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[8-K] Sonder Holdings Inc. Reports Material Event

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8-K
Rhea-AI Filing Summary

Sonder Holdings (NASDAQ:SOND) announced a significant leadership transition as CEO Francis Davidson steps down from his position and board directorship effective June 24, 2025. Janice Sears has been appointed as Interim Chief Executive Officer while maintaining her role as Board Chairperson.

The company has structured a comprehensive compensation package for Sears, including a $60,000 monthly base salary and equity awards comprising Sign-On RSUs valued at $175,000 and additional New Hire RSUs. Davidson's separation agreement includes $2.2 million in cash severance, healthcare benefits worth $32,730, and various equity acceleration provisions.

Sonder Holdings (NASDAQ:SOND) ha annunciato un importante cambio nella leadership: il CEO Francis Davidson lascer脿 il suo incarico e il ruolo di membro del consiglio di amministrazione a partire dal 24 giugno 2025. Janice Sears 猫 stata nominata Amministratore Delegato ad interim, mantenendo contemporaneamente la carica di Presidente del Consiglio.

L'azienda ha predisposto per Sears un pacchetto retributivo completo, che include un stipendio base mensile di 60.000 dollari e premi azionari costituiti da RSU di benvenuto del valore di 175.000 dollari oltre ad ulteriori RSU per nuovi assunti. L'accordo di separazione di Davidson prevede una liquidazione in contanti di 2,2 milioni di dollari, benefici sanitari per un valore di 32.730 dollari e diverse clausole di accelerazione delle azioni.

Sonder Holdings (NASDAQ:SOND) anunci贸 una importante transici贸n en su liderazgo: el CEO Francis Davidson renunciar谩 a su puesto y a su cargo en la junta directiva a partir del 24 de junio de 2025. Janice Sears ha sido designada como Directora Ejecutiva Interina, manteniendo su rol como Presidenta de la Junta.

La compa帽铆a ha estructurado un paquete de compensaci贸n integral para Sears, que incluye un salario base mensual de 60,000 d贸lares y premios en acciones que comprenden RSU de bienvenida valoradas en 175,000 d贸lares y RSU adicionales para nuevos empleados. El acuerdo de separaci贸n de Davidson incluye una indemnizaci贸n en efectivo de 2.2 millones de d贸lares, beneficios de salud por 32,730 d贸lares y varias disposiciones de aceleraci贸n de acciones.

Sonder Holdings (NASDAQ:SOND)電� CEO 頂勲灉鞁滌姢 雿办澊牍勲摐鞀澊 2025雲� 6鞗� 24鞚茧秬搿� 歆侅渼鞕� 鞚挫偓須� 鞚挫偓歆侅棎靹� 氍茧煬雮滊嫟瓿� 氚滍憸頄堨姷雼堧嫟. 鞛媹鞀� 鞁滌柎鞀�臧� 鞛勳嫓 斓滉碃瓴届榿鞛�(CEO)搿� 鞛勲獏霅橃棃鞙茧┌, 鞚挫偓須� 鞚橃灔歆侂弰 鞙犾頃╇媹雼�.

須岇偓電� 鞁滌柎鞀れ棎瓴� 鞗� 旮半掣旮� 60,000雼煬鞕� 靹滊獏 RSU(鞝滍暅 欤检嫕 雼渼) 175,000雼煬 靸侂嫻 氚� 於旉皜 鞁犾瀰靷洂 RSU 霌� 韽磩鞝侅澑 氤挫儊 韺偆歆�毳� 毵堧牗頄堨姷雼堧嫟. 雿办澊牍勲摐鞀潣 韲挫 頃╈潣鞐愲姅 220毵� 雼煬 順勱笀 韲挫旮�, 32,730雼煬 靸侂嫻鞚� 瓯搓皶 氤错棙 順滍儩, 攴鸽Μ瓿� 雼れ枒頃� 欤检嫕 臧�靻� 臁绊暛鞚� 韽暔霅橃柎 鞛堨姷雼堧嫟.

Sonder Holdings (NASDAQ:SOND) a annonc茅 une transition majeure dans sa direction : le PDG Francis Davidson quittera ses fonctions ainsi que son poste au conseil d'administration 脿 compter du 24 juin 2025. Janice Sears a 茅t茅 nomm茅e PDG par int茅rim tout en conservant son r么le de pr茅sidente du conseil.

