Business Context and Reporting Period
This Form 8-K Current Report was filed by Command Center, Inc. (not Hirequest, Inc.) on June 5, 2019. The filing discloses the execution of an Executive Employment Agreement with Cory Smith, the Company's Chief Financial Officer.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. It focuses exclusively on executive compensation terms.
- Base Salary: $180,000 annually.
- Performance Bonus: 3.75% of Adjusted EBITDA exceeding quarterly targets.
- Change of Control Payment: $50,000 lump sum.
- Severance: Base salary for the remainder of the term or six months (whichever is longer) plus immediate vesting of equity awards upon termination without cause or for good reason.
Material Changes
The material change reported is the formalization of the CFO's employment terms effective June 5, 2019, with an initial term extending through September 30, 2019. No financial performance changes are reported in this document.
Guidance, Outlook, and Risks
The filing contains no forward-looking financial guidance or market outlook. The primary contingency noted is the potential for relocation assistance if a Change of Control results in a move of the corporate headquarters to the Goose Creek, South Carolina vicinity. The agreement includes specific provisions for accelerated vesting and severance in the event of a Change of Control or termination without cause.
Investor Verification Checklist
- Verify the correct registrant name is Command Center, Inc. (Ticker: CCNI), not Hirequest, Inc.
- Review the full text of Exhibit 10.1 (Executive Employment Agreement) for complete terms regarding exclusions and definitions.
- Confirm the specific quarterly Adjusted EBITDA targets established by the Compensation Committee to assess the likelihood of the performance bonus.
- Check subsequent filings for any updates regarding the CFO's tenure or the company's Change of Control status.