The CEO has offloaded 675,000 shares in the company, according to a new Securities & Exchange Commission filing.
More than 53% of votes cast rejected 2022 compensation packages for Rapino and other top executives.
The pay bump, which includes a signing bonus and a performance bonus, comes amid a rocky time for the company.
The agreement takes the executive from an all-cash compensation package to one that combines cash and equity, including a one-time transition equity award worth $100 million.