Bark, Inc. current report, 01 May 2023

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BARK, Inc. Form 8-K Summary

Business Context and Reporting Period

BARK, Inc. filed a Form 8-K dated May 1, 2023, under Item 5.02 to report a change in its accounting leadership. The filing does not present quarterly or annual operating results.

Financial Metrics and Liquidity

The filing does not provide revenue, profit, cash flow, margins, debt, liquidity, or other financial performance metrics.

Material Changes

  • Brian Dostie became BARK’s Vice President, Accounting and Controller effective May 1, 2023.
  • Kevin Eyerman ceased serving as Principal Accounting Officer effective May 1, 2023 and is expected to leave the Company after a short transition period.
  • Mr. Dostie previously held accounting and controllership roles at 80 Acres Farms and National Instruments Corporation, including responsibility for accounting, SEC reporting, treasury, and finance shared services.

Compensation, Outlook, and Other Considerations

  • Mr. Dostie’s annual base salary is $270,000, with a target bonus opportunity equal to 30% of base salary, prorated for fiscal year 2024.
  • He will receive an initial grant of 75,000 restricted stock units and 25,000 stock options under BARK’s 2021 Equity Incentive Plan.
  • The equity awards vest 25% on May 10, 2024, with the remainder vesting quarterly over the following 12 quarters, subject to continued employment.
  • Mr. Dostie will enter into the Company’s standard Severance and Change in Control Agreement and Indemnity Agreement.
  • The filing reports no arrangement with other persons regarding his selection, no related-party transaction requiring disclosure under Item 404(a), and no family relationship with BARK directors or executive officers.
  • The filing contains no management guidance, operating outlook, risk update, contingency, or unusual financial item.

Investor Verification Items

  • Verify the transition of Principal Accounting Officer responsibilities and the timing of Mr. Eyerman’s departure.
  • Assess the potential compensation and equity dilution implications of the new hire’s salary, bonus opportunity, restricted stock units, and options.
  • Review subsequent filings for any accounting, reporting, internal-control, or executive-leadership developments following the transition.
  • Consult Exhibit 99.1, the appointment announcement furnished with the filing, for related disclosures.