Innovative Food Holdings Inc 8-K, filed Jun 27, 2023
Innovative Food Holdings Inc (IVFH)
About this 8-K
Innovative Food Holdings Inc filed this 8-K on June 27, 2023, reporting on events of June 22, 2023.
Items reported
- Item 5.02: Director or officer change, or executive pay
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 5.02 |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On June 22, 2023, the board of directors (the “Board”) of Innovative Food Holdings, Inc. (the “Company”) adopted an annual incentive plan (“AIP”) designed to reward each of Robert William Bennett, the Company’s Chief Executive Officer (“CEO”), Brady Smallwood, the Company’s Chief Operating Officer (“COO”), and Richard Tang, the Company’s Chief Financial Officer (“CFO”), with a cash bonus for meeting or exceeding certain financial performance goals for the fiscal year ended December 31, 2023.
Under the AIP, the Board established a bonus target opportunity of (i) $187,000 for the CEO in accordance with the CEO’s employment agreement with the Company, dated January 30, 2023, (ii) $81,000 for the COO in accordance with the COO’s employment agreement with the Company, dated April 14, 2023, and (iii) $54,000 for the CFO (the “Target Amounts”), in each case to be paid out if the AIP financial performance goals are achieved at target for the fiscal year ended December 31, 2023. However, the actual bonus received by an executive may be higher or lower depending on the achievement of the financial performance goals. The payout amounts under the AIP are weighted 20% on achievement of a pre-established revenue target and 80% on achievement of a pre-established adjusted EBITDA target. There are no threshold bonus amounts under the AIP. The maximum bonus amount for each executive is 200% of such executive’s Target Amount.
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 hereunto duly authorized.
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INNOVATIVE FOOD HOLDINGS, INC. |
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Dated: June 27, 2023 |
By: /s/ Richard Tang Richard Tang Chief Financial Officer |