Form 4: Marqeta Executive Michael Milotich Awarded Stock Units

Michael Milotich, Interim CEO and CFO of Marqeta, Inc., received restricted and performance stock units convertible into Class A Common Stock on March 15, 2025.

Summary

• Michael Milotich, Interim CEO and CFO of Marqeta, Inc., was granted restricted stock units (RSUs) and performance stock units (PSUs) on March 15, 2025.
• The RSUs include 502,039 units that vest over time, starting June 1, 2025, and 254,958 units that vest six months after a new CEO is appointed.
• The PSUs are tied to gross profit and adjusted EBITDA targets, with a target of 150,611 shares for gross profit and 64,548 shares for adjusted EBITDA, potentially doubling at maximum achievement.
• All units are convertible into Class A Common Stock.

Sentiment

Score: 7

Explanation: The document is a routine disclosure of stock unit grants, which is generally neutral to positive as it incentivizes management. The sentiment is slightly positive as it indicates continued investment in key personnel.

Positives

• The stock unit grants align Michael Milotich's interests with the company's performance.
• The vesting schedules incentivize continued service and achievement of performance targets.

Risks

• The vesting of the RSUs is contingent on continued service, so any departure of Michael Milotich could impact the number of shares ultimately issued.
• The performance stock units are dependent on achieving specific gross profit and adjusted EBITDA targets, which may not be met.

Future Outlook

The number of shares issued from the performance stock units will depend on the achievement of gross profit and adjusted EBITDA targets.

Industry Context

Stock-based compensation is a common practice in the tech industry to attract and retain executives and align their interests with shareholders.

Comparison to Industry Standards

• Stock grants are a typical component of executive compensation packages in the fintech industry, similar to companies like Block (formerly Square), PayPal, and Adyen.
• The vesting schedules and performance-based metrics are also standard practices to incentivize long-term value creation.

Stakeholder Impact

• Shareholders may view the stock grants positively as they align management's interests with the company's performance.
• Employees may see the grants as a sign of the company's commitment to its leadership.

Key Dates