Verb Technology Co. Inc. (VERB) filed a Form 8K - Director, Officer or Compensation Filing - with the U. S Securities and Exchange Commission on April 10, 2020 .
On April 10, 2020 , the board of directors of Verb Technology Company, Inc. , a Nevada corporation (the "Company"
, approved management's COVID-19 Full Employment and Cash Preservation Plan (the "Plan" , pursuant to which all directors and senior level management would reduce their cash compensation by 25%, and all other employees and consultants would reduce their cash compensation by 20% (the "Cash Reduction Amount" for a period of three months from April 16, 2020 through July 15, 2020 for one category of plan participants, and April 26, 2020 through July 18, 2020 for the other category of participants. The Plan was designed to promote the continued growth of the Company and avoid the lay-offs and staff cut-backs experienced by many companies affected by the COVID-19 economic crisis. The Cash Reduction Amount is to be paid in shares of the Company's common stock (the "Shares" through an allocation of shares from the Company's 2019 Omnibus Incentive Plan (the "Omnibus Incentive Plan" and granted pursuant to stock award agreements entered into effective as of April 10, 2020 (the "Grant Date" between the Company and each of the Company's directors, executive officers, employees, and consultants. The stock award agreements provide that the Shares will vest on July 18, 2020 (the "Vesting Date" as long as the recipient remains in continuous service to the Company during the time from the Grant Date through the Vesting Date. The Shares were valued at $1.198 per share in accordance with the provisions of the Omnibus Incentive Plan, which provides that the value shall be determined based on the volume weighted average price of the Company's common stock during a period of up to the 30-trading days prior to the Grant Date.
The following table summarizes the total Cash Reduction for the period from April 16, 2020 through July 18, 2020 and the Shares to be issued for directors and senior executive officers. The value of the Shares to be issued to each director and senior executive officer is equal to 125% of the Cash Reduction amount for such director and senior executive officer.
Name Title Total Cash
Reduction Shares
Rory J. Cutaia Chairman, President, Chief Executive Officer and Secretary $ 29,740.00 31,030
Jeffrey R. Clayborne Chief Financial Officer $ 15,625.00 16,303
James P. Geiskopf Lead Director $ 9,375.00 9,782
Philip J. Bond Director $ 4,688.00 4,891
Kenneth S. Cragun Director $ 4,688.00 4,891
Judith Hammerschmidt Director $ 4,688.00 4,891
Nancy Heinen Director $ 4,688.00 4,891
The full text of this SEC filing can be retrieved at: http://www.sec.gov/ Archives/edgar/data/1566610/000149315220007640/form8-k.htm
Any exhibits and associated documents for this SEC filing can be retrieved at: https://www.sec.gov/Archives/edgar/data/15666...001493152- 20-007640-index.htm
Public companies must file a Form 8-K, or current report, with the SEC generally within four days of any event that could materially affect a company's financial position or the value of its shares.
(END) Dow Jones Newswires
05-04-20 1606ET
Copyright (c) 2020 Dow Jones & Company, Inc.
On April 10, 2020 , the board of directors of Verb Technology Company, Inc. , a Nevada corporation (the "Company"
, approved management's COVID-19 Full Employment and Cash Preservation Plan (the "Plan" , pursuant to which all directors and senior level management would reduce their cash compensation by 25%, and all other employees and consultants would reduce their cash compensation by 20% (the "Cash Reduction Amount" for a period of three months from April 16, 2020 through July 15, 2020 for one category of plan participants, and April 26, 2020 through July 18, 2020 for the other category of participants. The Plan was designed to promote the continued growth of the Company and avoid the lay-offs and staff cut-backs experienced by many companies affected by the COVID-19 economic crisis. The Cash Reduction Amount is to be paid in shares of the Company's common stock (the "Shares" through an allocation of shares from the Company's 2019 Omnibus Incentive Plan (the "Omnibus Incentive Plan" and granted pursuant to stock award agreements entered into effective as of April 10, 2020 (the "Grant Date" between the Company and each of the Company's directors, executive officers, employees, and consultants. The stock award agreements provide that the Shares will vest on July 18, 2020 (the "Vesting Date" as long as the recipient remains in continuous service to the Company during the time from the Grant Date through the Vesting Date. The Shares were valued at $1.198 per share in accordance with the provisions of the Omnibus Incentive Plan, which provides that the value shall be determined based on the volume weighted average price of the Company's common stock during a period of up to the 30-trading days prior to the Grant Date. The following table summarizes the total Cash Reduction for the period from April 16, 2020 through July 18, 2020 and the Shares to be issued for directors and senior executive officers. The value of the Shares to be issued to each director and senior executive officer is equal to 125% of the Cash Reduction amount for such director and senior executive officer.
Name Title Total Cash
Reduction Shares
Rory J. Cutaia Chairman, President, Chief Executive Officer and Secretary $ 29,740.00 31,030
Jeffrey R. Clayborne Chief Financial Officer $ 15,625.00 16,303
James P. Geiskopf Lead Director $ 9,375.00 9,782
Philip J. Bond Director $ 4,688.00 4,891
Kenneth S. Cragun Director $ 4,688.00 4,891
Judith Hammerschmidt Director $ 4,688.00 4,891
Nancy Heinen Director $ 4,688.00 4,891
The full text of this SEC filing can be retrieved at: http://www.sec.gov/ Archives/edgar/data/1566610/000149315220007640/form8-k.htm
Any exhibits and associated documents for this SEC filing can be retrieved at: https://www.sec.gov/Archives/edgar/data/15666...001493152- 20-007640-index.htm
Public companies must file a Form 8-K, or current report, with the SEC generally within four days of any event that could materially affect a company's financial position or the value of its shares.
(END) Dow Jones Newswires
05-04-20 1606ET
Copyright (c) 2020 Dow Jones & Company, Inc.
4
