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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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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. |
Effective as of May 31, 2022 (the “Effective Date”), the Compensation Committee of Frontdoor, Inc. (the “Company”) granted Mr. Brian K. Turcotte, Senior Vice President and Chief Financial Officer of the Company, and Mr. Jeffrey A. Fiarman, Senior Vice President, General Counsel and Secretary of the Company, each a special equity grant under the Company’s 2018 Omnibus Incentive Plan having a value of $387,500 and $270,000, respectively, of which 100% will be in the form of performance-based non-qualified stock options to purchase the Company’s common stock (“Performance Options”). The Performance Options will vest upon the achievement of both (1) a service condition, which will be deemed satisfied on the first anniversary of the grant date subject to the respective executive’s continuous service with the Company through such date, and (2) a performance condition, which will be deemed satisfied if, on or prior to the fourth anniversary of the Effective Date, the Company’s common stock achieves designated per share price targets based on the volume-weighted average price of the common stock over any 20 consecutive trading day period as reflected on the Nasdaq (the “VWAP”). The “performance condition” will be deemed satisfied with respect to the value of one-third of each grant upon each of a $35.00 VWAP, $40.00 VWAP and $45.00 VWAP, respectively.
SIGNATURE
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.
| Dated: June 6, 2022 | FRONTDOOR, INC. | |||||
| By: | /s/ Jeffrey A. Fiarman | |||||
| Name: | Jeffrey A. Fiarman | |||||
| Title: | Senior Vice President, General Counsel and Secretary | |||||
