UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 10, 2021
Redbox Entertainment Inc.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction
of incorporation ) | 001-39741
(Commission
File Number) | 85-2157010
(I.R.S. Employer
Identification No.) |
1 Tower Lane, Suite 800 Oakbrook Terrace, Illinois 60181
(Address of principal executive offices, including zip code) |
(630) 756-8000
(Registrant’s telephone number, including area code) |
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| | |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| | |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| | |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | | Trading Symbol(s) | | Name of each exchange on
which registered |
| Class A common stock, par value $0.0001 per share | | RDBX | | The Nasdaq Stock Market LLC |
| Warrants to purchase Class A common stock | | RDBXW | | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers
(e) On November 10, 2021, the Company’s Board of Directors (the “Board”), upon the recommendation of the Compensation Committee of the Board, took the following actions with respect to the compensation of Chief Executive Officer Galen Smith and Chief Financial Officer & Treasurer Kavita Suthar:
1. Galen Smith, Chief Executive Officer:
Effective November 1, 2021, Mr. Smith’s annual base salary will increase from $700,000 to $800,000, and his annual target bonus as a percentage of base salary will increase from 125% to 150% (to be prorated for 2021).
2. Kavita Suthar, Chief Financial Officer & Treasurer:
Effective November 1, 2021, Ms. Suthar’s annual base salary will increase from $300,000 to $470,000, and her annual target bonus as a percentage of base salary will increase from 50% to 60% (to be prorated for 2021).
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.
| | REDBOX ENTERTAINMENT INC. |
| | |
| | By | /s/ Frederick W. Stein |
| | | Name: Frederick W. Stein |
| | | Title: Chief Legal Officer & Secretary |
Date: November 16, 2021
