SAN FRANCISCO, CA – Unity Software Inc. (NYSE:U) announced on Monday that Carol Carpenter, the company's Senior Vice President and Chief Marketing Officer, will resign effective June 30, 2024. Carpenter will transition to the role of Strategic Marketing Advisor until her final departure on December 1, 2024.
According to the resignation and transition agreement, Carpenter will maintain her base salary and continue to accrue equity awards throughout the transition period. Upon her resignation, she will receive a series of lump-sum cash payments totaling approximately $468,250, reflecting a combination of her base salary, a pro-rata portion of her target bonus for 2024, and health care continuation costs.
The agreement also extends the post-termination exercise period for her vested stock options to the earliest of three years post-resignation, the original expiration date of the awards, or an earlier date as per the applicable equity plan. This extension is subject to certain conditions outlined in the agreement.
Unity Software's arrangement with Carpenter includes a customary release of claims. Should Carpenter's employment be terminated for "cause" prior to her resignation date, she would forfeit her base salary continuation, equity vesting, and would not be entitled to the extended exercise period or cash payments. Conversely, if Carpenter resigns before her set resignation date, she will no longer receive her base salary or equity vesting from that date but will still be entitled to the exercise period extension and cash payments.
This executive change comes at a time when the prepackaged software industry is witnessing significant shifts, with companies like Unity Software navigating through strategic realignments. The terms of Carpenter's departure were detailed in the 8-K filing with the Securities and Exchange Commission. The information presented in this article is based on statements from that SEC filing.
In other recent news, Unity Software has had a series of developments. The company's stock target was cut by Stifel due to a revised outlook for 2024 EBITDA, maintaining a Buy rating despite the price adjustment. Unity Software is also among the North American companies announcing job cuts, planning to reduce its workforce by a quarter. The company's Chief Product and Technology Officer, Marc Whitten, is set to step down in June, although he will remain with the company until the end of the year to ensure a smooth transition.
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