Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
The board of directors of Kaspien Holdings Inc. (the "Company") has appointed
Brock Kowalchuk as Chief Executive Officer of the Company, effective March 30,
2023. Mr. Kowalchuk previously had served as Interim Chief Executive Officer of
the Company since March 11, 2022.
Biographical and other information regarding Mr. Kowalchuk was included in the
Company's Current Reports on Form 8-K filed with the Securities and Exchange
Commission (the "SEC") on March 11, 2022 and April 1, 2022. In connection with
his appointment as Chief Executive Officer, Mr. Kowalchuk's base salary has been
increased from an annual rate of $280,000 to $300,000, subject to applicable
withholdings. He also will be eligible to receive a discretionary performance
bonus with a target of 50% of his annual base salary. The bonus amounts will be
payable only if Mr. Kowalchuk is employed by the Company on the applicable
payment dates. Aside from the changes described herein, there is no change to
Mr. Kowalchuk's compensation in connection with his appointment as Chief
Executive Officer from what was described in the Company's Current Report on
Form 8-K filed with the SEC on April 1, 2022.
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