Katapult Holdings Announces Director, Officer, and Compensation Changes

TL;DR

Katapult's board and exec team are getting a shake-up with new directors and officers appointed.

AI Summary

Katapult Holdings, Inc. announced on May 20, 2024, a series of significant corporate actions. These include the election of new directors, the appointment of new officers, and changes to compensatory arrangements for certain officers. The company also reported other events, indicating ongoing strategic adjustments and governance updates.

Why It Matters

These changes in leadership and compensation structures can signal shifts in the company's strategic direction and operational focus, potentially impacting its future performance and investor relations.

Risk Assessment

Risk Level: medium — Changes in board composition and executive appointments can introduce uncertainty regarding future strategy and operational execution.

Key Players & Entities

• Katapult Holdings, Inc. (company) — Registrant
• May 20, 2024 (date) — Date of earliest event reported
• Delaware (jurisdiction) — State of incorporation
• 001-39116 (company_id) — Commission File Number
• 81-4424170 (tax_id) — IRS Employer Identification No.
• Plano, TX (location) — Principal address

FAQ

Key Financial Figures

• $0.0001 — ich Registered Common Stock, par value $0.0001 per share KPLT The Nasdaq Stock Market
• $12,000,000 — are Action") for total consideration of $12,000,000, comprised of: (1) a cash component of
• $8,500,000 — , comprised of: (1) a cash component of $8,500,000 (the "Cash Component"); and (2) an addi
• $3,500,000 — t"); and (2) an additional component of $3,500,000 comprised of the Company's common stock
• $6,725,000 — d/or cash (the "Additional Component"). $6,725,000 of the Cash Component and $2,775,000 of
• $2,775,000 — ). $6,725,000 of the Cash Component and $2,775,000 of the Additional Component will be all
• $1,775,000 — he Delaware Action settlement class and $1,775,000 of the Cash Component and $725,000 of t
• $725,000 — nd $1,775,000 of the Cash Component and $725,000 of the Additional Component will be all
• $5,000,000 — ed a $12,000,000 liability, including a $5,000,000 litigation insurance reimbursement rece
• $2,775,000 b — hares") shall be calculated by dividing $2,775,000 by the volume-weighted average per share
• $725,000 b — hares") shall be calculated by dividing $725,000 by the VWAP of the Company's common stock

Filing Documents

• kplt-20240520.htm (8-K) — 44KB
• exhbit_101xkatapultxamende.htm (EX-10.1) — 25KB
• 0001628280-24-025020.txt ( ) — 246KB
• kplt-20240520.xsd (EX-101.SCH) — 3KB
• kplt-20240520_def.xml (EX-101.DEF) — 16KB
• kplt-20240520_lab.xml (EX-101.LAB) — 28KB
• kplt-20240520_pre.xml (EX-101.PRE) — 17KB
• kplt-20240520_htm.xml (XML) — 4KB

01. Other Events

Item 8.01. Other Events On May 20, 2024, Katapult Holdings, Inc. (the " Company") reached an agreement in principle to settle a putative class action lawsuit, captioned McIntosh v. Katapult Holdings, Inc., et al, filed in 2021 in the U.S. District Court for the Southern District of New York (the "New York Action") and a putative class action lawsuit, captioned Saunders v. Einbinder, et al., against directors and officers of FinServ Acquisition Corp. and FinServ Holdings LLC filed in 2022 in the Delaware Court of Chancery (the "Delaware Action") for total consideration of $12,000,000, comprised of: (1) a cash component of $8,500,000 (the "Cash Component"); and (2) an additional component of $3,500,000 comprised of the Company's common stock (the "Settlement Shares") and/or cash (the "Additional Component"). $6,725,000 of the Cash Component and $2,775,000 of the Additional Component will be allocated to the Delaware Action settlement class and $1,775,000 of the Cash Component and $725,000 of the Additional Component will be allocated to the New York Action settlement class. As previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, the Company had accrued a $12,000,000 liability, including a $5,000,000 litigation insurance reimbursement receivable, on its balance sheet for the year ended December 31, 2023 for the New York Action and the Delaware Action. The number of Settlement Shares for the Delaware Action (the "Delaware Settlement Shares") shall be calculated by dividing $2,775,000 by the volume-weighted average per share price ("VWAP") of the Company's common stock for the ten (10) consecutive trading days immediately preceding the date of the hearing on the final approval for the Delaware Action (the "Delaware Settlement Hearing VWAP"); in calculating the Delaware Settlement Shares (1) to the extent the Delaware Settlement Shares are less than 167,797, the difference between the Delaware Settlement Shares and 167

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Exhibit 10.1 First Amendment to Employment Agreement between Katapult Holdings, Inc., and Nancy Walsh dated May 21, 2024 104 Cover Page Interactive Data File (embedded within the inline XBRL document)

SIGNATURES

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. Date: May 23, 2024 /s/ Orlando Zayas Name: Orlando Zayas Title: Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR