061 | — | — | 214.50 | 2/9/2032 | — | — | — | — | ||||||||||||||||||||||||||||||
2/9/2022 | (8) | 2/20/2022 | — | — | — | — | — | 5,143 | 894,471 | — | — | ||||||||||||||||||||||||||||||
2/5/2023 | (9) | 11/20/2022 | 55,617 | — | — | 74.63 | 2/5/2033 | — | — | — | — | ||||||||||||||||||||||||||||||
2/5/2023 | (10) | 11/20/2022 | — | — | — | — | — | 26,799 | 4,660,882 | — | — |
| | | | | | Option Awards | | | Stock Awards | ||||||||||||||||||
Name | | | Grant Date(1) | | | Vesting Commencement Date | | | Number of Securities Underlying Unexercised Options (#) Exercisable | | | Number of Securities Underlying Unexercised Options (#) Unexercisable | | | EIP Awards: Number of Securities Underlying Unexercised Unearned Options (#) | | | Option Exercise Price ($) | | | Option Expiration Date | | | Number of Shares or Units of Stock That Have Not Vested (#) | | | Market Value of Shares or Units of Stock That Have Not Vested ($)(2) |
Brian Armstrong | | | 10/31/2019(3) | | | 6/3/2019 | | | 2,753,924 | | | — | | | — | | | 18.71 | | | 10/30/2029 | | | — | | | — |
| 8/11/2020(4) | | | — | | | 3,159,930 | | | — | | | 6,133,981 | | | 23.46 | | | 8/10/2030 | | | — | | | — | ||
Emilie Choi | | | 5/1/2018(5) | | | 3/5/2018 | | | 110,000 | | | — | | | — | | | 6.9733 | | | 4/30/2028 | | | — | | | — |
| 10/31/2019(6) | | | 6/3/2019 | | | 1,308,513 | | | — | | | — | | | 18.71 | | | 10/30/2029 | | | — | | | — | ||
| 12/29/2020(7) | | | 11/20/2020 | | | — | | | — | | | — | | | — | | | 12/29/2030 | | | 184,201 | | | 46,486,806 | ||
Alesia Haas | | | 5/1/2018(8) | | | 4/17/2018 | | | 1,094,500 | | | — | | | — | | | 6.9733 | | | 4/30/2028 | | | — | | | — |
| 4/29/2020(9) | | | 1/1/2020 | | | 221,456 | | | — | | | — | | | 18.13 | | | 4/28/2030 | | | — | | | — | ||
| 1/27/2021(10) | | | 2/20/2021 | | | — | | | — | | | — | | | — | | | 1/27/2031 | | | 82,891 | | | 20,919,202 | ||
Surojit Chatterjee | | | 2/5/2020(11) | | | 2/3/2020 | | | 1,686,692 | | | — | | | — | | | 18.71 | | | 2/4/2030 | | | — | | | — |
Paul Grewal | | | 9/21/2020(11) | | | 8/31/2020 | | | 490,295 | | | — | | | — | | | 26.26 | | | 9/20/2030 | | | — | | | — |
| 11/23/2020(11) | | | 8/31/2020 | | | 185,304 | | | — | | | — | | | 28.71 | | | 11/22/2030 | | | — | | | — | ||
| 12/29/2020(12) | | | 11/20/2020 | | | — | | | — | | | — | | | — | | | 12/29/2030 | | | 173,079 | | | 43,679,947 |
35 |
36 |
| | Option Awards | | Stock Awards | ||||||||||||||||||||||||||||
Name | Name | Option Awards | Stock Awards | |||||||||||||||||||||||||||||
| Number of Shares Acquired on Exercise (#) | | Value Realized on Exercise ($)(1)(2) | | Number of Shares Acquired on Vesting (#) | | Value Realized on Vesting ($)(3) | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($)(1)(2) | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($)(3) | |||||||||||||||||||||
Brian Armstrong | | — | | — | | — | | — | Brian Armstrong | — | — | — | ||||||||||||||||||||
Emilie Choi | | 831,424 | | 195,899,937 | | 92,101 | | 23,724,978 | Emilie Choi | — | 153,909 | 11,592,047 | ||||||||||||||||||||
Alesia Haas | | 255,500 | | 97,539,112 | | 41,445 | | 10,676,096 | Alesia Haas | 150,000 | 4,733,213 | 50,017 | 3,767,153 | |||||||||||||||||||
Surojit Chatterjee | | 315,344 | | 102,549,503 | | — | | — | ||||||||||||||||||||||||
Paul Grewal | | 239,732 | | 57,713,046 | | 57,693 | | 19,185,808 | Paul Grewal | 88,573 | 10,841,595 | 76,234 | 5,741,684 | |||||||||||||||||||
Lawrence Brock | Lawrence Brock | 104,767 | 16,483,380 | 115,247 | 8,680,077 |
37 |
38 |
