Red Cat Holdings, Inc. Signs Executive Employment Agreement with Geoffrey Hitchcock

Red Cat Holdings, Inc. (NASDAQ: RCAT) has recently entered into an Executive Employment Agreement with Geoffrey Hitchcock, appointing Hitchcock as the Chief Revenue Officer of the company. The agreement was made effective as of October 1, 2024.

In this new role, Hitchcock will be responsible for overseeing the Company’s revenue-related operations and will execute duties as assigned by the Chief Executive Officer or the Board of Directors. These duties will align with the standard responsibilities associated with a Chief Revenue Officer. The agreement specifies that Hitchcock will dedicate his full business time and efforts to fulfill his obligations under this role and comply with the Company’s policies and codes of conduct.

The agreement outlines that Hitchcock’s employment will initially span two years, commencing from the effective date, with the possibility of renewal for successive one-year periods after. In order to be eligible for the renewal each year, Hitchcock must achieve at least 85% of his quota.

Red Cat Holdings has agreed to compensate Hitchcock with a base salary of $230,000 per annum, to be paid in regular installments according to the Company’s payroll schedule. Additionally, Hitchcock will have the opportunity to earn an annual bonus of up to $175,000, which will be determined by set goals and objectives defined by the Chief Executive Officer in consultation with the Compensation Committee.

Moreover, as part of the agreement, Hitchcock will be eligible for equity compensation awards. The agreement specifies the terms for these awards, including the vesting schedule and conditions. In case of termination of employment for any reason, Hitchcock will be entitled to certain post-employment benefits and compensation in accordance with the terms outlined in the agreement.

This agreement also includes clauses related to non-compete, non-disclosure, and non-solicitation, where Hitchcock agrees to refrain from engaging in competing activities, disclosing confidential information, or soliciting business from the Company’s clients or employees.

The provisions of the agreement address considerations of termination, including termination for cause, termination without cause, and termination for good reason, each stipulating specific conditions and consequences based on the circumstances leading to termination.

The agreement also ensures compliance with Section 409A of the Internal Revenue Code regarding payment timing and restrictions, along with provisions for governance, notice requirements, and dispute resolution.

This Executive Employment Agreement signifies the commitment of Red Cat Holdings, Inc. to reinforcing its leadership team and fostering a strong business trajectory under Hitchcock’s leadership.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Red Cat’s 8K filing here.

About Red Cat

Red Cat Holdings, Inc engages in the provision of various products, services, and solutions to the drone industry. The company operates through two segments: Enterprise and Consumer. It built infrastructure to manages drone fleets and fly, and provide services remotely, navigate confined industrial interior spaces and dangerous military environment.