L'entreprise a mis en place un package de r茅mun茅ration complet pour Sears, comprenant un salaire de base mensuel de 60 000 dollars et des attributions d'actions compos茅es de RSU de bienvenue d'une valeur de 175 000 dollars ainsi que des RSU suppl茅mentaires pour les nouveaux embauch茅s. L'accord de s茅paration de Davidson pr茅voit une indemnit茅 de d茅part en esp猫ces de 2,2 millions de dollars, des avantages sant茅 d'une valeur de 32 730 dollars et plusieurs dispositions d'acc茅l茅ration des actions.

Sonder Holdings (NASDAQ:SOND) gab einen bedeutenden F眉hrungswechsel bekannt: CEO Francis Davidson tritt zum 24. Juni 2025 von seiner Position und seinem Sitz im Vorstand zur眉ck. Janice Sears wurde zur Interim-CEO ernannt und beh盲lt gleichzeitig ihre Rolle als Vorstandsvorsitzende bei.

Das Unternehmen hat f眉r Sears ein umfassendes Verg眉tungspaket geschn眉rt, das ein monatliches Grundgehalt von 60.000 US-Dollar sowie Aktienpr盲mien in Form von Signing-RSUs im Wert von 175.000 US-Dollar und zus盲tzlichen RSUs f眉r Neueinstellungen umfasst. Davidsons Abfindungsvereinbarung beinhaltet eine Abfindung in H枚he von 2,2 Millionen US-Dollar in bar, Gesundheitsleistungen im Wert von 32.730 US-Dollar sowie verschiedene Regelungen zur Beschleunigung von Aktien.

Positive
  • Smooth leadership transition with immediate appointment of experienced Interim CEO
  • Clear governance structure maintained with immediate Audit Committee reorganization
  • Reasonable interim CEO compensation package with performance-linked equity components
  • Structured separation agreement aligned with existing severance policies
Negative
  • Unexpected departure of CEO Francis Davidson
  • Interim nature of new CEO appointment creates temporary leadership uncertainty
  • Significant cash severance obligation of $2.2 million to departing CEO

Insights

Sudden CEO departure and interim appointment signals potential strategic shift, with strong governance measures in compensation structure.

The immediate nature of the CEO transition and appointment of the Board Chair as interim CEO suggests this was a carefully orchestrated succession plan. The compensation structure for the interim CEO is notably measured, with a clear six-month timeline expectation and performance-linked equity components. The separation package for the outgoing CEO aligns with standard market practices and existing severance plans, indicating an amicable transition. The board's swift action in restructuring committee roles, particularly the Audit Committee leadership change, demonstrates strong corporate governance practices.

Well-structured interim CEO package balances short-term leadership needs with shareholder interests through thoughtful equity vesting.

The interim CEO compensation package is strategically designed with a clear focus on the temporary nature of the role. The $60,000 monthly salary represents a reasonable rate for an interim position, while the equity components are structured to ensure alignment with shareholder interests beyond the interim period. The Sign-On RSUs' vesting schedule, tied to either the first anniversary or next annual meeting, provides appropriate retention incentives. The outgoing CEO's severance package, including $2.2 million cash compensation and accelerated equity vesting, reflects pre-existing contractual obligations rather than a premium exit package.

Sonder Holdings (NASDAQ:SOND) ha annunciato un importante cambio nella leadership: il CEO Francis Davidson lascer脿 il suo incarico e il ruolo di membro del consiglio di amministrazione a partire dal 24 giugno 2025. Janice Sears 猫 stata nominata Amministratore Delegato ad interim, mantenendo contemporaneamente la carica di Presidente del Consiglio.

L'azienda ha predisposto per Sears un pacchetto retributivo completo, che include un stipendio base mensile di 60.000 dollari e premi azionari costituiti da RSU di benvenuto del valore di 175.000 dollari oltre ad ulteriori RSU per nuovi assunti. L'accordo di separazione di Davidson prevede una liquidazione in contanti di 2,2 milioni di dollari, benefici sanitari per un valore di 32.730 dollari e diverse clausole di accelerazione delle azioni.

Sonder Holdings (NASDAQ:SOND) anunci贸 una importante transici贸n en su liderazgo: el CEO Francis Davidson renunciar谩 a su puesto y a su cargo en la junta directiva a partir del 24 de junio de 2025. Janice Sears ha sido designada como Directora Ejecutiva Interina, manteniendo su rol como Presidenta de la Junta.

La compa帽铆a ha estructurado un paquete de compensaci贸n integral para Sears, que incluye un salario base mensual de 60,000 d贸lares y premios en acciones que comprenden RSU de bienvenida valoradas en 175,000 d贸lares y RSU adicionales para nuevos empleados. El acuerdo de separaci贸n de Davidson incluye una indemnizaci贸n en efectivo de 2.2 millones de d贸lares, beneficios de salud por 32,730 d贸lares y varias disposiciones de aceleraci贸n de acciones.

