Company: SLND-WT
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001558370-25-007594
Chunk: 2

Company: Southland Holdings, Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part II, Item 1A
Chunk 2
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Item 1A. Risk Factors 

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There have been no additional risk factors identified and no material changes with regard to the risk factors previously disclosed under “Item 1A. Risk Factors” to Part I of our Annual Report on Form 10-K as of the fiscal year ended December 31, 2024.

Item 5. Other Information 

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On May 9, 2025, the Company entered into an employment agreement with Keith Bassano (the “Employment Agreement”). The Employment Agreement provides for at-will employment, an annual base salary of $357,000, eligibility to receive an annual cash performance bonus, eligibility to receive equity grants pursuant to the Company’s equity plans and eligibility to participate in the Company’s benefit plans. The annual base salary and annual cash performance bonus are expected to be reviewed annually by the Company. The Employment Agreement provides for an annual cash performance bonus that is targeted, but not guaranteed, to be between 80% and 200% of Mr. Bassano’s annual base salary for that particular year.

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Mr. Bassano is subject to certain restrictive covenants, including, but not limited to, confidentiality, non-disclosure and non-solicitation covenants under the Employment Agreement. The Employment Agreement provides for the following payments upon termination, including in connection with a change in control: 

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●Termination by the Company for Cause or Termination by Executive Without Good Reason. If the Company terminates Mr. Bassano’s employment for cause or Mr. Bassano terminates his employment without good reason, the Company will pay his base salary due through the date of termination and all accrued benefits, if any, to which Mr. Bassano is entitled as of the date of termination, at the time such payments are due, and Mr. Bassano’s rights with respect to equity or equity-related awards will be governed by the applicable terms of the related plan and/or separate award agreement.

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●Termination by the Company without Cause or Termination by Executive with Good Reason. If the Company terminates Mr. Bassano’s employment other than for cause or disability or if Mr. Bassano terminates his employment with good reason: (i) the Company will pay (A) Mr. Bassano’s base salary due through the date of termination, (B) a pro rata bonus at the time other employees receive annual bonuses for the calendar year in which the date of termination occurs and in all events by March 15 of the calendar year following the year in which such termination occurs, (C