secwatch.observer — SEC 8-K summary
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Issuer:     Loop Media, Inc. (—)
CIK:        0001643988
Form:       8-K
Filed at:   2024-10-04T23:59:59+00:00
Accession:  0001493152-24-039572
Event type: leadership
Sentiment:  negative
Materiality: 0.70
Item codes: 5.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Loop Media CFO departs, three directors resign, Ari Olgun named interim CFO
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- CFO Neil Watanabe departed 9/30/2024; receives $175K severance over 12 months, $198K bonus balance on 9/30/2025, and full equity vesting.
- Three directors (Niermann, Saint-Fleur, Zilka) resigned effective 9/30/2024; Niermann remains in sales and distribution role.
- Ari Olgun appointed Interim CFO effective 10/1/2024; base salary $275K (currently reduced to $230.3K).
- Board deferred FY2024 cash compensation to 9/30/2025 and eliminated FY2025 cash compensation for non-employee directors.
- Non-employee employee stock options repriced to $0.0511/share (closing price 9/27/2024) as retention incentive.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1643988/000149315224039572/0001493152-24-039572-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1643988/000149315224039572/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-039572

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