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

Company: Grove Collaborative Holdings, Inc.
Filing Date: 2025-04-29
Form: DEF 14A
Chunk 25
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 The Compensation Committee engaged an independent compensation consultant to provide advice with respect to such determinations. For 2024, the principal elements of Grove’s executive compensation program consisted of base salary, eligibility for a performance-based bonus and equity-based incentive awards.

#### 2024 Compensation of Named Executive Officers
Cash Compensation

Base salaries are intended to provide a level of compensation sufficient to attract and retain an effective management team, when considered in combination with the other components of the executive compensation program. In general, the Company provides a base salary level designed to reflect each named executive officer’s scope of responsibility and accountability. None of the named executive officers received base salary increases in 2024. At Mr. Landesberg’s request, Mr. Landesberg received a reduction in his 2024 base salary from $500,000 to $375,000 in March 2024. Mr. Yurcisin’s base salary in 2024 was $500,000. However, in 2024, Mr. Yurcisin’s 2025 base salary was reduced from $500,000 to $450,000 in light of Mr. Yurcisin’s willingness to receive an equity award in November 2024 in lieu of a portion of his base salary. Neither Mr. Cervantes nor Mr. Clark’s base salary changed in 2024.

In 2024 the Compensation Committee approved, and our named executive officers other than Mr. Landesberg participated in, an annual incentive plan. At his request, Mr. Landesberg did not participate in the Company’s 2024 annual incentive plan, and he also requested that the $500,000 transition bonus that Mr. Landesberg was eligible to receive as a part of his transition from chief executive officer to executive chairman be eliminated.

The annual incentive plan was adopted to attract and retain employees with a high caliber of talent and experience for our key positions and to link payments to the achievement of annual financial and/or operational objectives. Under the annual incentive plan, the named executive officers were eligible to receive a percentage of their annual base salary as a target cash payout contingent on Grove’s performance and the named executive officer’s individual performance.

For 2024, the Company’s performance was measured using net revenue and adjusted EBITDA goals, each weighted 50%. Under the terms of the 2024 annual incentive plan, net revenue was defined as GAAP net revenue. Adjusted EBITDA was defined as GAAP net loss, adjusted to exclude: stock-based compensation expense