1606 Corp. creates super-voting preferred stock, enters CEO/VP employment agreements

1606 CORP.

CEO Gregory Lambrecht gets 3-year term, $250k salary, 60 shares of Series B Super Voting Preferred.
VP Austen Lambrecht gets 3-year term, $97k salary, 30 shares of Series B Super Voting Preferred.
Series B Preferred carries voting power equal to 10x all common and other preferred shares combined.
Series B Preferred terminates after 5 years unless extended by majority vote of common stockholders.
Issuance exempt from registration under Rule 506(b); no commissions or finder's fees paid.

item 1.01 item 3.02 item 3.03 item 5.03 item 9.01

Key facts

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Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

1606 CORP.: Filed Certificate of Designation creating Series B Super Voting Preferred Stock, establishing rights and preferences (effective 2024-02-20).

Change: charter amendment
Effective: 2024-02-20

Exact text from the filing

On February 20, 2024, the Board of Directors of the Company approved the filing of an amendment to the Company’s Certificate of Incorporation (the “ Certificate of Incorporation ”), in the form of a Certificate of Designation that authorized for issuance of up to 100 shares of a new series of Preferred Stock, par value $0.0001 per share, of the Company designated “Series B Super Voting Preferred Stock” and established the rights, preferences and limitations thereof.

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1606 CORP. filing history →

Source: SEC EDGAR

accession 0001477932-24-000998

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