Mr. Clark
Employment Agreement, dated April 9, 2022, by and between Black Rifle Coffee Company and Mr. Clark
During the term of Mr. Clark’s employment, he is to receive an annual base salary of $350,000 (which may be increased from time to time), and a target annual incentive opportunity of 75% of base salary. Pursuant to the employment agreement, Mr. Clark (a) received a restricted stock unit award with a fair market value of $840,000, and (b) received a stock option award with a fair market value of $480,000 and restricted stock units award with a fair market value of $160,000 pursuant to the 2022 Plan. Mr. Clark is also entitled to reimbursement for relocation expenses up to a maximum of $140,000. Mr. Clark’s employment agreement provides that his employment by the Company is at-will and does not provide for additional compensation upon termination.
Executive Severance and Restrictive Covenant Agreement, dated December 29, 2022, by and between Black Rifle Coffee Company LLC and Mr. Clark
Mr. Clark’s Executive Severance and Restrictive Covenant Agreement (the “Clark Severance Agreement”) provides that in the event Mr. Clark 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 “Clark Accrued Amounts”). If Mr. Clark is terminated without “cause” (as the term is defined in the Clark Severance Agreement), subject to his execution of a general release of claims, he will be entitled to receive the Clark Accrued Amounts, continued payment of his base salary for a period of up to twelve months following termination of employment and continued health care coverage for a period of up to twelve months following termination of employment, subject in each case to Mr. Clark delivering a general release in favor of the Company.
Letter Agreement, dated August 8, 2023, by and between Black Rifle Coffee Company LLC and Mr. Clark
The Company and Mr. Clark entered into a letter agreement setting forth Mr. Clark’s compensation for serving as the Chief Technology and Operations Officer. Pursuant to the letter agreement, (a) Mr. Clark’s annual base salary will be $400,000, (b) his target annual incentive bonus opportunity will be 75% of base salary, and (c) he will be granted restricted stock units with a fair market value of $225,000 and stock options with a fair market value of $675,000, which awards will be issued net of any grant previously made to Mr. Clark in 2023 (on a grant-date fair value methodology).
Mr. McCormick
Employment Agreement, dated September 1, 2021, by and between Black Rifle Coffee Company and Mr. McCormick
During the term of Mr. McCormick’s employment, he is to receive an annual base salary of $300,000 (which may be increased from time to time), and a target annual incentive opportunity of 50% of base salary. Mr. McCormick’s employment agreement provides that his employment by the Company is at-will and does not provide for additional compensation upon termination.
Executive Severance and Restrictive Covenant Agreement, dated December 29, 2022, by and between Black Rifle Coffee Company LLC and Mr. McCormick
Mr. McCormick’s Executive Severance and Restrictive Covenant Agreement (the “McCormick Severance Agreement”) provides that in the event Mr. McCormick 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 “McCormick Accrued Amounts”). If Mr. McCormick is terminated without “cause” (as the term is defined in the McCormick Severance Agreement), subject to his execution of a general release of claims, he will be entitled to receive the McCormick Accrued Amounts, continued payment of his base salary for a period of up to twelve months following termination of employment and continued health care coverage for a period of up to twelve months following termination of employment, subject in each case to Mr. McCormick delivering a general release in favor of the Company.
