Wrap Technologies, Inc. announced it has entered into amended and restated employment agreements with Executive Chairman and CEO Scot Cohen, and President and COO Jared Novick, effective September 2, 2026. The new agreements include substantial performance-based restricted stock awards tied to the company's market capitalization and amend certain terms of prior stock option grants.
Key Details
- Executive Compensation: Both CEO Scot Cohen and COO Jared Novick will receive an annual base salary of $200,000 under initial two-year employment terms.
- CEO Performance Award: Scot Cohen was granted 4,000,000 shares of performance restricted stock.
- COO Performance Award: Jared Novick was granted 2,000,000 shares of performance restricted stock.
- Vesting Milestones: The new stock awards for both executives vest in four equal tranches as the company's market capitalization reaches and sustains levels of $150M, $225M, $337.5M, and $506.25M for 45 consecutive trading days.
- Shareholder Approval Contingency: A portion of the awards (1.6 million shares for the CEO and 800,000 for the COO) is contingent on shareholder approval to increase authorized shares under the equity plan by March 15, 2027.
- Stock Option Amendment: Prior stock option agreements for both executives were amended to extend the post-termination exercise period from 3 months to 24 months.