HUBSPOT INC
For the period ended Jun 11, 2024. Filed Apr 25, 2024.
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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
Jun 11, 2024 · Filed Apr 25, 2024
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
(Amendment No. )
Filed by the Registrant Filed by a Party other than the Registrant
Check the appropriate box:
Preliminary Proxy Statement
Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
Definitive Proxy Statement
Definitive Additional Materials
Soliciting Material under §240.14a-12
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check all boxes that apply):
No fee required.
Fee paid previously with preliminary materials.
Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.
April 25, 2024
Dear Fellow Stockholders:
I am pleased to invite you to attend the 2024 Annual Meeting of Stockholders (the “Annual Meeting”) of HubSpot, Inc. (“HubSpot”) to be held on Tuesday, June 11, 2024 at 9:00 a.m. Eastern Time. The Annual Meeting will be a virtual stockholder meeting, conducted via live audio webcast, through which you can submit questions and vote online.
Details regarding the meeting and the business to be conducted are more fully described in the accompanying Notice of 2024 Annual Meeting of Stockholders and Proxy Statement.
Pursuant to the Securities and Exchange Commission (“SEC”) rules that allow issuers to furnish proxy materials to stockholders over the Internet, we are posting the proxy materials on the Internet and delivering a notice of the Internet availability of the proxy materials. On or about April 25, 2024, we will begin mailing to our stockholders a Notice of Internet Availability (the “Notice”) containing instructions on how to access or request a copy of our Proxy Statement for the 2024 Annual Meeting of Stockholders and our Annual Report on Form 10-K for the year ended December 31, 2023.
Your vote is important. Whether or not you plan to attend the virtual Annual Meeting, I hope you will vote as soon as possible. You may vote over the Internet or at the Annual Meeting or, if you requested printed copies of proxy materials, you also may vote by mailing a proxy card or voting by telephone. Please review the instructions on the Notice or on the proxy card regarding your voting options.
Thank you for being a HubSpot stockholder. We look forward to seeing you at our Annual Meeting.
Sincerely,
Brian Halligan
Co-founder and Executive Chairperson
YOUR VOTE IS IMPORTANTIn order to ensure your representation at the virtual Annual Meeting, whether or not you plan to attend the virtual Annual Meeting, please vote your shares as promptly as possible over the Internet by following the instructions on your Notice or, if you requested printed copies of your proxy materials, by following the instructions on your proxy card. Your participation will help to ensure the presence of a quorum at the Annual Meeting and save HubSpot the extra expense associated with additional solicitation. If you hold your shares through a broker, your broker is not permitted to vote on your behalf on (1) the election of directors, (2) the non-binding, advisory vote to approve the compensation of our named executive officers, (3) the vote to approve the HubSpot, Inc. 2024 Stock Option and Incentive Plan, or (4) the vote to amend the HubSpot, Inc. Seventh Amended and Restated Certificate of Incorporation to limit the liability of certain officers in certain circumstances as permitted pursuant to recent amendments to Delaware law, unless you provide specific instructions to the broker by completing and returning any voting instruction form that the broker provides (or following any instructions that allow you to vote your broker-held shares via telephone or the Internet). For your vote to be counted, you will need to communicate your voting decision before the date of the Annual Meeting. Voting your shares in advance will not prevent you from attending the virtual Annual Meeting, revoking your earlier submitted proxy or voting your stock during the virtual Annual Meeting.
2 Canal Park
Cambridge, MA 02141
NOTICE OF 2024 ANNUAL MEETING OF STOCKHOLDERS
NOTICE IS HEREBY GIVEN that HubSpot, Inc. will hold its 2024 Annual Meeting of Stockholders (the “Annual Meeting”) on Tuesday, June 11, 2024 at 9:00 a.m. Eastern Time. The Annual Meeting will be a virtual stockholder meeting, conducted via live audio webcast, through which you can submit questions and vote online. The Annual Meeting can be accessed by visiting www.virtualshareholdermeeting.com/HUBS2024 and entering your 16-digit control number (included on the Notice of Internet Availability of Proxy Materials mailed to you). The purpose of the Annual Meeting will be the following:
To elect three Class I directors, Brian Halligan, Ron Gill, and Jill Ward, to hold office until the 2027 annual meeting of stockholders and until their successors are duly elected and qualified, subject to their earlier resignation or removal;
To ratify the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2024;
To conduct a non-binding, advisory vote to approve the compensation of our named executive officers;
To approve the HubSpot, Inc. 2024 Stock Option and Incentive Plan;
To approve an amendment of the Company’s Seventh Amended and Restated Certificate of Incorporation to limit the liability of certain officers in certain circumstances as permitted pursuant to recent amendments to Delaware law; and
To transact any other business that properly comes before the Annual Meeting (including adjournments and postponements thereof).
Only stockholders of record at the close of business on April 15, 2024 are entitled to notice of and to vote at the Annual Meeting as set forth in the Proxy Statement. You are entitled to attend the Annual Meeting only if you were a stockholder as of the close of business on April 15, 2024 or hold a valid proxy for the Annual Meeting.
For instructions on how to vote your shares, please refer to the instructions on the Notice of Internet Availability of Proxy Materials you received in the mail, the section entitled “Voting” beginning on page 1 of this Proxy Statement or, if you requested to receive printed proxy materials, your enclosed proxy card.
