2019 Annual Report 2020. 4. 9.¢  Chief Design & Creative Officer, Pinterest, Inc. None None Benjamin

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Text of 2019 Annual Report 2020. 4. 9.¢  Chief Design & Creative Officer, Pinterest, Inc. None...

  • Proxy Statement & 2019 Annual Report

    Notice of 2020 Annual Meeting,

  • NOTICE OF ANNUAL MEETING OF STOCKHOLDERS To our stockholders:

    You are cordially invited to attend the 2020 annual meeting of stockholders (‘‘annual meeting’’) of Pinterest, Inc., a Delaware corporation (‘‘Pinterest’’ or the ‘‘company’’). The annual meeting will be held exclusively online at www.virtualshareholdermeeting.com/PINS2020 on Thursday, May 21, 2020, at 8:30 a.m. Pacific Time, for the following purposes:

    1. To elect the three Class I nominees for director named in the accompanying proxy statement to hold office until the 2023 annual meeting and until their successors have been duly elected and qualified, or until their office is otherwise vacated.

    2. To ratify the audit committee’s selection of Ernst & Young LLP as the company’s independent registered public accounting firm for the fiscal year 2020.

    3. To approve, on an advisory basis, the frequency of future advisory votes to approve our named executive officers’ compensation.

    4. To conduct any other business properly brought before the annual meeting.

    These proposals, as well as instructions for accessing the virtual annual meeting, are more fully described in the accompanying proxy statement. The record date for the annual meeting is March 25, 2020. Only stockholders of record at the close of business on that date may vote at the annual meeting or any adjournment thereof.

    By Order of the Board of Directors

    /s/ Christine Flores

    Christine Flores General Counsel & Corporate Secretary

    San Francisco, California April 9, 2020

    Important notice regarding the availability of proxy materials for Pinterest’s 2020 annual meeting of stockholders: The notice, proxy statement and annual report are available at www.proxyvote.com.

  • TABLE OF CONTENTS

    PROPOSAL 1: ELECTION OF DIRECTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

    Corporate Governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

    Board Structure and Role . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

    Board Selection and Evaluation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

    Board Committees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

    Other Governance Practices. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

    Director Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

    PROPOSAL 2: RATIFICATION OF SELECTION OF INDEPENDENT AUDITOR . . . 15

    Principal Accountant Fees and Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

    Pre-Approval Policies and Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

    Audit Committee Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

    PROPOSAL 3: ADVISORY VOTE ON SAY-ON-PAY FREQUENCY . . . . . . . . . . . . . . . . . 17

    Compensation Discussion and Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

    Compensation Committee Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

    Compensation Tables. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

    Equity Compensation Plan Information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

    OTHER MATTERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

    Executive Officers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

    Security Ownership of Certain Beneficial Owners and Management . . . . . . . . . . . . . . . . . . . . . . . . . . . 31

    Related Party Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35

    Delinquent Section 16(a) Reports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36

    Shareholder Proposals for the 2021 Annual Meeting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36

    VOTING AND ANNUAL MEETING INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37

  • Headquarters | 505 Brannan Street, San Francisco, California 94107 | (415) 617-5585 Investor Relations Website | investor.pinterestinc.com

    PROXY STATEMENT FOR THE 2020 ANNUAL MEETING OF STOCKHOLDERS

    To Be Held at 8:30 a.m. Pacific Time on Thursday, May 21, 2020

    This proxy statement is furnished in connection with the solicitation of your proxy by our board of directors (‘‘board’’) to vote at the 2020 annual meeting of stockholders (‘‘annual meeting’’), including at any adjournments or postponements of the annual meeting. This proxy statement contains information to be voted on at the annual meeting and certain other information required by Securities and Exchange Commission (‘‘SEC’’) rules. In accordance with SEC rules, we are making our proxy materials available at www.proxyvote.com with an option to request a printed set be mailed to you. We expect to begin mailing a notice of internet availability of proxy materials on April 9, 2020, to all stockholders of record entitled to vote at the annual meeting. The notice contains instructions for viewing the proxy materials and voting online and requesting a printed set of proxy materials.

    You are cordially invited to attend the annual meeting on Thursday, May 21, 2020, at 8:30 a.m. Pacific Time, which we are holding exclusively online via live webcast at www.virtualshareholdermeeting.com/PINS2020. Whether or not you expect to attend the annual meeting, please vote online, as instructed in these materials, as promptly as possible in order to ensure your representation at the annual meeting. Even if you have voted by proxy, you may still vote at the virtual annual meeting by following the instructions under ‘‘Voting and Annual Meeting Information’’.

    1

  • PROPOSAL 1: ELECTION OF DIRECTORS

    Our board is currently comprised of eight members. In accordance with our amended and restated certificate of incorporation, our board is divided into three staggered classes of directors. At the annual meeting, three Class I directors will be elected for a three-year term. Each director’s term continues until the election and qualification of his or her successor, or until their office is otherwise vacated. Each of the nominees standing for election at the annual meeting currently serves as a director. Two of the three director nominees were elected by our stockholders prior to our initial public offering in April 2019 (‘‘IPO’’) pursuant to the provisions of a voting agreement entered into by certain stockholders that terminated upon the completion of our IPO. In February 2020, our board appointed Gokul Rajaram as a Class I director until the annual meeting and nominated him for election at the annual meeting. Mr. Rajaram was recommended by Benjamin Silbermann.

    Upon recommendation by our nominating and corporate governance committee (which we refer to throughout this proxy statement as the governance committee), the board has nominated Jeffrey Jordan, Jeremy Levine and Gokul Rajaram for election for a term of three years (through the 2023 annual meeting) and until their successors have been duly elected and qualified, or until their office is otherwise vacated.

    THE BOARD RECOMMENDS A VOTE FOR EACH DIRECTOR NOMINEE

    2

  • Corporate Governance

    Our Board of Directors

    Our board is comprised of eight directors, divided into three classes. Each class consists, as nearly as

    possible, of one-third of the total number of directors, and each class has a three-year term. The following

    table provides summary information about each director, including the three nominees for election at the

    annual meeting.

    Name Class Age Director since

    Term Expires in

    Principal Occupation

    Other Public

    Company Boards

    Our Committee Membership

    Jeffrey Jordan I 61 2011 2020

    Managing Partner, Andreessen Horowitz

    None Governance Committee (member)

    Leslie Kilgore III 54 2019 2022 Former Chief Marketing Officer, Netflix, Inc.

    Netflix, Inc.; Medallia, Inc.

    Compensation Committee (member); Audit Committee (member)

    Jeremy Levine I 46 2011 2020 Partner, Bessemer Venture Partners

    Shopify Inc. Governance Committee (chair)

    Gokul Rajaram I 45 2020 2020 Caviar Lead, DoorDash Inc.

    The Trade Desk Inc.

    Governance Committee (member)

    Fredric Reynolds

    II 69