Company: ZM
Filing Date: 2025-05-01
Form Type: DEF 14A
Source: 0001140361-25-016910
Chunk: 61

Company: Zoom Communications, Inc.
Filing Date: 2025-05-01
Form: DEF 14A
Chunk 61
---
 Ms. Steckelberg notified the Company of her intent to resign from her position as the Company’s Chief Financial Officer. In connection with her notice of resignation, we entered into a transition and separation agreement with Ms. Steckelberg on August 21, 2024, whereby Ms. Steckelberg agreed to continue to serve as the Company’s Chief Financial Officer through the release of the Company’s earnings for the fiscal quarter ending October 31, 2024 (the “Separation Date”) or the date of her successor’s appointment, in which case a period of advisory service would follow until the Separation Date. Ms. Steckelberg’s resignation from her position as Chief Financial Officer was effective as of October 7, 2024. Under the terms of the transition and separation agreement, Ms. Steckelberg forfeited all unvested equity awards as of the Separation Date and was not eligible to receive any severance payments or benefits under the terms of our Severance Plan (as defined below) in connection with her resignation. We maintain a Severance and Change in Control Plan (the “Severance Plan”) that was adopted in August 2022 and provides severance protection to certain Company employees, including each of our named executive officers. The Severance Plan generally replaces and supersedes the severance and change in control benefits in our named executive officers’ offer letters. The Severance Plan provides that, upon an involuntary termination without cause or resignation for good reason, in each case, within the change-in-control period (3 months prior to, or 12 months following, a change in control), the named executive officer will be entitled to receive, subject to the execution and delivery of an effective release of claims in our favor, (1) a lump sum cash payment equal to six months of annual base salary; (2) continued COBRA premium payments for six months following termination; and (3) 100% acceleration of any then-outstanding equity awards. The Severance Plan also provides that upon an involuntary termination without cause or resignation for good reason, in each case, outside of the change in control period, each of our named executive officers will be entitled to 12 months of acceleration of vesting for outstanding and unvested time-based equity awards. The terms “cause,” “good reason” and “change in control” are defined as set forth in the Severance Plan. As noted above, Ms. Steckelberg was subject to the Severance Plan, but