Katapult Holdings Inc.
07/18/2024 | Press release | Distributed by Public on 07/18/2024 14:25
Management Change/Compensation Form 8 K
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 15, 2024, Kaitlin A. Folan, age 41, accepted an offer from Katapult Holdings, Inc. (the "Company") to join as the Company's Chief Accounting Officer, effective as of July 22, 2024. In connection with Ms. Folan's acceptance, Mr. Arthur Goss, the interim Chief Accounting Officer will continue in his role as Vice President, Internal Audit.
Prior to joining the Company, Ms. Folan most recently served as Vice President, Financial Accounting of BJ's Wholesale Club, an operator of a membership warehouse club, from April 2021 until July 2024 and, prior to that, as Managing Director and various other roles at PricewaterhouseCoopers, LLP, from October 2012 until April 2021. Ms. Folan is a certified public accountant and received her bachelor's degree and Master of Business Administration from Bentley University.
On July 15, 2024, Ms. Folan accepted the Company's offer letter (the "Offer Letter") in connection with her appointment as Chief Accounting Officer of the Company. Pursuant to the Offer Letter, while employed as Chief Accounting Officer, Ms. Folan will be eligible for the following compensation and benefits: (1) an annual base salary of $345,000, (2) a target annual incentive opportunity under the Company's incentive compensation plan equal to 40% of her annual base salary, (3) subject to Board approval, promptly following her start date, a one-time award of 10,000 restricted stock units, vesting 33.3% on the first anniversary of the grant date and thereafter in eight substantially equal quarterly installments over the next two years, subject to her continued employment with the Company, (4) a one-time cash sign-on bonus in the amount of $50,000, which will be paid in equal installments, 50% within 30 days from her start date and 50% in the second quarter of 2025, provided she is an employee at that time, and (5) participation in the Company's health, welfare and retirement benefit programs as in effect from time to time. As a condition to her employment, Ms. Folan will become a party to an Employee Confidentiality and Assignment Agreement in the form attached to the Offer Letter, which restricts her from disclosing the Company's proprietary information, soliciting the Company's employees and soliciting the Company's customers or suppliers while employed and during the twelve months thereafter. In addition, upon her start date, Ms. Folan will also become a party to the Company's standard indemnification agreement for executive officers and directors.
Ms. Folan has not previously held any position or office with the Company. Ms. Folan was not appointed to serve as Chief Accounting Officer pursuant to any arrangements or understandings with the Company (other than the Offer Letter) or with any other person. There are no family relationships between Ms. Folan and any director or executive officer of the Company, and there are no related party transactions between Ms. Folan and the Company that would require disclosure under Item 404(a) of Regulation S-K.
At the time of this report, the Company has not entered into any compensation arrangements with Mr. Goss in connection with his ongoing role as Vice President, Internal Audit.