secwatch.observer — SEC 8-K summary
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Issuer:     cbdMD, Inc. (YCBD)
CIK:        0001644903
Form:       8-K
Filed at:   2022-06-13T23:59:59+00:00
Accession:  0001654954-22-008274
Event type: leadership
Sentiment:  negative
Materiality: 0.75
Item codes: 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

cbdMD CEO Sumichrast resigns effective immediately; receives $590k severance & 400k RSUs
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- Martin Sumichrast resigned as CEO and board member effective June 11, 2022; Scott Stephen named Board Chair.
- Separation agreement: $590k cash over 16 months, COBRA for 12 months, and 400k RSUs vesting July 2022 and Jan 2023.
- Former co-CEO Scott Coffman will consult with the board while a new CEO is sought.
- SEC action against Sumichrast involves prior private company; no wrongdoing alleged at cbdMD.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1644903/000165495422008274/0001654954-22-008274-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1644903/000165495422008274/ycbd_8k.htm
  HTML page:      https://secwatch.observer/filing/0001654954-22-008274

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