| | Upon a Qualifying Termination - No Change of Control | | | Upon a Qualifying Termination - Change of Control | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Cash Severance ($)(1) | | Continuation of Medical Benefits ($) | | Value of Accelerated Vesting ($) | | Total ($) | | | Cash Severance ($)(1) | | Continuation of Medical Benefits ($) | | Value of Accelerated Vesting ($)(2) | | Total ($) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon a Qualifying Termination - No Change of Control | Upon a Qualifying Termination - No Change of Control | Upon a Qualifying Termination - Change of Control | Upon a Change of Control - No Qualifying Termination | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Severance ($)(1) | Cash Severance ($)(1) | Continuation of Medical Benefits ($) | Value of Accelerated Vesting ($) | Total ($) | Cash Severance ($)(1) | Continuation of Medical Benefits ($) | Value of Accelerated Vesting ($)(2) | Total ($) | Cash Severance($)(1) | Continuation of Medical Benefits ($) | Value of Accelerated Vesting ($) | Total ($) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brian Armstrong | | 500,000 | | 4,091 | | — | | 504,091 | | | 1,000,000 | | 8,182 | | 522,131,695 | | 523,139,877 | Brian Armstrong | 500,000 | 4,974 | — | 504,974 | 1,000,000 | 9,947 | — | 1,009,947 | — | — | (3) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Emilie Choi | | 425,000 | | 10,907 | | — | | 435,907 | | | 850,000 | | 21,814 | | 212,878,171 | | 213,749,985 | Emilie Choi | 437,500 | 15,532 | 32,780,792 | (4) | 33,233,824 | 875,000 | 31,064 | 32,780,792 | (5) | 33,686,856 | — | — | 32,780,792 | (6) | 32,780,792 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alesia Haas | | 354,500 | | 10,945 | | — | | 365,445 | | | 709,000 | | 21,889 | | 75,544,041 | | 76,274,930 | Alesia Haas | 365,000 | 14,070 | — | 379,070 | 730,000 | 28,139 | 2,209,483 | 2,967,622 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Surojit Chatterjee | | 354,500 | | 11,016 | | — | | 365,516 | | | 709,000 | | 22,032 | | 253,389,550 | | 254,120,582 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paul Grewal | | 354,500 | | 10,945 | | — | | 365,445 | | | 709,000 | | 21,889 | | 181,229,954 | | 181,960,843 | Paul Grewal | 365,000 | 14,452 | — | 379,452 | 730,000 | 28,904 | 41,690,390 | 42,449,294 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lawrence Brock | Lawrence Brock | 365,000 | 14,452 | — | 379,452 | 730,000 | 28,904 | 26,055,761 | 26,814,665 | — | — | — |
39 |
40 |
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Value of Initial Fixed $100 Investment Based on(5): | ||||||||||||||||||||||||||
Fiscal Year | Summary Compensation Table Total for CEO ($)(1) | Compensation Actually Paid to CEO ($)(2) | Average Summary Compensation Table Total for Non-CEO NEOs ($)(3) | Average Compensation Actually Paid to Non-CEO NEOs ($)(4) | Total Shareholder Return ($) | Peer Group Total Shareholder Return ($) | Net Income (Loss) ($ in Billions)(6) | Stock Price ($)(7) | ||||||||||||||||||
2023 | 4,704,800 | 680,876,182 | 12,361,785 | 53,452,196 | 53 | 120 | 0.1 | 173.92 | ||||||||||||||||||
2022 | 7,465,350 | (1,362,073,553) | 15,916,740 | (125,780,983) | 11 | 74 | (2.6) | 35.39 | ||||||||||||||||||
2021 | 3,267,027 | 2,118,756,064 | 4,768,927 | 277,238,370 | 77 | 115 | 3.6 | 252.37 |
CEO | ||||||||||||||||||||
Fiscal Year | 2023 | 2022 | 2021 | |||||||||||||||||
SCT Total | $ | 4,704,800 | $ | 7,465,350 | $ | 3,267,027 | ||||||||||||||
Plus: Change in Fair Value of Outstanding and Unvested Option Awards and Stock Awards Granted in Prior Fiscal Years | $ | 670,110,000 | $ | (1,273,645,578) | $ | 1,386,999,851 | ||||||||||||||
Plus: Change in Fair Value as of Vesting Date of Option Awards and Stock Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year | $ | 6,061,382 | $ | (95,893,325) | $ | 728,489,186 | ||||||||||||||
Compensation Actually Paid | $ | 680,876,182 | $ | (1,362,073,553) | $ | 2,118,756,064 |
42 |
Non-CEO NEOs | ||||||||||||||||||||
Fiscal Year | 2023 | 2022 | 2021 | |||||||||||||||||
Average SCT Total | $ | 12,361,785 | $ | 15,916,740 | $ | 4,768,927 | ||||||||||||||
Less: Grant Date Fair Value of Option Awards and Stock Awards Granted in Fiscal Year | $ | 11,584,300 | $ | 15,068,622 | $ | 3,876,486 | ||||||||||||||
Plus: Fair Value at Fiscal Year-End of Outstanding and Unvested Option Awards and Stock Awards Granted During Fiscal Year | $ | 24,543,399 | $ | 2,509,293 | $ | 20,919,202 | ||||||||||||||
