Basanite appoints Michael Dennis Nelson as CEO with deferred salary and 7M option grant

BASANITE, INC.

Mr. Nelson, 47, named CEO effective March 18, 2025; contract runs through April 1, 2028.
Monthly salary of $17,250 deferred until $500K raised or 90 days, then partially paid; full payment after $1.5M raised.
Options to purchase 7M common shares at $0.0390 (OTCQB closing price), 5-year term, with cashless exercise and piggyback registration.
Vesting: 1.5M immediate, 1.5M at $500K financing, 2M at operational breakeven, 2M upon Nasdaq uplisting.
Mr. Nelson waives health insurance; entitled to 6 weeks PTO; employment at-will with 3-day notice termination.

item 1.01 item 5.02 item 3.02 item 9.01

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Appointed

Michael Dennis Nelson

Chief Executive Officer

BASA · BASANITE, INC.

Effective: 2025-03-18
Filed: March 21, 2025, 7:59 PM ET

On March 18, 2025, Michael Dennis Nelson agreed to become the Chief Executive Officer of Basanite, Inc. (the “Company”) through April 1, 2028.

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Executive change SEC 8-K Item 5.02 confidence 1.0

Michael Dennis Nelson was appointed as Chief Executive Officer at BASANITE, INC..

Action: appointed
Role: Chief Executive Officer

Exact text from the filing

On March 18, 2025, Michael Dennis Nelson agreed to become the Chief Executive Officer of Basanite, Inc. (the “Company”) through April 1, 2028.

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Source: SEC EDGAR

accession 0001079973-25-000434

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