UNITED STATES
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CURRENT REPORT
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 8, 2020, the compensation committee of the board of directors (the “Board”) of BlackLine, Inc. (the “Company”) modified the compensation arrangements for each of Therese Tucker, the Company’s Chief Executive Officer and Marc Huffman, the Company’s current President and Chief Operating Officer, in connection with the transition of Ms. Tucker to the serve as the Executive Chair of the Board and Mr. Huffman to serve as the Company’s Chief Executive Officer. This transition is effective January 1, 2021 and was described on a Form 8-K previously filed on August 6, 2020.
Effective January 1, 2021, Mr. Huffman’s base salary will increase to $475,000 and his target annual incentive will remain at 100% of his base salary. In addition, when equity awards are made to the Company’s officers in 2021, Mr. Huffman will receive an equity award with an approximate value of $6,000,000.
Effective January 1, 2021, Ms. Tucker’s base salary will decrease to $328,000 and her target annual incentive will be reduced to 75% of her base salary, with such changes resulting in a 30% reduction in her total target cash compensation. No decisions have been made with respect to equity awards for Ms. Tucker.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BLACKLINE, INC. | ||||||
| Date: December 14, 2020 | By: | /s/ Karole Morgan-Prager | ||||
| Karole Morgan-Prager | ||||||
| Chief Legal and Administrative Officer | ||||||