Business Context and Reporting Period
This Form 8-K Current Report was filed by GrowGeneration Corp. on March 24, 2021. The filing primarily addresses corporate governance changes, specifically the departure of the Chief Financial Officer and the appointment of a successor.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on executive personnel changes and employment terms.
Material Changes
- Departure of CFO: Monty Lamirato is stepping down as Chief Financial Officer, effective April 15, 2021.
- Appointment of CFO: Jeffrey Lasher has been appointed Chief Financial Officer, effective April 15, 2021.
- Employment Agreement: The Company entered into a new Employment Contract with Mr. Lasher on March 21, 2021.
Guidance, Outlook, and Management Commentary
The filing contains no financial guidance, outlook, or management commentary regarding business operations or market conditions. It details the compensation package for the new CFO, which includes:
- Base Wage: $316,000 per year, increasing by 12.5% effective January 1 of each calendar year.
- Annual Bonus: Target of 40% of the current base annual wage.
- Equity: 60,000 shares of common stock vesting in six-month intervals through April 12, 2024.
- Term: Employment term of no less than three years from April 15, 2021.
- Additional Compensation: Potential year-end performance cash bonus and/or equity award.
Mr. Lasher brings prior experience as CFO for CROCS, Inc., West Marine, International Car Wash Group, and Coravin, Inc.
Investor Verification Checklist
- Verify the effective date of the CFO transition (April 15, 2021) and any interim arrangements.
- Review the vesting schedule for the 60,000 shares granted to the new CFO.
- Confirm the total potential annual compensation cost based on the base wage and target bonus structure.
- Check for any subsequent filings regarding the departure of the former CFO or changes to the new CFO's contract.