By Order of the Board of Directors,
Alyssa Harvey Dawson
Chief Legal Officer and Secretary
Cambridge, Massachusetts
April 25, 2024
PROXY STATEMENT FOR THE 2024 ANNUAL MEETING
OF STOCKHOLDERS
TABLE OF CONTENTS
| ABOUT THE ANNUAL MEETING | 1 | |
|---|---|---|
| Internet Availability of Proxy Materials | 1 | |
| Record Date | 1 | |
| Quorum | 1 | |
| Shares Outstanding | 1 | |
| Voting | 1 | |
| Annual Meeting Participation | 2 | |
| Technical Issues During the Meeting | 2 | |
| Revoking Your Proxy | 2 | |
| Votes Required to Adopt Proposals | 2 | |
| Effect of Abstentions and Broker Non-Votes | 3 | |
| Voting Instructions | 3 | |
| Voting Results | 3 | |
| Additional Solicitation/Costs | 3 | |
| Householding | 3 | |
| Questions on Voting | 4 | |
| DIRECTORS AND EXECUTIVE OFFICERS | 5 | |
| CORPORATE GOVERNANCE | 8 | |
| Board Independence | 8 | |
| Board Leadership Structure | 8 | |
| Board and Committee Meetings | 9 | |
| Corporate Governance Policies and Committee Charters | 9 | |
| Board Committees | 10 | |
| Identifying and Evaluating Director Nominees | 11 | |
| Board Skills and Experience Matrix | 13 | |
| Stockholder Communications | 13 | |
| Board and Committee Evaluations | 14 | |
| Board’s Role in Risk Oversight | 14 | |
| Compensation of Non-Employee Directors | 15 | |
| PURPOSE AT HUBSPOT | 16 | |
| Sustainability Strategy and Oversight | 16 | |
| Culture and Values | 17 | |
| Diversity, Inclusion, and Belonging | 17 | |
| Social Impact | 18 | |
| Related Company Policies | 18 | |
| Stakeholder Engagement | 19 | |
| SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT | 23 | |
| Delinquent Section 16(a) Reports | 24 |
| EXECUTIVE COMPENSATION | 25 | |
|---|---|---|
| Compensation Discussion and Analysis | 25 | |
| Executive Summary | 25 | |
| Compensation Philosophy | 27 | |
| Determining Executive Compensation | 28 | |
| Elements of Compensation | 30 | |
| Compensation Risk Assessment | 34 | |
| Other Benefits | 35 | |
| Severance and Change in Control Payments and Benefits | 35 | |
| Other Compensation Practices and Policies | 35 | |
| Tax and Accounting Considerations | 36 | |
| Compensation Committee Interlocks and Insider Participation | 36 | |
| 2023 SUMMARY COMPENSATION TABLE | 37 | |
| 2023 GRANTS OF PLAN-BASED AWARDS TABLE | 38 | |
| 2023 OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END TABLE | 39 | |
| 2023 OPTION EXERCISES AND STOCK VESTED TABLE | 40 |
| ADDITIONAL INFORMATION RELATING TO EXECUTIVE COMPENSATION PROGRAM | 40 | |
|---|---|---|
| 2023 Potential Payments upon Termination or Change in Control | 40 | |
| CEO Pay Ratio | 41 | |
| Pay Versus Performance | 42 | |
| Report of the Compensation Committee of the Board of Directors | 49 | |
| RELATED PERSON TRANSACTIONS | 50 | |
| Certain Relationships and Transactions | 50 | |
| Policies and Procedures for Related Person Transactions | 51 | |
| PROPOSAL ONE - ELECTION OF DIRECTORS | 52 | |
| PROPOSAL TWO - RATIFICATION OF THE APPOINTMENT OF OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 53 | |
| PROPOSAL THREE – NON-BINDING, ADVISORY VOTE TO APPROVE THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS | 56 | |
| PROPOSAL FOUR – APPROVAL OF HUBSPOT, INC. 2024 STOCK OPTION AND INCENTIVE PLAN | 57 | |
| PROPOSAL FIVE – APPROVAL OF AN AMENDMENT TO OUR SEVENTH AMENDED AND RESTATED CERTIFICATE OF INCORPORATION TO LIMIT THE LIABILITY OF CERTAIN OFFICERS OF THE COMPANY IN CERTAIN CIRCUMSTANCES AS PERMITTED PURSUANT TO RECENT AMENDMENTS TO THE DELAWARE GENERAL CORPORATION LAW | 63 | |
| TRANSACTION OF OTHER BUSINESS | 65 | |
| ADDITIONAL INFORMATION | 65 | |
| APPENDIX A - RECONCILIATION OF NON-GAAP OPERATING INCOME AND RECONCILIATION OF CONSTANT CURRENCY REVENUE GROWTH | A-1 | |
| APPENDIX B - HUBSPOT, INC. 2024 STOCK OPTION AND INCENTIVE PLAN | B-1 | |
| APPENDIX C - CERTIFICATE OF AMENDMENT TO THE SEVENTH AMENDED AND RESTATED CERTIFICATE OF INCORPORATION OF HUBSPOT, INC. | C-1 |
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