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Posted 29 December, 2023

BRC Inc. appointed Chris Mondzelewski as new CEO

NYSE:BRCC appointed new Chief Executive Officer Chris Mondzelewski in a 8-K filed on 29 December, 2023.


  As previously reported, on November 6, 2023, the Board of Directors (the "Board") of BRC Inc. (the "Company") appointed Chris Mondzelewski as Chief Executive Officer of the Company, effective January 1, 2024, in addition to his continuing role as President of the Company.  

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Overview of BRC Inc.
Consumer Goods • Non-Alcoholic Beverages/Drinks
BRC, Inc. engages in the business of sourcing, processing, manufacturing, packaging, distributing, marketing, and selling coffee and other food and beverage products. It utilizes a three-pronged approach to craft a brand that resonates with its customer base and enhances brand loyalty: Inform, Inspire, and Entertain. The company was founded by Evan Hafer and Mat Best in 2014 and is headquartered in Salt Lake City, UT.
Market Cap
$832M
View Company Details
BRC Inc. by TradingView
Relevant filing section
Item 5.02 
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


Letter Agreement with Chris Mondzelewski


As previously reported, on November 6, 2023, the Board of Directors (the "Board") of BRC Inc. (the "Company") appointed Chris Mondzelewski as Chief Executive Officer of the Company, effective January 1, 2024, in addition to his continuing role as President of the Company. On December 22, 2023, the Company and Mr. Mondzelewski entered into a letter agreement setting forth Mr. Mondzelewski's compensation for serving as President and Chief Executive Officer. Pursuant to the letter agreement, (a) Mr. Mondzelewski's annual base salary will be $600,000, (b) his target annual incentive opportunity will be 100% of base salary, and (c) subject to Compensation Committee approval, the Company anticipates granting restricted stock units with a fair market value of $625,000 and stock options with a fair market value of $1,875,000 to Mr. Mondzelewski in the first quarter of 2024. The foregoing description of the letter agreement between the Company and Mr. Mondzelewski does not purport to be complete and is qualified in its entirety by reference to the full text of the letter agreement, which will be filed as an exhibit to the Company's Annual Report on Form 10-K for the year ending December 31, 2023.


Letter Agreement with Evan Hafer


As previously reported, Evan Hafer will step down as Chief Executive Officer of the Company, effective December 31, 2023, and assume the role of Founder and Executive Chairman of the Board effective January 1, 2024. On December 22, 2023, the Company and Mr. Hafer entered into a letter agreement pursuant to which Mr. Hafer has agreed to receive an annual base salary of $1 and not participate in the Company's annual incentive program in connection with his new role. The remaining terms of Mr. Hafer's Employment Agreement, dated December 29, 2022, remain unchanged. The foregoing description of the letter agreement between the Company and Mr. Hafer does not purport to be complete and is qualified in its entirety by reference to the full text of the letter agreement, which will be filed as an exhibit to the Company's Annual Report on Form 10-K for the year ending December 31, 2023.


Transition Agreement with Tom Davin


As previously reported, Tom Davin will transition out of his role as Co-Chief Executive Officer of the Company on December 31, 2023 while remaining on the Board. In connection with the transition, the Company and Mr. Davin entered into a separation and release agreement, which provides for, among other things, certain payments in lieu of benefits offered by the Company and a customary release. The foregoing description of the separation and release agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the separation and release agreement, which will be filed as an exhibit to the Company's Annual Report on Form 10-K for the year ending December 31, 2023.