Company: GROVW
Filing Date: 2025-04-29
Form Type: DEF 14A
Source: 0001628280-25-020642
Chunk: 27

Company: Grove Collaborative Holdings, Inc.
Filing Date: 2025-04-29
Form: DEF 14A
Chunk 27
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cisin in February 2024 given that Mr. Yurcisin received equity awards in connection with the commencement of his employment with the Company in August 2023. However, as noted above, Mr. Yurcisin received an RSU grant in November 2024 in lieu of a portion of his 2025 base salary.

In determining the number of shares subject to RSUs to grant to Messrs. Cervantes in February 2024, the Compensation Committee reviewed, as one factor, the value of equity awards at the 50 th percentile of a group of peer companies it had approved with the advice of the Compensation Committee’s compensation consultant. In light of the Company’s stock price at the time and the dilution to existing stockholders that would result by granting the number of shares subject to RSUs with a targeted value at the 50 th percentile, the Compensation Committee reduced the number of shares that would provide that value by 70% for Mr. Cervantes.

The Compensation Committee granted a PSU award to Mr. Landesberg in February 2024. The PSU award granted to Mr. Landesberg in February 2024 was with respect to 286,000 shares of Common Stock. The PSU award was structured with both performance-based and time-based vesting conditions. Under the performance-based vesting component, the PSUs were eligible to vest in 25% installments based on the Company achieving a 90-day volume weighted average price of our Common Stock of $3.50, $5.00, $7.00, and $10.00 during the January 1, 2024 through December 31, 2027 performance period. The closing price of the Common Stock on the New York Stock Exchange was $1.84 on the date the award to Mr. Landesberg was approved by the Compensation Committee. In addition to the performance-based component, the Mr. Landesberg’s PSU award is subject to time-based vesting over three years (1/3 vesting on January 1, 2025 and the remainder vesting in eight quarterly installments thereafter).

In connection with the Company’s hiring of Mr. Yurcisin, Mr. Yurcisin was awarded a PSU award covering 510,000 shares of Common Stock in August 2023. The award was structured similarly to the award granted to Mr. Landesberg in February 2024, but the time-based aspect of Mr. Yurcisin’s award was four years