UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers
(e) On November 10, 2021, the Company’s Board of Directors (the “Board”), upon the recommendation of the Compensation Committee of the Board, took the following actions with respect to the compensation of Chief Executive Officer Galen Smith and Chief Financial Officer & Treasurer Kavita Suthar:
1. Galen Smith, Chief Executive Officer:
Effective November 1, 2021, Mr. Smith’s annual base salary will increase from $700,000 to $800,000, and his annual target bonus as a percentage of base salary will increase from 125% to 150% (to be prorated for 2021).
2. Kavita Suthar, Chief Financial Officer & Treasurer:
Effective November 1, 2021, Ms. Suthar’s annual base salary will increase from $300,000 to $470,000, and her annual target bonus as a percentage of base salary will increase from 50% to 60% (to be prorated for 2021).
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, hereunto duly authorized.
| REDBOX ENTERTAINMENT INC. | ||
| By | /s/ Frederick W. Stein | |
| Name: Frederick W. Stein | ||
| Title: Chief Legal Officer & Secretary | ||
Date: November 16, 2021