secwatch.observer — SEC 8-K summary
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Issuer:     cbdMD, Inc. (YCBD)
CIK:        0001644903
Form:       8-K/A
Filed at:   2022-06-14T23:59:59+00:00
Accession:  0001654954-22-008290
Event type: leadership
Sentiment:  negative
Materiality: 0.70
Item codes: 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1644903/000165495422008290/0001654954-22-008290-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1644903/000165495422008290/ycbd_8k.htm
  HTML page:      https://secwatch.observer/filing/0001654954-22-008290

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