GrowGeneration Corp. Files 8-K for Material Agreement & Officer Changes
Ticker: GRWG · Form: 8-K · Filed: Sep 30, 2024 · CIK: 1604868
Sentiment: neutral
Topics: material-agreement, officer-changes, director-changes, financials
Related Tickers: GRWG
TL;DR
GRWG filed an 8-K for a new material deal and exec changes. Watch for details.
AI Summary
GrowGeneration Corp. announced on September 30, 2024, the entry into a material definitive agreement and changes in its board of directors and executive officers. The company also filed financial statements and exhibits related to these events. Specific details of the material definitive agreement and the reasons for the director and officer changes were not provided in this initial filing.
Why It Matters
This filing indicates significant corporate actions, including a new material agreement and potential leadership shifts, which could impact the company's strategic direction and financial performance.
Risk Assessment
Risk Level: medium — The filing involves material definitive agreements and changes in officers/directors, which can introduce uncertainty and potential strategic shifts.
Key Players & Entities
- GrowGeneration Corp. (company) — Registrant
- September 30, 2024 (date) — Date of earliest event reported
- Colorado (jurisdiction) — State of incorporation
- 5619 DTC Parkway, Suite 900 Greenwood Village, CO 80111 (address) — Principal executive offices
FAQ
What is the nature of the material definitive agreement entered into by GrowGeneration Corp. on September 30, 2024?
The filing indicates the entry into a material definitive agreement, but the specific terms and details of this agreement are not disclosed in this initial 8-K filing.
What specific changes occurred regarding the directors or certain officers of GrowGeneration Corp. as reported on September 30, 2024?
The filing reports the departure of directors or certain officers, the election of directors, and the appointment of certain officers, along with compensatory arrangements, but does not name the individuals or detail the changes.
What are the primary items reported in this Form 8-K filing for GrowGeneration Corp.?
This Form 8-K reports on the entry into a material definitive agreement, departure of directors or certain officers, election of directors, appointment of certain officers, and the filing of financial statements and exhibits.
Where are GrowGeneration Corp.'s principal executive offices located?
GrowGeneration Corp.'s principal executive offices are located at 5619 DTC Parkway, Suite 900, Greenwood Village, CO 80111.
What is the fiscal year end for GrowGeneration Corp.?
GrowGeneration Corp.'s fiscal year ends on December 31.
Filing Stats: 652 words · 3 min read · ~2 pages · Grade level 11.4 · Accepted 2024-09-30 16:40:42
Key Financial Figures
- $0.001 — ich registered Common Stock, par value $0.001 per share GRWG The NASDAQ Stock Market
- $500,000 — wing compensation: (i) a base salary of $500,000 per year; (ii) an annual performance ca
Filing Documents
- grwg-20240930.htm (8-K) — 31KB
- darrenlampertemploymentagr.htm (EX-10.1) — 49KB
- michaelsalamanemploymentag.htm (EX-10.2) — 49KB
- 0001628280-24-041588.txt ( ) — 274KB
- grwg-20240930.xsd (EX-101.SCH) — 2KB
- grwg-20240930_lab.xml (EX-101.LAB) — 22KB
- grwg-20240930_pre.xml (EX-101.PRE) — 13KB
- grwg-20240930_htm.xml (XML) — 3KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement The information set forth in Item 5.02 below is incorporated herein by reference. 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 September 30, 2024, GrowGeneration Corp. (the "Company") entered into new employment agreements with each of Darren Lampert, Co-Founder and Chief Executive Officer, and Michael Salaman, Co-Founder and President. Each new agreement will be effective as of January 1, 2025, the day after expiration of the current term of the employment agreements previously entered into between the Company and each of Mr. Lampert and Mr. Salaman. Each new agreement provides for a two-year term and the following compensation: (i) a base salary of $500,000 per year; (ii) an annual performance cash bonus based on performance metrics set by the Company, with a target amount of 50% and a maximum amount of 100% of base salary; and (iii) 200,000 restricted stock units, vesting in equal installments over two years on June 15 and December 15 during each year of the agreement term. In addition, each new agreement provides for six months' severance in the event the Company terminates the agreement prior to expiration of the two-year term without "Cause" (as defined in the agreement). A copy of the new employment agreements with Mr. Lampert and Mr. Salaman are filed herewith as Exhibits 10.1 and 10.2, respectively. Section 9 – Financial Statements and Exhibits I tem 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit No. Description 10.1 Employment Agreement dated September 30, 2024, between GrowGeneration Corp. and Darren Lampert 10.2 Employment Agreement dated September 30, 2024, between GrowGeneration Corp. and Michael Salaman 104 Cover Page Interactive Data File, formatted XBRL Document
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: September 30, 2024 GrowGeneration Corp. By: /s/ Darren Lampert Name: Darren Lampert Title: Chief Executive Officer