CEO Martin Sumichrast resigns amid SEC action; separation includes $590K and 400K RSUs

cbdMD, Inc.

Sumichrast resigned as CEO and board member effective June 11, 2022; SEC filed an action against him for a prior private company role, with no allegations against cbdMD.
Separation Agreement includes $590,000 over 16 months, COBRA for 12 months, and 400,000 RSUs vesting in July 2022 and January 2023.
Board member Scott Stephen named Board Chair; Scott Coffman to consult until a new CEO is appointed.
Previously issued unvested RSUs terminate per the Separation Agreement and original grant terms.

item 5.02 item 7.01 item 9.01

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Departed

Martin A. Sumichrast

Chief Executive Officer

YCBD · cbdMD, Inc.

Effective: 2022-06-11
Filed: June 14, 2022, 7:59 PM ET

whereby he resigned as the Company’s Chief Executive Officer, member of the Board of Directors, employee, and all other capacities from the Company, effective June 11, 2022.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Martin A. Sumichrast resigned as Chief Executive Officer at cbdMD, Inc..

Action: resigned
Role: Chief Executive Officer

Exact text from the filing

whereby he resigned as the Company’s Chief Executive Officer, member of the Board of Directors, employee, and all other capacities from the Company, effective June 11, 2022.

View on SEC.gov

cbdMD, Inc. filing history →

Source: SEC EDGAR

accession 0001654954-22-008290

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