Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
CEO and Chairman Employment Agreement
On October 24, 2022, Altitude International Holdings, Inc. (the "Company")
entered into an employment agreement with Gregory Breunich, Chief Executive
Officer and Chairman of the Company (the "Breunich Employment Agreement"). The
Breunich Employment Agreement is for a term of five years, and it may be
terminated by Mr. Breunich and the Company for good reason or for cause,
respectively. Pursuant to the Breunich Employment Agreement, Mr. Breunich will
receive an annual base salary of $300,000.00, of which $60,000.00 in the first
year shall be deferred for one year and shall be eligible to earn annual target
bonuses for each fiscal year comprised of a cash portion and a portion payable
in shares of common stock of the Company, as discussed in the Breunich
Employment Agreement. Mr. Breunich shall also be eligible to earn a buyout bonus
to be paid to Mr. Breunich upon the closing of a sale of the Company.
Upon termination by Mr. Breunich for good reason, or by the Company without
cause, the Company shall pay or provide to Mr. Breunich severance pay equal to
his then current annual base salary for twelve (12) months, during which time
Mr. Breunich shall continue to receive all employee benefits and employee
benefit plans as described in the Breunich Employment Agreement. As a full-time
employee of the Company, Mr. Breunich will be eligible to participate in all of
the Company's benefit programs.
COO, Executive Vice President and Director Employment Agreement
On October 24, 2022, the Company entered into an employment agreement withScott
Del Mastro, Executive Vice President, Chief Operating Officer and Director of
the Company (the "Del Mastro Employment Agreement"). The terms of the Del Mastro
Employment Agreement are substantially the same as the Breunich Employment
Agreement, other than Mr. Del Mastro's annual base salary which shall be
$250,000.00 per year, of which $50,000.00 in the first year shall be deferred
for one year.
Director of Tennis and Director Employment Agreement
On October 24, 2022, the Company entered into an employment agreement with
Gabriel Jaramillo, Director of Tennis and Director of the Company (the
"Jaramillo Employment Agreement"). The terms of the Jaramillo Employment
Agreement are substantially the same as the Del Mastro Employment Agreement
Item 5.02 of this Current Report on Form 8-K contains only a brief description
of the material terms of and does not purport to be a complete description of
the rights and obligations of the parties to the Breunich Employment Agreement,
the Del Mastro Employment Agreement and the Jaramillo Employment Agreement, and
such descriptions are qualified in their entirety by reference to the full texts
of the Breunich Employment Agreement, the Del Mastro Employment Agreement and
the Jaramillo Employment Agreement, copies of which are filed herewith as
Exhibits 10.1, 10.2 and 10.3, respectively.
Item 9.01. Exhibits.
(d) Exhibits
Exhibit No. Exhibit
10.1 Employment Agreement, dated October 24, 2022, by and between
Altitude International Holdings, Inc. and Gregory Breunich
10.2 Employment Agreement, dated October 24, 2022, by and between
Altitude International Holdings, Inc. and Scott Del Mastro
10.3 Employment Agreement, dated October 24, 2022, by and between
Altitude International Holdings, Inc. and Gabriel Jaramillo
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
© Edgar Online, source Glimpses