CFO Robert Mikkelsen terminates employment, becomes consultant; severance deferred

Item 9 Labs Corp.

Employment agreement terminated June 30, 2023 as part of restructuring; Mikkelsen continues as CFO under 90-day consulting agreement, extendable.
Consulting compensation: $20,000/month, 50% paid during engagement, 50% deferred for six months.
Severance of $10,000/month for 12 months, deferred for 90 days.
Separation not due to any disagreement with the company's operations, policies, or practices.

item 5.02

Executive movements

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Role change

Robert Mikkelsen

Chief Financial Officer

Item 9 Labs Corp.

Effective: 2023-06-30
Filed: July 7, 2023, 7:59 PM ET

Mr. Mikkelsen and the Company agreed to terminate Mr. Mikkelsen’s employment agreement and enter into a consulting agreement whereby Mr. Mikkelsen will continue to serve as the Company’s Chief Financial Officer.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Robert Mikkelsen changed role as Chief Financial Officer at Item 9 Labs Corp..

Action: terminated employment agreement and continued as Chief Financial Officer under consulting agreement
Role: Chief Financial Officer

Exact text from the filing

Mr. Mikkelsen and the Company agreed to terminate Mr. Mikkelsen’s employment agreement and enter into a consulting agreement whereby Mr. Mikkelsen will continue to serve as the Company’s Chief Financial Officer.

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Source: SEC EDGAR

accession 0001554795-23-000204

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