Pinterest amends severance plan for Level 21 employees, changing change-in-control terms
On September 30, 2026, Pinterest's board amended and restated its severance and change-in-control plan for employees in Level 21 positions, effective that day. The changes include a bonus formula for terminations tied to a change in control and a revised good reason definition that covers bonus cuts above 10%.
Key points
- Plan covers certain employees in job category Level 21; amended and restated effective September 30, 2026.
- Non-change-in-control termination: pro-rated target annual bonus, subject to a separation and release agreement.
- Change-in-control termination: greater of target bonus or bonus based on actual performance; single-trigger equity acceleration only if awards are not assumed or replaced.
- Good reason now includes a reduction of more than 10% in target annual bonus; full plan text to be filed with the next 10-Q.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 12:56 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 02, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.