Sonder Holdings (NASDAQ:SOND)電� CEO 頂勲灉鞁滌姢 雿办澊牍勲摐鞀澊 2025雲� 6鞗� 24鞚茧秬搿� 歆侅渼鞕� 鞚挫偓須� 鞚挫偓歆侅棎靹� 氍茧煬雮滊嫟瓿� 氚滍憸頄堨姷雼堧嫟. 鞛媹鞀� 鞁滌柎鞀�臧� 鞛勳嫓 斓滉碃瓴届榿鞛�(CEO)搿� 鞛勲獏霅橃棃鞙茧┌, 鞚挫偓須� 鞚橃灔歆侂弰 鞙犾頃╇媹雼�.

須岇偓電� 鞁滌柎鞀れ棎瓴� 鞗� 旮半掣旮� 60,000雼煬鞕� 靹滊獏 RSU(鞝滍暅 欤检嫕 雼渼) 175,000雼煬 靸侂嫻 氚� 於旉皜 鞁犾瀰靷洂 RSU 霌� 韽磩鞝侅澑 氤挫儊 韺偆歆�毳� 毵堧牗頄堨姷雼堧嫟. 雿办澊牍勲摐鞀潣 韲挫 頃╈潣鞐愲姅 220毵� 雼煬 順勱笀 韲挫旮�, 32,730雼煬 靸侂嫻鞚� 瓯搓皶 氤错棙 順滍儩, 攴鸽Μ瓿� 雼れ枒頃� 欤检嫕 臧�靻� 臁绊暛鞚� 韽暔霅橃柎 鞛堨姷雼堧嫟.

Sonder Holdings (NASDAQ:SOND) a annonc茅 une transition majeure dans sa direction : le PDG Francis Davidson quittera ses fonctions ainsi que son poste au conseil d'administration 脿 compter du 24 juin 2025. Janice Sears a 茅t茅 nomm茅e PDG par int茅rim tout en conservant son r么le de pr茅sidente du conseil.

L'entreprise a mis en place un package de r茅mun茅ration complet pour Sears, comprenant un salaire de base mensuel de 60 000 dollars et des attributions d'actions compos茅es de RSU de bienvenue d'une valeur de 175 000 dollars ainsi que des RSU suppl茅mentaires pour les nouveaux embauch茅s. L'accord de s茅paration de Davidson pr茅voit une indemnit茅 de d茅part en esp猫ces de 2,2 millions de dollars, des avantages sant茅 d'une valeur de 32 730 dollars et plusieurs dispositions d'acc茅l茅ration des actions.

Sonder Holdings (NASDAQ:SOND) gab einen bedeutenden F眉hrungswechsel bekannt: CEO Francis Davidson tritt zum 24. Juni 2025 von seiner Position und seinem Sitz im Vorstand zur眉ck. Janice Sears wurde zur Interim-CEO ernannt und beh盲lt gleichzeitig ihre Rolle als Vorstandsvorsitzende bei.

Das Unternehmen hat f眉r Sears ein umfassendes Verg眉tungspaket geschn眉rt, das ein monatliches Grundgehalt von 60.000 US-Dollar sowie Aktienpr盲mien in Form von Signing-RSUs im Wert von 175.000 US-Dollar und zus盲tzlichen RSUs f眉r Neueinstellungen umfasst. Davidsons Abfindungsvereinbarung beinhaltet eine Abfindung in H枚he von 2,2 Millionen US-Dollar in bar, Gesundheitsleistungen im Wert von 32.730 US-Dollar sowie verschiedene Regelungen zur Beschleunigung von Aktien.

false 0001819395 0001819395 2025-06-24 2025-06-24 0001819395 sond:CommonStockCustomMember 2025-06-24 2025-06-24 0001819395 sond:WarrantsEach20WarrantsExercisableForOneShareOfCommonStockAtAnExercisePriceOf23000PerShareCustomMember 2025-06-24 2025-06-24
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
 
Date of report (Date of earliest event reported): June 24, 2025
SONDER HOLDINGS INC.
(Exact name of registrant as specified in its charter)
 
Delaware
001-39907
85-2097088
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
     
447 Sutter St., Suite 405 #542
    
San Francisco, California
  
94108
(Address of principal executive offices)
  
(Zip Code)
(617) 300-0956
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐
Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
         
Title of each class
  
Trading
Symbols
  
Name of each
exchange
on which registered
Common Stock, par value $0.0001 per share
  
SOND
  
The Nasdaq Stock Market LLC
Warrants, each 20 warrants exercisable for one share of Common Stock at an exercise price of $230.00 per share
  
