Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 4, 2022, Laurence Wilson notified Yelp Inc. (the "Company") of his
decision to step down from his position as Chief Administrative Officer, General
Counsel and Corporate Secretary, effective January 14, 2022. Aaron Schur, the
Company's Vice President, Deputy General Counsel, has been appointed to serve as
Senior Vice President, General Counsel following such date.
On January 7, 2022, the Company entered into a transition agreement (the
"Agreement") with Mr. Wilson, pursuant to which he will remain employed by the
Company in an advisory capacity on a full-time basis through February 21, 2022
and on a part-time basis from February 22, 2022 through May 20, 2022 (the
"Separation Date"). Mr. Wilson's current salary and benefits will remain in
effect until February 21, 2022. He will continue vesting in his outstanding
equity awards through the Separation Date and will be paid at an hourly rate
equivalent to his current annualized base salary of $450,000 for hours worked
after February 21, 2022. Mr. Wilson will not receive severance benefits under
the Company's Executive Severance Benefits Plan in connection with his
departure.
The foregoing is only a brief description of the Agreement, does not purport to
be complete and is qualified in its entirety by reference to the Agreement, a
copy of which is filed as Exhibit 10.1 to this Current Report.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number Description
10.1 Transition Agreement, dated January 7, 2022, by and between Yelp Inc. and
Laurence Wilson.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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