Form 8-K - Current report
09 May 2024 - 11:47PM
Edgar (US Regulatory)
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2024-05-06
2024-05-06
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UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C.
20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): May 6, 2024
Red
Cat Holdings, Inc.
(Exact name of registrant
as specified in its charter)
Nevada
(State or other
jurisdiction of incorporation) |
|
001-40202
(Commission
File Number) |
|
88-0490034
(I.R.S. Employer
Identification No.) |
15
Ave. Munoz Rivera Ste
2200
San
Juan, PR
(Address of principal executive offices) |
00901
(Zip
Code) |
Registrant’s
telephone number, including area code: (833)
373-3228
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ 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))
Securities
registered pursuant to Section 12(b) of the Act: |
Title
of each class |
Trading
Symbol(s) |
Name
of each exchange on which registered |
Common
stock, par value $0.001 |
RCAT |
The
Nasdaq Capital
Market |
Indicate by check mark
whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this
chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Section
5 – Corporate Governance and Management
Item 5.02 Departure of Directors
or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May
6, 2024, our Board of Directors and the Nominating and Governance Committee of the Board approved the following cash and equity compensation
to the independent members of the Board for our 2025 fiscal year, which commenced May 1, 2024, and our 2026 fiscal year:
Director |
Additional
Roles |
Base
Annual Compensation
$ |
Additional
Annual Compensation for Committee Leadership
$ |
Additional
Annual Compensation for Special Committee Work
$ |
Total
Annual Cash Compensation
$(1) |
Annual
RSU Awards |
Additional
Annual RSU Awards for Special Committee Work |
Total
Annual RSU Awards (2) |
Joseph
Friedman |
Lead
Director |
50,000 |
25,000 |
20,000 |
95,000 |
75,000 |
10,000 |
85,000 |
Nicholas
Liuzza, Jr. |
Chair,
Comp. Committee |
50,000 |
10,000 |
- |
60,000 |
75,000 |
- |
75,000 |
Paul
Funk, II(3) |
Chair,
Nominating and Governance Committee |
50,000 |
10,000 |
- |
60,000 |
75,000 |
- |
75,000 |
Christopher
Moe |
Chair,
Audit Committee |
50,000 |
20,000 |
20,000 |
90,000 |
75,000 |
10,000 |
85,000 |
|
|
|
|
|
|
|
|
|
(1)
Cash compensation shall be paid in 12 equal monthly installments, due in arrears on the 7th of each calendar month.
(2)
RSU Awards for two (2) years, totaling double the numbers shown in this column, shall be awarded on the effective date of this
grant. All RSU Awards shall vest in their entirety on the two-year anniversary of the grant. RSUs shall be granted under the Corporation’s
2019 Equity Incentive Plan and shall feature customary vesting acceleration terms in the even of death, disability, or change in control
of the Corporation.
(3)
Mr. Funk shall also receive prorated compensation for his service on the Board of Directors from March 12, 2024 through April
30, 2024.
Section
8 – Other Events
Item
8.01 Other Events
On May
6, 2024, our Board of Directors appointed Paul Funk, II to serve as the new Chair of the Nominating and Governance Committee of the Board.
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.
|
RED CAT HOLDINGS, INC. |
|
|
|
|
|
Dated: May 9, 2024 |
By: |
/s/ Jeffrey
M. Thompson |
|
|
|
Name: Jeffrey M. Thompson |
|
|
|
Title: Chief Executive Officer |
|
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