Item 2.02. Results of Operations and Financial Condition.
On January 13, 2020, HyreCar Inc. ("HyreCar") issued a press release with
preliminary unaudited results for the fourth quarter and fiscal year ended
December 31, 2019. A copy of HyreCar's press release is furnished as Exhibit
99.1 to this Current Report on Form 8-K.
The information in this Item 2.02 of this Current Report on Form 8-K, including
Exhibit 99.1, is being furnished and shall not be deemed "filed" for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), or otherwise subject to the liabilities of that section, nor shall it be
deemed incorporated by reference in any filing under the Securities Act of 1933,
as amended, or the Exchange Act, regardless of any general incorporation
language in such a filing, except as shall be expressly set forth by specific
reference in such a filing.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
Executive Officer Compensation
On January 9, 2020, the Compensation Committee of the Board of Directors of
HyreCar (the "Compensation Committee") approved new base compensation for
certain executive officers of HyreCar, effective January 1, 2020, to be paid in
accordance with HyreCar's customary payroll practices. Joseph Furnari ("J.
Furnari"), HyreCar's Chief Executive Officer, will be paid $215,000 annually;
Henry Park ("Park"), HyreCar's Chief Operating Officer, will be paid $200,000
annually; Scott Brogi ("Brogi"), HyreCar's Chief Financial Officer, will be paid
$200,000 annually; and Michael Furnari ("M. Furnari"), HyreCar's Chief Business
Development Officer, will be paid $165,000 annually.
Executive Officer Bonuses
On January 9, 2020, the Compensation Committee approved year-end bonuses to be
paid to certain executive officers of HyreCar on January 15, 2020, in accordance
with HyreCar's customary payroll practices. J. Furnari will receive a one-time
bonus in the amount of $35,000; Park will receive a one-time bonus in the amount
of $25,000; Brogi will receive a one-time bonus in the amount of $35,000; and M.
Furnari will receive a one-time bonus in the amount of $25,000.
Executive Officer Equity Grants
On January 9, 2020, the Compensation Committee approved equity grants to be paid
to certain executive officers of HyreCar in accordance with HyreCar's 2018
Equity Incentive Plan. Each of J. Furnari, Park, Brogi, and M. Furnari, will
receive 100,000 restricted stock units, subject to performance-based vesting
requirements. Fifty percent (50%) of the restricted stock units will vest upon
the satisfaction of certain specified performance milestones of HyreCar, and
fifty percent (50%) of the restricted stock units will vest upon the
satisfaction of certain performance milestones of each executive officer.
Performance milestones of HyreCar and each executive officer will be evaluated
on December 15, 2020, at which time it will be determined how many restricted
stock units will vest and not vest.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
99.1* Press release issued by HyreCar on January 13, 2020
*Furnished herewith.
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