SONDW
  
The Nasdaq Stock Market LLC
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company ☒
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
 
 
 
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
 
CEO Leadership Transition
 
On June 24, 2025 (the “Effective Date”), Sonder Holdings Inc. (the “Company”) announced that the Board of Directors (the “Board”) has appointed Janice Sears as Interim Chief Executive Officer (principal executive officer), effective immediately. Ms. Sears will also continue to serve in her current role of Chairperson of the Board and will step down from her role on the Audit Committee of the Board (the “Audit Committee”). Ms. Sears succeeds Francis Davidson, who has stepped down as Chief Executive Officer and as a director as of June 24, 2025. Concurrent with Ms. Sears stepping down from the Audit Committee, Michelle Frymire was appointed to serve on the Audit Committee as chair.
 
Ms. Sears, 64, has served on the Sonder Board since January 2022, as Chairperson since January 2025, and previously as Lead Independent Director from December 2023 to January 2025 and Audit Committee Chair from January 2022 to June 2025. Ms. Sears previously served as a director of Legacy Sonder since August 2021. From April 1988 to January 2009, Ms. Sears served in a variety of positions at Bank of America Securities, an investment bank, including most recently as the Managing Director, Western Region Head in the AG真人官方 Estate, Gaming & Lodging Investment Banking Group. She concurrently served as the San Francisco Market President for Bank of America, a financial services company. Previously, Ms. Sears was a AG真人官方 Estate Economist at both Chemical Bank, a bank holding company, and Citicorp, a financial services company. She serves on the board of directors, is the current audit committee chair, and previously served as a member of the compensation committee and special committee of IQHQ, a private REIT in the life sciences real estate sector. She previously served on the board of directors, including as audit committee chair and as a member of the compensation committee, at Invitation Homes Inc., a REIT that owns and operates single family rental houses across the United States. Ms. Sears also previously served on the board, including as audit committee chair, of Essex Property Trust Inc., a REIT that owns and manages multifamily properties in the western United States, BioMed AG真人官方ty Trust, a life sciences real estate investment trust sold to Blackstone AG真人官方 Estate, and several non-profit organizations and private companies, including The Swig Company, an owner of office buildings in New York and California. She serves professionally at the National Association of Corporate Directors and the West Audit Committee Network and is the Board Chair of QUALICB, the real estate arm of Compass Family Services. Ms. Sears is a NACD Certified Director and holds a B.A. in both Economics and Marketing from the University of Delaware.
 
There are no family relationships between Ms. Sears and any executive officer or director of the Company, there are no understandings or arrangements between Ms. Sears and any other person pursuant to which Ms. Sears was appointed as Interim Chief Executive Officer and Ms. Sears has no transactions reportable under Item 404(a) of Regulation S-K.
 
In connection with her appointment as Interim Chief Executive Officer, the Company and Ms. Sears have entered into an Offer Letter (the “Offer Letter”). The Offer Letter provides that, subject to the terms of the Offer Letter, Ms. Sears will receive during the period she serves as Interim Chief Executive Officer (which is not expected to exceed six months) (the “Term”), base salary in an amount equal to $60,000 per month, less applicable withholdings. Additionally, Ms. Sears will be eligible to receive the following equity awards, each under and subject to the terms of the Company’s 2021 Equity Incentive Plan (the “Plan”) and an award agreement thereunder:
 
 
●
an award of Company restricted stock units (“RSUs”) covering a number of shares of Company Common Stock (each, a “Share”) having an approximate value of $175,000 (the “Sign-On RSUs”). The Sign-On RSUs will vest on the earlier of (A) the first anniversary of the date of grant, or (B) the date of the next annual meeting of the Company’s stockholders following the date of grant, in each case, subject to Ms. Sears’s continued service to the Company (or a subsidiary) through such date. The Sign-On RSUs will fully vest as of immediately prior to the consummation of a Change in Control (as defined in the Plan), subject to Ms. Sears’s continued service to the Company (or a subsidiary) through such date. This award is expected to be granted shortly following the commencement of the Term.
 
 
 
 
 
●
an award of RSUs covering a number of Shares having a value approximately equal to the product of (A) $66,667, multiplied by (B) the number of months for which she serves as Interim Chief Executive Officer (with proportionate proration for the final month of service as Interim Chief Executive Officer) (the “New Hire RSUs”). The New Hire RSUs will vest on the first anniversary of the end of the Term, subject to Ms. Sears’s continued service to the Company (or a subsidiary) through such date. This award is expected to be granted shortly following the end of the Term unless, during the Term, she is terminated for “cause” (as defined in the Offer Letter).
 
