secwatch.observer — SEC 8-K summary
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Issuer:     LM FUNDING AMERICA, INC. (LMFA)
CIK:        0001640384
Form:       8-K
Filed at:   2022-11-18T23:59:59+00:00
Accession:  0000950170-22-025454
Event type: leadership
Sentiment:  neutral
Materiality: 0.45
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

LM Funding amends CEO/CFO severance, cancels 3.6M stock options, adds director Zhang
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1640384/000095017022025454/0000950170-22-025454-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1640384/000095017022025454/lmfa-20221116.htm
  HTML page:      https://secwatch.observer/filing/0000950170-22-025454

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer