Parag Agrawal will rake in quite a bit of moolah as the CEO of the San Francisco-based microblogging giant Twitter. Agrawal will get an annual salary of $1,000,000 and will be a participant in the Company’s executive bonus plan that aims to provide executives with a 150 per cent of annual base salary.
“In connection with his appointment as Chief Executive Officer, the Company entered into an offer letter with Mr Agrawal effective November 29, 2021. Pursuant to the Offer Letter, Mr Agrawal will receive an annual salary of $1,000,000 and will continue to be a participant in the Company’s executive bous plan with a new target bonus of 150 per cent of his annual base salary,” Twitter said in a SEC filing.
The filing further read that Agrawal will get restricted stock units or RSUs with a grant date face value of $12, 50,000. These RSUs will be performance-based and vest in 16 equal quarterly increments (each being 6.25 per cent of the grant) beginning from February 1, 2022. The performance goals for these restricted stock units will be determined by the Board on or before the grant date.
“The applicable goals and vesting schedule generally will be consistent for you and your direct reports. The Committee will consider making additional equity grants to you, commensurate with your position and in accordance with the Company’s practices from time to time (currently the Committee considers executive grants annually). All equity grants described above will be subject ot the terms of the applicable plan document and award agreement,” Twitter’s mail to Parag Agrawal read.
Agrawal thanked the senior management and Board members at Twitter for unanimously appointing him as the CEO. He said, “I want to thank the Board for their confidence in my leadership and Jack for his continued mentorship, support and partnership. I look forward to building on everything we have accomplished under Jack’s leadership and I am incredibly energised by the opportunities ahead. By continuing to improve our execution, we will deliver tremendous value for our customers and shareholders as we reshape the future of public conversation.”
Parag Agrawal has been with Twitter for more than a decade and has served as its Chief Technology Officer since October 2017. The outgoing Twitter CEO Jack Dorsey said that he trusts Parag deeply and that the latter’s work has been ‘transformational.’
“I decided to leave Twitter because I believe the company is ready to move on from its founders. My trust in Parag as Twitter’s CEO is deep. His work over the past 10 years has been transformational. I’m deeply grateful for his skill, heart and soul. It’s his time to lead,” Dorsey said.
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