secwatch.observer — SEC 8-K summary
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Issuer:     SurgePays, Inc. (SURG)
CIK:        0001392694
Form:       8-K
Filed at:   2024-01-03T23:59:59+00:00
Accession:  0001493152-24-000313
Event type: leadership
Sentiment:  neutral
Materiality: 0.80
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

SurgePays enters new CEO employment agreement with $750k base, $870k bonus, and performance-based equity grants
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- CEO Kevin Brian Cox's employment extended through Dec 31, 2028; base salary $750,000/yr with 3% annual increase.
- Annual cash bonus of $870,000; beginning Mar 1, 2024, CEO receives 500,000 vested restricted shares per year for min 5 years.
- Performance equity grants tied to revenue, EBITDA, and market cap milestones; e.g., $250M rev triggers $6.25M in equity, $1B rev triggers $50M.
- Prior employment agreement of May 13, 2022 cancelled and superseded.
- Severance on termination without cause: greater of 2 years' base + prior year bonus or base through remaining initial term.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1392694/000149315224000313/0001493152-24-000313-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1392694/000149315224000313/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-000313

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