DELAWARE (State or other jurisdiction of incorporation or organization) | 001-38115 (Commission File Number) | 82-1038121 (I.R.S. Employer Identification Number) |
□ | Written communications 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)) |
Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Exhibit No. | Description | |
10.1 | ||
99.1 |
Exhibit No. | Description | |
10.1 | ||
99.1 |
• | Your starting salary will be $350,000.00 per year, payable in accordance with the Company’s standard payroll practices and procedures. |
• | Your annual bonus target opportunity will be 50% of your annualized base salary and will be subject to the terms of the applicable Company bonus plans for the year at issue. Bonuses are paid out at the discretion of management and you must be an active employee of the Company on the payment date in order to receive any bonus. Your bonus opportunity will be prorated for fiscal 2017 based upon your starting employment date with the Company. |
• | You will be eligible to participate in the Simply Goods Foods Company 2017 Omnibus Incentive Plan once approved by our Board of Directors. Initial equity grant to be defined at a later date. |
• | Our Paid Time Off Program (“PTO”) combines all accrued time off benefits into a single bank. It includes an employee’s accrued vacation, personal, and sick days. During the first year of employment you will accrue paid time off at a rate of 2.25 days for every month of service. Under current policy, this equals a maximum of twenty-seven (27) days for a full calendar year. |
• | Company health benefits are available and include medical, dental, and vision plans as stipulated in the Atkins Nutritionals, Inc. Benefits Summary Sheet. Benefits begin on your first day of month following your start date of employment. |
• | In addition, the Company will provide relocation assistance to you, as you and your family relocates to the Denver, CO area as follows: the Company will arrange for temporary lodging from July 9 through July 31, we will provide you a housing stipend in the amount of $3,000.00 per month for a maximum of twelve (12) months beginning August 1, 2017, and you will receive a miscellaneous relocation allowance, for all other incidentals, in the amount of $5,000.00 to be paid within 30 days of your start date. All of these amounts are taxable income to you and will appear on your W-2 for the year the payment was disbursed to you or made on your behalf. These payments are considered taxable income and are subject to tax withholding in compliance with IRS regulations, therefore, you will receive a “net” check as reimbursement in the amounts listed herein. To help minimize your tax burden and to assist with the additional tax liability that results from reimbursed moving expenses, the Company will perform a tax assistance “gross-up” to you at year end. |
• | You will be eligible to participate in our 401(k) plan effective immediately. Although the Company may revise its policies at any time, currently the Company will match 50% of your 401(k) contribution up to 6% of your salary. |
• | You will be eligible for severance in the event of termination not for cause. The benefit is 18 months of base pay and bonus at the then target payout percentage of base salary for the role. A severance agreement will be provided separately. |
Signature /s/ Todd Cunfer__________________________ | Date ___6/20/2017________________________ |