Plus: Change in Fair Value of Outstanding and Unvested Option Awards and Stock Awards Granted in Prior Fiscal Year | $ | 16,570,987 | $ | (80,270,713) | $ | 144,726,114 | ||||||||||||||
Plus: Fair Value at Vesting of Option Awards and Stock Awards Granted in Fiscal Year That Vested During Fiscal Year | $ | 2,471,750 | $ | 3,151,760 | $ | 10,948,391 | ||||||||||||||
Plus: Change in Fair Value as of Vesting Date of Option Awards and Stock Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year | $ | 9,088,576 | $ | (52,019,441) | $ | 99,752,222 | ||||||||||||||
Average Compensation Actually Paid | $ | 53,452,196 | $ | (125,780,983) | $ | 277,238,370 |
43 |
44 |
Total Shareholder Return | ||
Net Income (Loss) | ||
Stock Price | ||
Revenue | ||
Adjusted EBITDA |
45 |
Plan category | | Class of Common Stock | | Number of securities to be issued upon exercise of outstanding options, warrants and rights (#) | | Weighted- average exercise price of outstanding options ($)(1) | | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column(a)(#) | Plan category | Class of Common Stock | Number of securities to be issued upon exercise of outstanding options, warrants and rights (#) | Weighted-average exercise price of outstanding options ($)(1) | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column(a)) (#) | ||||||||||||||||
| | (a) | | (b) | | (c) | (b) | (c) | |||||||||||||||||||||
Equity compensation plans approved by security holders | | | Class A(2) | | 38,362,107 | | td1.58 | | 101,221,934(4) | Equity compensation plans approved by security holders | Class A(2) | 28,892,857 | 28.05 | 58,389,878 | (5) | ||||||||||||||
| Class B(3) | | 6,101,017 | | $4.04 | | — | ||||||||||||||||||||||
Equity compensation plans not approved by security holders | | — | | — | | — | | — | |||||||||||||||||||||
Equity compensation plans not approved by security holders | |||||||||||||||||||||||||||||
Equity compensation plans not approved by security holders | |||||||||||||||||||||||||||||
Total | | Class A and Class B | | 44,463,124 | | $18.69 | | 101,221,934 | |||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Total |
46 |
| | Shares Beneficially Owned | | | |||||||||||
| | Class A Common Stock | | | Class B Common Stock | | | ||||||||
Name of Beneficial Owner | | | Number | | | Percent | | | Number | | | Percent | | | Percent of Total Voting Power(1) |
Named Executive Officers and Directors: | | | | | | | | | | | |||||
Brian Armstrong(2) | | | 5,943,572 | | | 3.4 | | | 33,656,301 | | | 69.7 | | | 59.5 |
Emilie Choi(3) | | | 1,657,411 | | | * | | | 110,000 | | | * | | | * |
Alesia Haas(4) | | | 329,035 | | | * | | | 1,094,500 | | | 2.2 | | | 1.9 |
Surojit Chatterjee(5) | | | 1,752,196 | | | 1.0 | | | — | | | — | | | * |
Paul Grewal(6) | | | 767,759 | | | * | | | — | | | — | | | * |
Marc L. Andreessen(7) | | | 14,232,369 | | | 8.4 | | | — | | | — | | | 1.3 |
Frederick Ernest Ehrsam III(8) | | | 3,718,430 | | | 2.2 | | | 14,636,793 | | | 30.3 | | | 26.1 |
Kathryn Haun(9) | | | 213,499 | | | * | | | — | | | — | | | * |
Kelly A. Kramer(10) | | | 10,941 | | | * | | | — | | | — | | | * |
Tobias Lütke(11) | | | 25,500 | | | * | | | — | | | — | | | * |
Gokul Rajaram(12) | | | 10,865 | | | * | | | — | | | — | | | * |
Fred Wilson(13) | | | 439,928 | | | * | | | — | | | — | | | * |
All executive officers and directors as a group (12 persons)(14) | | | 29,101,505 | | | 15.8 | | | 49,497,594 | | | 99.9 | | | 87.1 |
Other 5% Stockholders: | | | | | | | | | | | |||||
Entities affiliated with Andreessen Horowitz(15) | | | 14,018,115 | | | 8.3 | | | — | | | — | | | 1.2 |
47 |
