Insignia Systems terminates CEO Kristine Glancy effective Aug 31, 2023; severance tied to pending asset sale

BLOOMIA HOLDINGS, INC.

CEO Kristine Glancy terminated without cause; employment ends August 31, 2023.
Severance includes 200% of base salary ($629,200), 50% of 2023 target bonus ($78,650), COBRA payment ($18,075), outplacement ($5,000), and additional $200,000 lump sum.
Payments contingent on execution of release and vary if asset sale to TIMIBO LLC closes by termination date.
Company previously disclosed Asset Purchase Agreement dated May 24, 2023 with TIMIBO LLC.
Board member Jacob Berning signed termination letter; Glancy acknowledged on July 14, 2023.

item 5.02 item 9.01

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Departed

Kristine A. Glancy

President and Chief Executive Officer

TULP · BLOOMIA HOLDINGS, INC.

Effective: 2023-08-31
Filed: July 19, 2023, 7:59 PM ET

On July 13, 2023, Insignia Systems, Inc. (the “Company”) determined to terminate the employment of Kristine A. Glancy, its current President and Chief Executive Officer, effective as of August 31, 2023

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Executive change SEC 8-K Item 5.02 confidence 1.0

Kristine A. Glancy was terminated as President and Chief Executive Officer at BLOOMIA HOLDINGS, INC..

Action: terminated
Role: President and Chief Executive Officer

Exact text from the filing

On July 13, 2023, Insignia Systems, Inc. (the “Company”) determined to terminate the employment of Kristine A. Glancy, its current President and Chief Executive Officer, effective as of August 31, 2023

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BLOOMIA HOLDINGS, INC. filing history →

Source: SEC EDGAR

accession 0001654954-23-009406

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