VAPOR CORP. (OTCMKTS:VPCO) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
The information set forth below under Item 5.02 is hereby
incorporated by reference into this Item 1.01.
Item 5.02 Departure of Directors or
Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
(e) Compensatory Arrangements of Certain
Officers
On January 31, 2017, Vapor Corp. (the
Company) entered into a new employment
agreement (the Employment Agreement)
with the Companys President and Chief Operating Officer,
Christopher Santi.
to the Employment Agreement, Mr. Santi will continue to be
employed as the Companys President and Chief Operating Officer
for a three-year term beginning January 30, 2017, and, unless
sooner terminated as provided therein, ending January 29, 2020;
provided that such term of employment shall automatically extend
for successive one-year periods unless either party gives at
least thirty days advance written notice of its intention not to
extend the term of employment. Mr. Santi will receive a base
salary of $225,000, increasing to $250,000 and $275,000,
respectively, for the second and third years of the Employment
Agreement. Mr. Santi shall be eligible to earn an annual bonus at
the discretion of the Companys Board of Directors.
During the employment period, Mr. Santis employment with the
Company may be terminated by the Company for Cause (as defined in
the Employment Agreement) or by Mr. Santi at any time and for any
reason. In the event that Mr. Santis employment is terminated by
the Company for any reason other than for Cause or following a
Change of Control (as defined in the Employment Agreement), then
the Company shall pay to Mr. Santi (i) his accrued but unpaid
salary and (ii) severance payments for the applicable Severance
Period (as defined in the Employment Agreement).
The Employment Agreement also contains customary non-competition,
non-solicitation and confidentiality provisions.
Mr. Santi does not have a family relationship with any of the
current officers or directors of the Company. Other than the
Employment Agreement, there are no arrangements or understandings
between Mr. Santi and any other person to which Mr. Santi was
appointed to serve as the President and Chief Operating Officer.
There is no currently proposed transaction, and there has not
been any transaction, involving the Company and Mr. Santi which
was a related person transaction within the meaning of Item
404(a) of Regulation S-K.
The above description of the terms of the Employment Agreement
are not complete and are qualified by reference to the complete
document, which is attached hereto as Exhibit 10.1 and
incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit | ||
| Number | Description | |
| 10.1 |
Employment Agreement, dated as of January 30, 2017 by and between the Company and Christopher Santi |
About VAPOR CORP. (OTCMKTS:VPCO)
Vapor Corp. (Vapor) is a distributor and retailer of vaporizers, e-liquids and electronic cigarettes. The Company operates approximately 20 retail stores in the Southeast of the United States. It also designs, markets and distributes vaporizers, e-liquids, electronic cigarettes and accessories under the Vapor X, Hookah Stix, Vaporin, Krave and Honey Stick brands. Vapor also designs and develops private label brands for distribution customers. Third-party manufacturers produce Vapor’s products to meet their design specifications. Vapor offers e-liquids, vaporizers, e-cigarettes and related products through its vape stores, online, retail channels through its direct sales force, and through third-party wholesalers, retailers and value-added resellers. Retailers of its products include small-box discount retailers, gas stations, drug stores, convenience stores, and tobacco shops throughout the United States. It offers its products in multiple nicotine strengths, flavors and puff counts. VAPOR CORP. (OTCMKTS:VPCO) Recent Trading Information
VAPOR CORP. (OTCMKTS:VPCO) closed its last trading session 00.00000 at 0.00010 with 73,713,659 shares trading hands.