Form 4: Zuora CFO McElhatton's Shares and RSUs Converted to Cash Following Merger

Todd McElhatton, CFO of Zuora, had his shares and restricted stock units converted to cash at $10.00 per share following the merger with Zodiac Acquisition Sub, Inc.

Summary

• This Form 4 filing reports changes in beneficial ownership for Todd McElhatton, the Chief Financial Officer of Zuora Inc.
• On February 14, 2025, Zuora merged with Zodiac Acquisition Sub, Inc., a wholly owned subsidiary of Zodiac Purchase, L.L.C.
• As a result of the merger, McElhatton's Class A Common Stock was converted to cash at a rate of $10.00 per share.
• Specifically, 404,634 shares were converted to cash.
• Additionally, McElhatton's restricted stock units (RSUs) were converted into the right to receive cash equal to the number of shares subject to the RSU multiplied by the merger consideration of $10.00.
• The converted RSU awards will vest according to the original vesting schedule.

Sentiment

Score: 5

Explanation: Neutral sentiment as it reports a standard transaction following a merger agreement.

Future Outlook

The converted RSU awards will vest and become payable subject to and in accordance with the same vesting schedule and other terms and conditions applicable to the corresponding RSU immediately prior to the Effective Time, including any acceleration of vesting provisions.

Industry Context

This announcement reflects a completed merger transaction, which is a common occurrence in the tech industry as companies seek growth, consolidation, or acquisition by larger entities.

Key Dates