On April 30, 2018, in accordance withPursuant to the terms of his employment agreement, in effect at that time, Mr. Crivello was issued 10,000 shares of common stock as a result of the volume weighted average price of the Company’s common stock exceeding $7.00.
Pursuant to an Amendment to Mr. Crivello’s employment agreement, effective February 28, 2019, he was awarded 180,000225,000 shares of restricted stock, vesting in equal monthlyyearly installments over 48 months3 years beginning on February 28, 2019. In the event of an acquisition which requires the issuance of stock, and at the Board of Directors’ sole discretion, but not less than 12 months post-closing of an acquisition, Mr. Crivello shall receive additional stock in an amount equal to 2% of the shares issued in such transaction, which will vest immediately upon grant date.
On December 24, 2020, Mr. Crivello was awarded 1,024 shares of common stock as a performance bonus.
On September 2, 2020, Mr. Crivello was awarded 185,000 restricted stock units which vest over three years provided the Company’s common stock achieves a price of $8.50 per share on the applicable first, second and third anniversaries of the date of grant.23, 2023.
Mr. Crivello may participate in the Company’s benefit plans that are currently and hereafter maintained and for which he is eligible, including, without, limitation, group medical, 401(k), life insurance and other benefit plans. Mr. Crivello is also entitled to be reimbursed for reasonable travel and other expenses.
Pursuant to the employment agreement, Mr. Crivello agreed to customary non-competition and non-solicitation provisions.
Pursuant to a prior employment agreement, Mr. Crivello was awarded 180,000 shares of restricted stock, vesting in equal monthly installments over 48 months beginning on February 28, 2019. On August 28, 2021, for administrative convenience, the monthly vesting was changed to three vesting tranches of 26,250 shares on September 2, 2021 and 22,250 shares on each of September 2, 2022 and February 28, 2023.
On September 2, 2020, Mr. Crivello was awarded 185,000 restricted stock units which vest over three years provided the Company’s common stock achieves a price of $8.50 per share on the applicable first, second and third anniversaries of the date of grant.
All of the equity awards to Mr. Crivello vest on a change in control.
Employment AgreementLetter with Jim GilbertsonJason Schanno
Mr. GilbertsonSchanno entered into an Offer of Employment Letter on December 17, 2019August 16, 2021 which provided for an annual base salary of $225,000. Under the Employment letter,$200,000. For fiscal 2021, he receivedwas eligible to receive a signingtarget bonus of $30,000$45,000 provided he was in two payments. 50%good standing with the Company at the time of the signing bonus was paid on the first pay period in March 2020 while the remaining 50% of the signing bonus was paid on the first pay period in July, 2020.out. For fiscal year 2022 and after, Mr. Gilbertson wasSchanno is eligible for a 2020 performance-based incentive award in the amount of $60,000 and in 2021 and beyond he will be eligible for a performance-based cash incentive award at a target of 35%30% of annual base salary. UponStarting in 2022, Mr. Schanno will also be eligible for additional discretionary performance-based bonuses as may be awarded by the January 9, 2020 commencement of his employment,compensation committee.
Effective August 16, 2021, the Company also granted to Mr. GilbertsonSchanno under our 2015 Equity Incentive Plan (i) a stock option for the purchase of 50,00040,000 shares of common stock under our 2015 Equity Incentive Plan. The optionat an exercise price of $13.25 that vests over a four-year period.period and (ii) 25,000 restricted stock units that vest one third on each of the next three anniversaries of the date of grant, provided the share price equals or exceeds $15 on such anniversary. These awards vest on a change in control provided the change in control occurs after the second anniversary of the date of grant.
Effective March 14, 2022, Mr. Schanno’s base salary was increased to $225,000.
Mr. GilbertsonSchanno’s employment is on an at-will basis and provides for provisions for termination with and without cause by the Company. The Offer of Employment Letter contains other customary terms and conditions.
Mr. Schanno may participate in the Company’s benefit plans that are currently and hereafter maintained and for which he is eligible, including, without, limitation, group medical, 401(k), life insurance and other benefit plans. Mr. GilbertsonSchanno is also entitled to be reimbursed for reasonable travel and other expenses.
Employment Letter with Albert Hank
Mr. Hank entered into an Offer of Employment Letter on January 8, 2021 which provided for an annual base salary of $175,000. For fiscal year 2021 and each year forward, Mr. Hank is eligible for a performance-based cash incentive award at a target 30% of annual base salary. Annual payment of such awards and performance criteria will be based on BBQ Holding’s plan as approved by the CEO and Board of Directors and after audited financials are approved by the Board of Directors. The Compensation Committee will determine the amount. Mr. Hank is also eligible for additional discretionary performance-based bonuses as may be awarded by the compensation committee.
Effective March 14, 2022, Mr. Hank’s base salary was increased to $225,000.
Mr. Hank’s employment is on an at-will basis and provides for provisions for termination with and without cause by the Company. The Offer of Employment Letter contains other customary terms and conditions.
Mr. Hank may participate in the Company’s benefit plans that are currently and hereafter maintained and for which he is eligible, including, without, limitation, group medical, 401(k), life insurance and other benefit plans. Mr. Hank is also entitled to be reimbursed for reasonable travel and other expenses.