SharpSpring, Inc. (NASDAQ:SHSP) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

SharpSpring, Inc. (NASDAQ:SHSP) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Richard Carlson

On February 8, 2018, the registrant entered into an employee agreement amendment with Richard Carlson, the registrant’s Chief Executive Officer and President. The employee agreement amendment amends Mr. Carlson’s previous employee agreement to (i) increase his base salary to $330,000 per year, and (ii) increase his annual bonus opportunity to $70,000. Mr. Carlson was also granted a stock option to purchase 100,000 shares of the registrant’s common stock. The options vest over a 4-year period, with 1/48 vesting each month. The description of Mr. Carlson’s employee agreement amendment is not complete and is qualified in its entirety by reference to the employee agreement amendment attached hereto as Exhibit 10.1, which is incorporated by reference herein.

Edward Lawton

On February 8, 2018, the registrant entered into an employee agreement amendment with Edward Lawton, the registrant’s Chief Financial Officer. The employee agreement amendment amends Mr. Lawton’s previous employee agreement to (i) increase his base salary to $200,000 per year, and (ii) increase his annual bonus opportunity to $70,000. Mr. Lawton was also granted a stock option to purchase 75,000 shares of the registrant’s common stock. The options vest over a 4-year period, 25% vest after one year with the remaining vesting monthly in equal installments of 1/48 thereafter. The description of Mr. Lawton’s employee agreement amendment is not complete and is qualified in its entirety by reference to the employee agreement amendment attached hereto as Exhibit 10.8, which is incorporated by reference herein.

Travis Whitton

On February 8, 2018, the registrant entered into an employee agreement amendment with Travis Whitton, the registrant’s Chief Technology Officer. The employee agreement amendment amends Mr. Whitton’s previous employee agreement to (i) increase his base salary to $175,000 per year, and (ii) increase his annual bonus opportunity to $30,000. Mr. Whitton was also granted a stock option to purchase 50,000 shares of the registrant’s common stock. The options vest over a 4-year period, 25% vest after one year with the remaining vesting monthly in equal installments of 1/48 thereafter. The description of Mr. Whitton’s employee agreement amendment is not complete and is qualified in its entirety by reference to the employee agreement amendment attached hereto as Exhibit 10.4, which is incorporated by reference herein.

Adoption of 2018 Executive Bonus Plan

On February 8, 2018, the registrant adopted a 2018 Executive Bonus Plan for its executive officers, which provides for quarterly payouts to executives upon obtaining certain levels of revenue and EBITDA. Payouts shall be based on a grid adopted by the Compensation Committee, with 70% of the bonus payout being determined based on revenue growth and 30% of the payout being determined based on EBITDA levels compared to plan. The maximum quarterly payout shall be 50% of target, but annual payouts may be adjusted up to 200% of target based on over-achievement of annual metrics following the year end calculation.

Item 9.01 Financial Statements and Exhibits

* Included herewith.


SharpSpring, Inc. Exhibit
EX-10.1 2 ex10-1.htm EXHIBIT 10.1   EMPLOYEE AGREEMENT AMENDMENT   THIS AGREEMENT (the “Agreement”) is made and entered into on February 8,…
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About SharpSpring, Inc. (NASDAQ:SHSP)

SharpSpring, Inc., formerly SMTP, Inc., is a cloud-based marketing technology company. The Company’s SharpSpring marketing automation platform uses features, such as Web tracking, lead scoring and automated workflow to enable businesses deliver messages to the customers. The SharpSpring marketing automation solution offers digital marketing tools to small and medium-sized businesses and is primarily sold to marketing agencies using the platform on behalf of their clients. The Company offers a SMTP relay product, which is designed to send high volumes of e-mail messages. The Company offers the GraphicMail e-mail campaign management solution to customers globally. The GraphicMail platform is focused on e-mail, social and mobile marketing and is used by companies wishing to communicate with a list of subscribers or customers. The Company’s platform is used by agencies, agency clients and direct end users.

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