DD Support Board and Research Team

[236T568]

Sleazy KIRK violates its Treasury covid-19 financial benefit agreement by doing an indirect share buyback, something which specifically is forbidden under the agreement



1. While bonuses to many corporate executives are eliminated during the covid-19 pandemic as the company's operations are closed, particularly retailers like KIRK, KIRK files an 8K today stating that it paid substantial CASH bonuses (more than $400K) to the top three officers PROVIDED they then take the cash funds and buy the KIRK in the market

https://www.sec.gov/Archives/edgar/data/1056285/000105628520000062/a8-k20200624shareholdervote.htm

"On June 23, 2020, the Compensation Committee of the Board of Directors of Kirkland’s Inc. (the “Company”) approved cash bonuses to certain senior officers including the Named Executive Officers. The bonuses are intended to take the place of a portion of the equity awards that were not made to these officers during the time the Company’s stores were closed during the coronavirus pandemic. The Committee awarded the bonuses with the understanding that the net after tax amount of the bonuses would be promptly used by these officers to purchase Company shares in the open market."



2. The form 4's filed with the SEC make it appear as though these executives are bullish on the company prospects. They are listed here:
https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001056285&type=&dateb=&owner=include&count=40



3. Essentially what is happening here is that the company is avoiding the share buyback restrictions of the Treasury in addition to falsely making it appear as those the officers are bullish on the company's future prospects.



4. How long before KIRK is forced to rescind these set of transactions?



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