Form 4: Institutional Venture Management XIV, LLC Reports Changes in Beneficial Ownership of ZipRecruiter, Inc. Shares

Institutional Venture Management XIV, LLC reports changes in its beneficial ownership of ZipRecruiter, Inc. shares due to the receipt and disposal of shares related to director compensation.

Summary

• On September 10, 2024, Institutional Venture Management XIV, LLC (IVM XIV) acquired 6,211 shares of Class A Common Stock from Eric Liaw, who received them as part of ZipRecruiter's non-employee director compensation policy.
• IVM XIV also disposed of 10,459 shares of Class A Common Stock on the same day.
• Institutional Venture Management XV, LLC (IVM XV) acquired 6,211 shares of Class A Common Stock from Eric Liaw on September 10, 2024.
• Following these transactions, IVM XIV directly owns 10,458 shares of Class A Common Stock.
• IVM XV indirectly holds 1,784,475 shares through Institutional Venture Partners XV, L.P. (IVP XV), 9,495 shares through Institutional Venture Partners XV Executive Fund, L.P. (IVP XV EF), and various amounts through family trusts associated with managing directors.
• Todd C. Chaffee, Norman A. Fogelsong, Stephen J. Harrick, Jules A. Maltz, J. Sanford Miller, and Dennis B. Phelps, Jr., as managing directors of IVM XIV and IVM XV, may be deemed to share voting and dispositive power over these shares but disclaim beneficial ownership except to the extent of their pecuniary interest.

Sentiment

Score: 5

Explanation: This is a neutral report on changes in stock ownership, with no inherent positive or negative implications for the company's performance.

Industry Context

This filing reflects routine transactions related to director compensation and the management of equity holdings by venture capital firms, which is a common occurrence in publicly traded companies with venture capital backing.

Comparison to Industry Standards

• Form 4 filings are standard practice for reporting changes in beneficial ownership by insiders, as mandated by the SEC.
• Venture capital firms like Institutional Venture Management frequently manage their holdings in portfolio companies through various entities and trusts, which is a typical structure in the venture capital industry.
• Director compensation in the form of equity is a common practice among publicly traded companies, aligning director interests with shareholder value.

Stakeholder Impact

• The transactions reported may have a minor impact on shareholders due to the change in ownership by Institutional Venture Management.
• The receipt of shares by directors as compensation aligns their interests with those of the shareholders.

Key Dates