UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 5.02(e) Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(e) Compensatory Arrangements of Certain Officers
On May 3, 2021, the Company’s Board of Directors, upon the recommendation of the Compensation Committee of the Board of Directors, voted to adjust the compensation of Peter D. Holt, the Company’s President and Chief Executive Officer, as follows: (1) an annual base salary increase from $410,000 to $418,200, retroactive to March 8, 2021; (2) an annual bonus under the Company’s Executive Short-Term Incentive Plan of up to 65% (increasing from 50%) of his then existing base salary if certain Company-wide performance targets are met (which would increase by up to 25%, for a maximum total of 81.25% of his base salary, if the Company-wide performance targets set forth in the Company’s Executive Short-Term Incentive Plan are exceeded); and (3) an annual stock award of 65% (increasing from 60%) of his then existing base salary under the Company’s Amended and Restated 2014 Incentive Stock Plan, vesting in four equal annual installments (subject to continued employment on each vesting date), with the grant date to be at the same time that other employees receive grants under the stock plan.
The Executive Short-Term Incentive Plan has been amended to reflect the changes described in clause (2) of the previous paragraph.
Signature
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 7, 2021.
| The Joint Corp. | |||
| By | /s/ Peter D. Holt | ||
| Peter D. Holt | |||
| President and Chief Executive Officer | |||