Pinterest amends Level 21 severance plan with new bonus and equity terms

Pinterest, Inc. amended and restated its Severance and Change in Control Plan for employees in Level 21 positions, effective September 30, 2026. The company disclosed the changes in a Form 8-K filed with the U.S. Securities and Exchange Commission on October 2, 2026.

The updated plan applies to specific employees in job category position Level 21. Under the revised terms, participants who execute a separation and release agreement and continue to adhere to confidential information and invention assignment agreements are entitled to additional benefits beyond those available under the prior version of the plan.

For terminations without cause that are not connected to a change in control, participants will receive a pro-rated portion of their target annual bonus for the year of termination. In the event of a termination without cause or for good reason in connection with a change in control, the bonus payout is set at the greater of the participant's target annual bonus for the year of termination or the annual bonus based on actual company performance, measured as of the date of the change in control.

The amendment also addresses equity awards and definitions of termination grounds. Performance-based restricted stock units remain subject to the terms of their applicable award agreements. The plan provides for single-trigger acceleration of equity awards only if those awards are not assumed, substituted, continued, or replaced during a transaction. Additionally, the definition of good reason has been revised to include a reduction of more than 10% in a participant's target annual bonus as grounds for a good reason termination.

The Form 8-K describes these changes as a summary subject to the full text of the plan, which Pinterest stated will be filed with its next quarterly report on Form 10-Q. Wanji Walcott, Chief Legal and Business Affairs Officer and Corporate Secretary, signed the report on behalf of the company.