secwatch.observer — SEC 8-K summary
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Issuer:     BASANITE, INC. (BASA)
CIK:        0001448705
Form:       8-K
Filed at:   2022-01-26T23:59:59+00:00
Accession:  0001553350-22-000056
Event type: leadership
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Basanite enters transition agreement with interim CEO Kay; search for permanent CEO begins
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- Simon Kay will step down as Acting Interim CFO; continues as Acting Interim CEO and President during transition period (ends by June 30, 2022).
- Kay receives $350,000 annual fee during transition; at end receives warrant to purchase 1,000,000 shares at $0.33 per share.
- Company has commenced search for a permanent principal executive officer.
- Transition period ends 14 days after hiring new PEO, but no earlier than Feb 28, 2022 and no later than June 30, 2022.
- Kay subject to non-solicitation, non-competition, and non-disparagement clauses for one year after transition.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1448705/000155335022000056/0001553350-22-000056-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1448705/000155335022000056/basa_8k.htm
  HTML page:      https://secwatch.observer/filing/0001553350-22-000056

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