Form 4: Pinterest Director Jeremy S. Levine Reports Acquisition of Restricted Stock Units

Director Jeremy S. Levine reports the acquisition of 6,274 Restricted Stock Units (RSUs) and assignment agreements related to Class A Common Stock.

Summary

• Jeremy S. Levine, a director of Pinterest, Inc., filed a Form 4 disclosing changes in his beneficial ownership.
• On May 24, 2024, Levine acquired 6,274 Restricted Stock Units (RSUs) at a price of $41.44 per share.
• These RSUs will vest on the earlier of May 24, 2025, or the date immediately prior to the company's next regular annual shareholders meeting, contingent upon continued service as a non-employee director.
• Levine also holds 1,200,954 shares of Class A Common Stock, including shares received from pro rata distributions-in-kind from BVP Entities on August 10, 2021.
• Levine has agreed to assign a portion of his shares and the rights to shares issuable pursuant to the RSUs to Deer Management Co. LLC.

Sentiment

Score: 7

Explanation: The sentiment is neutral to positive. The director is receiving equity, which aligns interests with shareholders. The assignment of shares to Deer Management Co. LLC is not inherently negative but warrants further investigation if it becomes a pattern.

Positives

• The acquisition of RSUs by a director signals confidence in the company's future performance.

Future Outlook

The vesting of the RSUs is contingent upon the Reporting Person's continued service as a non-employee director.

Industry Context

Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to investors.

Comparison to Industry Standards

• Director equity grants are a common practice across the technology industry to align director interests with shareholder value.
• Companies like Meta, Alphabet, and Snap also utilize RSU grants for their directors.
• The vesting schedule of one year is fairly standard for director RSU grants.

Related Party Transactions

• The Reporting Person has agreed to assign a portion of his shares of Class A common stock to Deer Management Co. LLC.
• The Reporting Person has agreed to assign to Deer Management Co. LLC the right to any shares issuable pursuant to the RSUs or any proceeds from the sale thereof.

Stakeholder Impact

• The acquisition of RSUs by a director can be viewed positively by shareholders as it aligns the director's interests with the company's long-term success.
• The assignment of shares to Deer Management Co. LLC could potentially impact shareholders depending on the nature of the agreement and the influence of Deer Management Co. LLC.

Key Dates