CEO Bruce Rodgers and CFO Richard Russell had employment agreements amended: removed change-of-control bonuses, revised severance to 2x salary plus 3-year avg bonus paid over 24 months plus COBRA.
Rodgers and Russell each surrendered 1,800,000 stock options (exercise price $5.95) for no consideration, cancelling 3.6M shares total.
Director Joel E. Rodgers resigned effective Nov 16, 2022; no disagreement. Tian 'Todd' Zhang appointed to fill vacancy, Class II director term ends 2024.
Non-employee director compensation amended: annual cash retainer $66,000 ($99,000 for audit committee) plus annual stock option award of same value, initial grant of $25,000 in options.
Effective November 16, 2022, the Company’s board of directors appointed Tian “Todd” Zhang to the Company’s board of directors to fill the vacancy created by the resignation of Mr. Joel Rodgers.
Key facts
Extracted from this filing and checked against the source text.
Executive changeSEC 8-K Item 5.02confidence 0.95
Joel E. Rodgers resigned as Director at LM FUNDING AMERICA, INC..
Action
resigned
Role
Director
Exact text from the filing
Effective November 16, 2022, Mr. Joel E. Rodgers resigned from his position as a member of the board of directors of the Company.
Tian 'Todd' Zhang was appointed as Director at LM FUNDING AMERICA, INC..
Action
appointed
Role
Director
Exact text from the filing
Effective November 16, 2022, the Company’s board of directors appointed Tian “Todd” Zhang to the Company’s board of directors to fill the vacancy created by the resignation of Mr. Joel Rodgers.
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