secwatch.observer — SEC 8-K summary
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Issuer:     BASANITE, INC. (BASA)
CIK:        0001448705
Form:       8-K
Filed at:   2025-03-21T23:59:59+00:00
Accession:  0001079973-25-000434
Event type: leadership
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 5.02, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1448705/000107997325000434/0001079973-25-000434-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1448705/000107997325000434/basa_8k.htm
  HTML page:      https://secwatch.observer/filing/0001079973-25-000434

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