Mr. Hafer’s employment agreement provides that in the event that Mr. Hafer is terminated for any reason, subject to his execution of a general release of claims, he will be entitled to receive any earned but unpaid base salary through the date of termination, any benefits due under any of the Company’s employee benefit plans under the terms and conditions of such plan, including insurance policies but excluding any severance program or policy, any expenses owed to Mr. Hafer (any “Hafer Accrued Amounts”). If Mr. Hafer is terminated without “cause” or Mr. Hafer terminates his employment for “good reason” (as such terms are defined in Mr. Hafer’s employment agreement), subject to his execution of a general release of claims, he will be entitled to receive any Hafer Accrued Amounts and continued payment of his base salary for a thirty-six month period following termination of employment.
Letter Agreement, dated December 22, 2023, by and between Black Rifle Coffee Company, LLC and Mr. Hafer
In connection with his transition from the position of Chief Executive Officer of the Company to Founder and Executive Chairman of the Company, the Company and Mr. Hafer entered into a letter agreement pursuant to which Mr. Hafer has agreed to receive an annual base salary of $1 and not participate in the Company’s annual incentive program in connection with his new role. The remaining terms of Mr. Hafer’s Employment Agreement, dated December 29, 2022, remain unchanged.
Mr. Davin
On December 31, 2023, Mr. Davin transitioned out of his position as Co-Chief Executive Officer of the Company. Mr. Davin continues to serve on the Company’s Board as a director.
Employment Agreement, dated as of January 7, 2019, by and between Black Rifle Coffee Company LLC and Mr. Davin.
During the term of the employment agreement, as Co-Chief Executive Officer, Mr. Davin received an annual base salary of no less than $300,000 (which could have been increased from time to time), and was entitled to a target annual incentive opportunity of 75% of base salary. Mr. Davin’s employment agreement provided that his employment by the Company was at-will and generally did not provide for additional compensation upon termination, beyond a requirement for the Company to provide at least 30 days’ written notice of termination of employment if Mr. Davin’s employment is terminated by the Company, or for Mr. Davin to provide 60 days’ notice if Mr. Davin terminates his employment with the Company.
Transition Agreement, dated as of December 22, 2023, by and between Black Rifle Coffee Company, LLC and Mr. Davin
In connection with his transition out of the role of Co-Chief Executive Officer of the Company, the Company and Mr. Davin entered into a separation and release agreement, which provides for, among other things, certain payments in lieu of benefits offered by the Company and a customary release.
Mr. Mondzelewski
Employment Agreement, dated May 1, 2023, by and between Black Rifle Coffee Company, LLC and Mr. Mondzelewski
During the term of the employment agreement, Mr. Mondzelewski is to receive an annual base salary of no less than $500,000 (which may be increased from time to time), and a target annual incentive opportunity of 75% of base salary. Mr. Mondzelewski’s employment agreement provides that his employment by the Company is at-will and generally does not provide for additional compensation upon termination, beyond a requirement for the Company to provide at least 30 days’ written notice of termination of employment if Mr. Mondzelewski’s employment is terminated by the Company, or for Mr. Mondzelewski to provide 60 days’ notice if Mr. Mondzelewski terminates his employment with the Company.
Executive Severance and Restrictive Covenant Agreement, dated August 23, 2023, by and between Black Rifle Coffee Company, LLC and Mr. Mondzelewski
Mr. Mondzelewski’s Executive Severance and Restrictive Covenant Agreement (the “Severance Agreement”) provides that in the event Mr. Mondzelewski is terminated for any reason, subject to his execution of a general release of claims, he will be entitled to any earned but unpaid base salary through the date of the termination and any expenses owed (the “Mondzeleski Accrued
