UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Item 2.05. Costs Associated With Exit or Disposal Activities
On October 22, 2024, PSQ Holdings, Inc., a Delaware corporation (the “Company”) completed the implementation of a strategic plan (the “Strategic Plan”) to streamline the organization, reducing staff by over 35% and focusing on the people critical to the Company’s B2B focused sales and marketing positioning going forward.
The Company expects a non-recurring charge for severance of $355,772.90, in addition to one month of COBRA estimated to total $37,367.37 for those electing to utilize it, primarily incurred in the fourth quarter of 2024. The Company may incur additional costs not currently contemplated due to events associated with or resulting from the Strategic Plan.
Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
Salary Adjustment
Effective November 1, 2024, the executives listed below agreed to voluntary compensation decreases in the respective amounts shown in order to indicate their support for the Company’s cost reduction measures.
The base salary for Michael Seifert, the Chief Executive Officer of the Company, has been reduced by 25% from $400,000 per annum to $300,000 per annum.
The base salary for Brad Searle, the Company’s Chief Financial Officer, has been reduced by 20% from $375,000 per annum to $300,000 per annum.
The base salary for Sarah Gabel Seifert, the President of our “EveryLifeTM” brand, has been reduced by 20% from $300,000 per annum to $240,000 per annum.
The base salary of Mike Hebert, the Chief Operating Officer of the Company, has been reduced by 10% from $350,000 per annum to $315,000 per annum.
Each Executive’s reduction in compensation will remain in effect until further notice. The Company’s Compensation Committee has been informed of the reductions, and any future increases in compensation with require the Compensation Committee’s approval.
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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.
| PSQ Holdings, Inc. | ||
| Date: November 1, 2024 | By: | /s/ Michael Seifert |
| Name: | Michael Seifert | |
| Title: | Founder, Chairman and Chief Executive Officer | |
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