Agrify Corporation
08/10/2022 | Press release | Distributed by Public on 08/10/2022 14:31
Management Change/Compensation - Form 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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): August 8, 2022
AGRIFY CORPORATION
(Exact name of registrant as specified in its charter)
| Nevada | 001-39946 | 30-0943453 | ||
|
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
|
76 Treble Cove Rd. Building 3 Billerica, MA01862 |
01862 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code: (617)896-5243
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 per share | AGFY | The NasdaqStock Market LLC |
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. ☐
| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On August 8, 2022 (the "Effective Date"), the Compensation Committee (the "Committee") of the Board of Directors of Agrify Corporation (the "Company") approved an increase to the base salary and discretionary bonus opportunity for Timothy R. Oakes, the Company's Chief Financial Officer.
Pursuant to the Employment Agreement between Mr. Oakes and the Company dated as of November 10, 2021 (the "Employment Agreement"), the Committee is permitted to adjust Mr. Oakes' compensation based on the report of an independent compensation consultant retained by the Committee.
Based on the Committee's review of a report from its independent compensation consultant and discussions with the consultant, effective as of the Effective Date, the Committee approved an increase to Mr. Oakes' base salary from $250,000 to $275,000 per year, and an increase in his maximum discretionary bonus opportunity from $200,000 to $250,000 per year. No other changes were made to the terms of the Employment Agreement.
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.
| AGRIFY CORPORATION | ||
| Date: August 10, 2022 | By: | /s/ Raymond Nobu Chang |
| Raymond Nobu Chang | ||
| Chief Executive Officer |