*Represents beneficial ownership of less than 1% of our outstanding shares of common stock. (1)Percentage of total voting power represents voting power with respect to all shares of our common stock, as a single class outstanding as of March 31, 2024. The holders of our Class B common stock are entitled to twenty votes per share, and holders of our Class A common stock are entitled to one vote per share. Shares of our common stock subject to stock options that are currently exercisable or exercisable within 60 days of March 31, 2024, RSUs that are expected to vest and settle within 60 days of March 31, 2024 and shares purchasable under our 2021 ESPP within 60 days of March 31, 2024 are deemed to be outstanding and to be beneficially owned by the person holding the stock options, RSUs or right to purchase shares under the 2021 ESPP for the purpose of computing the percentage ownership of that person but are not treated as outstanding for the purpose of computing the percentage ownership of any other person. (2)Represents (i) 5,913,854 shares underlying options to purchase Class A common stock that are exercisable within 60 days of March 31, 2024; (ii) 526 shares of Class A common stock held by held by The Brian Armstrong Living Trust, of which Mr. Armstrong is trustee; (iii) 25,925,425 shares of Class B |
(5)Represents (i) 66,122 shares of Class A common stock held by Mr. Grewal; (ii) 602,704 shares underlying options to purchase Class A common stock that are exercisable within 60 days of March 31, 2024; (iii) 23,461 shares of Class A common stock subject to RSUs that are settleable within 60 days of March 31, 2024 and (iv) a maximum of 411 shares of Class A common stock that are issuable under our 2021 ESPP within 60 days of March 31, 2024. (6)Represents (i) 13,556 shares of Class A common stock held by Mr. Brock; (ii) 73,846 shares underlying options to purchase Class A common stock that are exercisable within 60 days of March 31, 2024; (iii) 33,213 shares of Class A common stock subject to RSUs that are settleable within 60 days of March 31, 2024 and (iv) a maximum of 70 shares of Class A common stock that are issuable under our 2021 ESPP within 60 days of March 31, 2024. (7)Represents (i) 1,147,460 shares of Class A common stock held of record by the LAMA Community Trust, of which Mr. Andreessen and his spouse are trustees and (ii) 2,568 shares of Class A common stock held of record by AD Holdings, LLC, of which Mr. Andreessen is a manager. Mr. Andreessen, a member of our Board of Directors, may be deemed to share voting and dispositive power with regard to the shares held directly by the LAMA Community Trust and AD Holdings, LLC. |
49 |
50 |
51 |
52 |
53 |
54 |
55 |
56 |
57 |
58 |
By Order of the Board of Directors, | ||
Paul Grewal | ||
Chief Legal Officer & Secretary |
59 |
Year Ended December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
Net income | $ | 94,871 | |||||||||||||||||||||||||||||||||||||||
Adjusted to exclude the following: | |||||||||||||||||||||||||||||||||||||||||
Benefit from income taxes | (171,716) | ||||||||||||||||||||||||||||||||||||||||
Interest expense | 82,766 | ||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 139,642 | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 780,668 | ||||||||||||||||||||||||||||||||||||||||
Other impairment expense | 18,793 | ||||||||||||||||||||||||||||||||||||||||
Non-recurring accrued legal contingencies, settlements, and related costs | 15,000 | ||||||||||||||||||||||||||||||||||||||||
Impairment on crypto assets still held, net | 29,481 | ||||||||||||||||||||||||||||||||||||||||
Restructuring | 142,594 | ||||||||||||||||||||||||||||||||||||||||
Fair value gain on derivatives | (41,033) | ||||||||||||||||||||||||||||||||||||||||
Crypto asset borrowing costs | 4,807 | ||||||||||||||||||||||||||||||||||||||||
Gain on extinguishment of long-term debt, net | (117,383) | ||||||||||||||||||||||||||||||||||||||||
Gain on investments, net | (20,826) | ||||||||||||||||||||||||||||||||||||||||
Unrealized foreign exchange loss | 17,190 | ||||||||||||||||||||||||||||||||||||||||
Other adjustments, net | (11,200) | ||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 963,654 |
60 |