Form 4: Zuora Chief Product & Tech Officer Peter Hirsch Disposes of Shares and RSUs in Merger

Peter Hirsch, Chief Product & Tech Officer of Zuora, disposed of shares and restricted stock units (RSUs) following the merger with Zodiac Acquisition Sub, Inc., receiving $10.00 per share.

Summary

• On February 14, 2025, Zuora merged with Zodiac Acquisition Sub, Inc., a wholly owned subsidiary of Zodiac Purchaser, L.L.C.
• As a result of the merger, Peter Hirsch, Zuora's Chief Product & Tech Officer, disposed of 24,146 shares of Class A Common Stock at a price of $10.00 per share.
• Hirsch also had his restricted stock units (RSUs) canceled and converted into the right to receive cash.
• The cash received for the RSUs is equivalent to the number of shares underlying the RSU multiplied by the merger consideration of $10.00 per share.
• The converted RSU awards will vest and become payable according to the original vesting schedule and terms.

Sentiment

Score: 6

Explanation: Neutral sentiment as the document primarily reports the execution of a previously announced merger agreement and the resulting transactions for an insider.

Future Outlook

The converted RSU Award 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 merger and acquisition (M&A) transaction, a common occurrence in the technology industry as companies seek growth, market share, or strategic advantages. The acquisition of Zuora by Zodiac Purchaser, L.L.C. indicates a strategic move to either expand their portfolio or integrate Zuora's subscription management platform into their existing offerings.

Stakeholder Impact

• Shareholders received $10.00 per share as part of the merger agreement.
• Employees' RSUs were converted into cash awards with the same vesting schedule.

Key Dates