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

First Advantage Corporation

(Exact name of Registrant as Specified in Its Charter)

(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:

Securities registered pursuant to Section 12(b) of the Act:

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.

On December 22, 2021, the Board of Directors of First Advantage Corporation (the “Company”) approved a grant of 50,000 Restricted Stock Units (“RSUs”) to Mr. Joseph Jaeger in connection with his service to the Company as President, Americas. The RSUs were granted pursuant to the First Advantage 2021 Omnibus Incentive Plan.

50% of the RSUs are subject to time-based vesting based on continued service through the applicable vesting dates. The time-based awards vest in equal annual installments over five years, with the first 20% vesting on June 23, 2022, one year after the first day of trading of the Company’s Common Stock on the Nasdaq Global Select Market after the pricing of the Company’s initial public offering (“IPO”). The remaining 50% of the RSUs are subject to both the above-described time-based vesting criteria as well as performance-based vesting criteria that are consistent with the performance-based criteria applicable to option and restricted stock awards granted prior to, and in connection with, the IPO. 20.33% of the performance-based RSUs have satisfied the performance-based vesting criteria as of the date of grant.
 

SIGNATURES

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.