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CURRENT REPORT
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 23, 2020, the Compensation Committee of the Board of Directors of Tattooed Chef, Inc. (the “Company”) issued incentive awards to a number of its and its subsidiaries’ US and Italian employees. Among the employees who received awards were two executive officers of the Company, Thomas Matthew Williams and Charles F. Cargile.
Mr. Williams received a nonqualified stock option to purchase up to 210,000 shares of the Company’s common stock for $24.69 per share. The option vests annually over a period three years in three equal tranches on each anniversary of the date of grant.
Mr. Cargile received a restricted stock grant of 300,000 shares of the Company’s common stock. The vesting schedule for Mr. Cargile’s grant is as follows: 60,000 shares will vest on each anniversary of October 15, 2020, provided that, during any thirty consecutive trading days during the preceding twelve month period, the stock closed above a certain target price (the “Target Share Price”) on at least twenty of those thirty days and that Mr. Cargile is employed on each anniversary date. If the Target Share Price is not met, the 60,000 shares eligible for vesting will carry over to the following year and be eligible for vesting and if the Target Share Price is met during the following year, then 120,000 shares will vest during that year. The full amount of any unvested shares will continue to carry over into the next year until October 15, 2025. If any shares remain unvested on October 15, 2025, the unvested shares will be forfeited on that date. The Target Share Prices are as follows: (a) Period ending October 15, 2021 - $19.18, (b) Period ending October 15, 2022 - $23.01, (c) Period ending October 15, 2023 - $25.00, (d) Period ending October 15, 2024 - $30.00 and (e) Period ending October 15, 2025 - $35.00.
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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.
TATTOOED CHEF, INC. | ||
By: | /s/ Charles F. Cargile | |
Name: | Charles F. Cargile | |
Title: | Chief Financial Officer |
Date: December 28, 2020
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