During the Term, Ms. Sears will not be eligible to receive compensation in respect of her service as a director of the Company (including under the Company’s Amended and Restated Outside Director Compensation Policy) and she will not be eligible to participate in the Key Executive Change in Control and Severance Plan (the “Original Severance Plan”) or the 2023 Key Executive Change in Control and Severance Plan.
 
The Company and Mr. Davidson have entered into a Separation Agreement and Release (the “Separation Agreement”). The Separation Agreement provides that, subject to the terms of the Separation Agreement, Mr. Davidson will receive: (i) cash payments in the aggregate amount of $2,200,000, less applicable withholdings (which amount is consistent with the amount of the “Cash Severance Benefit” Mr. Davidson otherwise would be eligible to receive under the Original Severance Plan), payable in installments on the terms set forth in the Separation Agreement, (ii) additional cash payments in the aggregate amount of $32,730.51, less applicable withholdings (which amount is consistent with the amount of the “In-Lieu of COBRA Benefit” Mr. Davidson otherwise would be eligible to receive under the Original Severance Plan), payable in installments on the terms set forth in the Separation Agreement, (iii) full vesting acceleration of 74,492 early exercised shares subject to the performance-based option granted to Mr. Davidson on November 15, 2019, (iv) continued eligibility to vest in (A) up to 163,607 shares subject to time‑based RSUs granted on March 5, 2025, and (B) up to 280,468 shares subject to performance-based RSUs granted on March 5, 2025, for which the performance-based condition but not the time-based condition was achieved as of the date on which Mr. Davidson’s employment effectively terminated, in each case, on the terms set forth in the Separation Agreement, and (v) an additional cash payment in the amount of $15,000, less applicable withholdings, for fees incurred in connection with his Separation Agreement.
 
Item 7.01. Regulation FD Disclosures.
 
On June 25, 2025, the Company issued a press release regarding the CEO leadership transition. The press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
 
The information in this current report on Form 8-K and the exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.
 
 
 
 
Item 9.01. Financial Statements and Exhibits.
 
(d) Exhibits.
 
Exhibit No.
  
Description
99.1
  
Press release dated as of June 25, 2025
104
  
Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 
 
 
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
     
 
Sonder Holdings Inc.
     
Date: June 25, 2025
By:
/s/ Michael Hughes
 
Name:
Michael Hughes
 
Title:
Chief Financial Officer
 
 

Source:

FAQ

Who is the new interim CEO of Sonder Holdings (SOND)?

Janice Sears has been appointed as Interim CEO, while maintaining her role as Board Chairperson. She has served on Sonder's Board since January 2022 and has extensive experience in real estate and banking sectors.

What compensation package will SOND's interim CEO receive?

Janice Sears will receive a $60,000 monthly base salary, Sign-On RSUs valued at $175,000, and additional New Hire RSUs based on her service duration as interim CEO.

What severance benefits is former SOND CEO Francis Davidson receiving?

Davidson will receive $2.2 million in cash severance, healthcare benefits worth $32,730, vesting acceleration of 74,492 early exercised shares, and continued eligibility for certain RSU vesting.

How long is Janice Sears expected to serve as SOND's interim CEO?

The interim CEO term is not expected to exceed six months, according to the terms outlined in her Offer Letter.
Stock SOND logo
SONDER HOLDINGS INC

NASDAQ:SOND

SOND Rankings

#8454 Ranked by Market Cap
N/A Ranked by Dividends

SOND Latest News

Jul 23, 2025
Sonder Holdings Inc. Announces Fourth Quarter and Full Year 2024 Financial Results
Jun 25, 2025
Sonder Holdings Inc. Announces Leadership Transition
May 29, 2025
Sonder Holdings Inc. Receives Notification of Deficiency from Nasdaq Related to Delayed Filing of Quarterly Report on Form 10-Q
Apr 29, 2025
Sonder Holdings Inc. Receives Notification of Deficiency from Nasdaq Related to Delayed Filing of Annual Report on Form 10-K
Apr 14, 2025
Sonder Holdings Inc. Announces Capital Raise and Provides Update on Integration with Marriott International, Inc.

SOND Latest SEC Filings

Jul 21, 2025
[SCHEDULE 13G/A] Sonder Holdings Inc. SEC Filing
Jun 23, 2025
[8-K] Sonder Holdings Inc. Reports Material Event

SOND Stock Data

32.44M
9.51M
17.05%
40.2%
9.07%
Lodging
Hotels, Rooming Houses, Camps & Other Lodging Places
United States
SAN FRANCISCO