Lemonade's Incoming CFO Gets $412,500 Salary And 80,000 Stock Units; Outgoing CFO Bixby Gets No Severance
An amended 8-K fills in pay terms that were undecided when Lemonade first announced its CFO handoff.
Lemonade has now disclosed in an amended 8-K that incoming CFO Nick Stead will earn a $412,500 base salary plus 80,000 restricted stock units, while outgoing CFO Tim Bixby, who moves to the board, gets no severance. The amendment, signed October 15, supplies compensation terms that the company says had not been determined when it filed the original report.
What the amendment says
The company and Stead signed an employment agreement on October 12. Besides the salary, it grants 80,000 restricted stock units, which are shares delivered over time. They vest quarterly over 4 years starting March 1, 2027, provided he keeps working there through each vesting date.
Bixby signed a transition letter agreement the same day. He stays CFO through January 1, 2027, and the agreement provides for no severance or other separation payments.
Because he remains a director, his move is not a termination under the company's 2020 Incentive Award Plan. His existing equity awards keep vesting on their original terms while he serves on the board.
As a non-employee director, Bixby falls under the company's director pay policy as amended effective January 1, 2027. It gives him a $50,000 annual cash retainer. Starting with the 2027 annual meeting, he also gets an annual restricted stock unit award with a grant date fair value of $185,000, vesting on the first anniversary of the grant if he is still on the board. The parties agreed he will get no initial equity award on joining the board, despite the policy.
What it changes
The original 8-K, filed July 29, reported that the board approved on July 27 moving Bixby to a Class III board seat and naming Stead his successor, both effective January 1, 2027. The amendment says it changes only the pay disclosure and nothing else in that report.
For holders, the filing sets the cost of the handoff: new stock for Stead, ongoing vesting for Bixby, and no separation payment. Lemonade shares were $45.77 in Thursday after-hours trading, against a regular close of $45.86.
What to watch
The company says Stead's full employment agreement will be filed as an exhibit to its quarterly report for the period ended September 30, 2026.
Stead takes over as CFO on January 1, 2027, the same day Bixby joins the board.
Sources
- 8-K/A Filing (Amendment) — Lemonade, Inc. (LMND) — SEC EDGAR
- Original 8-K — Lemonade, Inc. (filed 2026-07-29) — SEC EDGAR
