Item 1.01 Entry into a Material Definitive Agreement
On January 30, 2023, Amergent Hospitality Group Inc., a Delaware corporation
("Amergent" or the "company") entered into a new at-will employment agreement
with Stephen J. Hoelscher for his continued service as Chief Financial Officer.
The disclosures set forth in Item 5.02 are incorporated herein by this
reference.
Item 5.02 Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers.
(c) On January 30, 2023, Amergent entered into a new at-will employment
agreement with Stephen J. Hoelscher for his continued service as Chief Financial
Officer. Effective January 6, 2023, his salary was increased to $180,000 per
annum. In addition, the board of directors granted him a cash bonus of $30,000
for his services as Chief Financial Officer during the fiscal year ended
December 31, 2022. The bonus is to be paid in 10 installments semi-monthly
commencing the first pay period nearest February 1, 2023. For 2023, his
discretionary cash bonus target is $36,000 and, to the extent earned and
approved by the board of directors, will be paid within ninety (90) days of the
end of 2023, provided Mr. Hoelscher is still employed with the Company at the
time of payment. Mr. Hoelscher will receive two weeks of paid vacation annually
and will be entitled to participate in benefits offered by the company to senior
executive officers.
As an inducement for Mr. Hoelscher's continued service, the company granted Mr.
Hoelscher 50,000 restricted shares of AMHG common stock that vest immediately
under the company's 2021 Equity Incentive Plan. In addition, he will receive an
option to purchase 100,000 shares of AMHG common stock, which options will vest
annually in three equal installments, commencing December 31, 2023. The exercise
price for the first 1/3 will be $0.60 for the first third, the second 1/3,
$1.00, and the last third, $1.50.
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