secwatch.observer — SEC 8-K summary
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Issuer:     Canterbury Park Holding Corp (CPHC)
CIK:        0001672909
Form:       8-K
Filed at:   2022-03-22T23:59:59+00:00
Accession:  0001437749-22-006898
Event type: other
Sentiment:  neutral
Materiality: 0.45
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Canterbury Park raises CEO and CFO salaries 10% and 5%; adopts 2022 bonus plan and new severance agreements
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- CEO Randall Sampson base salary increased to $275,393 (+10%); CFO Randy Dehmer to $220,500 (+5%) for 2022.
- 2022 Annual Bonus Plan ties payouts 70% to adjusted income from operations and 30% to revenue; target bonus for CEO 35%, CFO 25% of salary.
- New severance agreements provide 6 months base salary and COBRA on non-CIC termination without cause; double-trigger CIC severance equals 100% of base salary + target bonus.
- Change-in-control provision includes full vesting of equity awards (excluding performance-based) immediately prior to CIC.
- Agreements require execution of general release and compliance with restrictive covenants; subject to 409A and excise tax adjustments.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1672909/000143774922006898/0001437749-22-006898-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1672909/000143774922006898/cphc20220322_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-22-006898

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