UNITED STATES SECURITIES AND EXCHANGE COMMISSION
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
The Company previously announced the mutual agreement between the Company and Jeffrey Kirt, the Company’s former Chief Executive Officer, that Mr. Kirt would resign from his roles as Chief Executive Officer and member of the Board of Directors of the Company (the “Board”), effective as of the end of October 7, 2022.
In connection with Mr. Kirt’s resignation from his previous roles with the Company and transition to providing consulting services to the Company, on October 10, 2022, the Board approved and, subsequently, the Company and Mr. Kirt entered into a Letter Agreement that describes the terms of Mr. Kirt’s separation of employment from the Company and the terms of his consulting services to the Company, which are scheduled to continue through October 10, 2023 (the “Consulting Period”). In exchange for Mr. Kirt’s consulting services, and subject to his execution and non-revocation of a general release of claims in favor of the Company and compliance with restrictive covenants, Mr. Kirt will receive payment of $750,000 in equal installments over the Consulting Period and Company coverage of his Bloomberg terminal subscription fees during the Consulting Period, as well as accelerated vesting to October 10, 2022 of his outstanding unvested restricted stock units (229,868 restricted stock units) and a one-time grant under the Company’s 2021 Equity Incentive Plan of 280,000 restricted stock units that are fully vested at grant on October 10, 2022 and settle in 12 weekly installments beginning on October 14, 2022.
The above description of the Letter Agreement is a summary, and the full text of the Letter Agreement will be filed with the Company’s next annual report on Form 10-K.
|Item 9.01||Financial Statements and Exhibits|
|104||Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document|
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.
|GREENIDGE GENERATION HOLDINGS INC.|
|Dated: October 12, 2022||By:||/s/ Terence Burke|