UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 5.02. Departure of Certain Officer; Election of Directors; Appointment of Certain Officer; Compensatory Arrangements of Certain Officers.
Employment Agreement with the Chief Revenue Officer
On October 5, 2023, Karat Packaging Inc. (the "Company") entered into an employment agreement with Daniel Quire to serve as Chief Revenue Officer of the Company (the “Employment Agreement”). Pursuant to the Employment Agreement, Mr. Quire will be paid an annual salary of $250,000 ("Base Salary") and will be eligible for an annual bonus upon the discretion of the Compensation Committee.
Pursuant to the Employment Agreement, Mr. Quire will be an at-will employee of the Company. If Mr. Quire is terminated with Cause (as defined in the Employment Agreement), the Company will provide Mr. Quire the following compensation, in accordance with the terms of the Employment Agreement: (a) any accrued but unpaid Base Salary and accrued but unused vacation; (b) reimbursement for unreimbursed business expenses properly incurred; and (c) employee benefits, including equity compensation, if any, to which she may be entitled to. If Mr. Quire is terminated without Cause but for Good Reason (as defined in the Employment Agreement), the Company will provide Good Cause all compensation stated above in (a)-(c).
The foregoing summary of the terms of the Employment Agreement with Mr. Quire does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Employment Agreement, a copy of which is included as Exhibit 10.1 to this report, and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |
| 10.1+ | Employment Agreement, dated October 5, 2023, between Karat Packaging Inc. and Daniel Quire, Chief Revenue Officer. | |
| 104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
| + | Management contract or compensatory plan or arrangement. |
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SIGNATURES
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.
| Date: October 11, 2023 | KARAT PACKAGING INC. | |
| By: | /s/ Jian Guo | |
| Jian Guo | ||
| Chief Financial Officer | ||
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