dtc-20231231

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K/A

(Amendment No.1)

(Mark One)

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2023

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________

Commission File Number 001-40979

Solo Brands, Inc.

(Exact Name of Registrant as Specified in its Charter)


Delaware									87-1360865
State or Other Jurisdiction of Incorporation or Organization									I.R.S. Employer Identification No.

1001 Mustang Dr.
Grapevine, TX									76051
Address of Principal Executive Offices									Zip Code

(817) 900-2664

Registrant’s Telephone Number, Including Area Code

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock, $0.001 par value per share	DTC	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Smaller reporting company	☐
Accelerated filer	☒	Emerging growth company	☒
Non-accelerated filer	☐


TABLE OF CONTENTS
		Page





















PART III
Item 10.	Directors, Executive Officers and Corporate Governance	4
Item 11.	Executive Compensation	9
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	15
Item 13.	Certain Relationships and Related Transactions, and Director Independence	16
Item 14.	Principal Accountant Fees and Services	19
PART IV
Item 15.	Exhibits and Financial Statement Schedules	21

	Signatures	22


Name	Age	Position(s)
Executive Officers
Chris Metz	59	President, Chief Executive Officer and Director
Laura Coffey	58	Chief Financial Officer
Kent Christensen	44	General Counsel
Non-Employee Directors
Matthew Guy-Hamilton	40	Director
Paul Furer	38	Director
Andrea K. Tarbox	73	Director
Julia M. Brown	54	Director
Marc Randolph	65	Director
Michael C. Dennison	56	Director
David Powers	58	Director


Name			Principal Position
John Merris(1)			Former President and Chief Executive Officer
Andrea Tarbox			Interim Chief Financial Officer
Kent Christensen			General Counsel
Somer Webb(2)			Former Chief Financial Officer


Name and Principal Position	Year	Salary ($)	Bonus ($)(1)	Stock Awards ($)(2)	Option Awards ($)(3)	Non-Equity Incentive Plan Compensation ($)	All Other Compensation ($)(4)	Total ($)
John Merris President and Chief Executive Officer	2023	650,405	—	—	—	—	9,900	660,305
	2022	650,000	487,500	1,854,479	—	—	10,024	3,002,003
Andrea Tarbox(4) Interim Chief Financial Officer	2023	76,923	216,000	—	—	—	196,730	489,653
								—
Kent Christensen(4) General Counsel	2023	340,405	119,000	—	—	—	4,207	463,612

Somer Webb Chief Financial Officer	2023	481,159	—	—	—	—	184,900	666,059
	2022	315,385	225,000	1,518,738	477,587	—	8,285	2,544,995


	Option Awards					Stock Awards		Equity Incentive Plan Awards
Name	Grant Date	Number of Securities Underlying Unexercised Options Exercisable (#)(1)	Number of Securities Underlying Unexercised Options Unexercisable (#)	Option Exercise Price ($)	Option Expiration Date	Number of Shares or Units of Stock That Have Not Vested (#)(2)	Market Value of Shares or Incentive Units of Shares That Have Not Vested ($)(4)	Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(5)	Market Value of Unearned Shares, Or Other Rights That Have Not Vested ($)(4)
John Merris	12/31/2020	—	—	—		157,713(3)	971,512	—	—
	10/28/2021	36,765	36,765	17.00	10/28/2031	—	—	—	—
	11/5/2021	—	—	—		36,765	226,472	—	—
	10/1/2022	—	—	—		21,195	130,561	452,174	—
Andrea Tarbox	11/5/2021	—	—	—		8,823	54,350	—	—
	5/26/2023	—	—	—		28,935	178,240	—	—
Kent Christensen	3/31/2021	—	—	—		13,974(3)	86,080	—	—
	10/28/2021	8,824	8,823	17.00	10/28/2031	—	—	—	—
	11/5/2021	—	—	—		8,823	54,350	—	—
	10/1/2022	—	—	—		11,087	68,296	74,653	—
Somer Webb	5/9/2022	57,960	—	6.47	3/10/2024	—	—	—	—
	10/1/2022	—	—	—		—	—	—	—


Name	Fees Earned or Paid in Cash ($)	Stock Awards ($)(1)	All Other Compensation ($)(2)	Total ($)
Marc Randolph(3)	69,355	124,999	—	194,354
Andrea K. Tarbox(4)	71,731	124,999	292,923	489,653
Julia M. Brown(5)	65,000	124,999	—	189,999
David Powers(6)	75,667	124,999	—	200,666
Michael C. Dennison(7)	81,737	149,999	—	231,736


Name			Number of Unvested Restricted Stock Units at December 31, 2023 (#)
Marc Randolph			37,758
Andrea K. Tarbox			37,758
Julia M. Brown			37,758
David Powers			76,440
Michael C. Dennison			82,227


Name of Beneficial Owner	Shares of Class A Common Stock Beneficially Owned		Shares of Class B Common Stock Beneficially Owned(1)		Combined Voting Power(2)
	(#)	(%)	(#)	(%)	(%)
5% Stockholders
Entities affiliated with Summit Partners(3)	29,867,378	51.4	14,167,582	42.9	48.3

Jan Brothers Holdings, Inc.(4)	—	—	8,621,545	26.1	9.5

American Century Investment Management Inc.(5)	4,813,688	8.3	—	—	5.3
Named Executive Officers and Directors
Christopher Metz(6)	100,000	*	—	—	*
Laura Coffey	—	—	—	—	—
Kent Christensen(7)	27,711	*	129,800	*	*

Matthew Guy-Hamilton	—	—	—	—	—
Paul Furer	—	—	—	—	—
Andrea K. Tarbox(8)	73,995	*	10,967	*	*
Julia M. Brown(9)	73,995	*	—	—	*
Marc Randolph(10)	73,995	*	—	—	*
Michael C. Dennison(11)	82,228	*	—	—	*
David Powers(12)	91,941	*	—	—	*
All directors and named executive officers as a group (10 persons)(13)	523,865	*	140,767	*	*


Fee Category	2023		2022
Audit Fees	$	1,765,884	$	965,000
Audit Related Fees	201,000		—
Tax Fees	—		—
All Other Fees	—		239,000
Total Fees	$	1,966,884	$	1,204,000


			Solo Brands, Inc.

Date:	May 9, 2024	By:	/s/ Chris Metz
			Chris Metz
			President and Chief Executive Officer
			(Principal Executive Officer)

SEC Form 10-K/A filed by Solo Brands Inc. (Amendment)