Inspire Veterinary Partners Reports Material Agreement & Officer Changes

TL;DR

**Inspire Veterinary Partners just inked a major deal and shuffled its leadership, effective January 1st!**

AI Summary

INSPIRE VETERINARY PARTNERS, INC. filed an 8-K on February 16, 2024, reporting events that occurred on January 1, 2024. The filing indicates an entry into a material definitive agreement and changes related to the departure or election of directors or officers, including compensatory arrangements. The company, based in Virginia Beach, VA, operates in agriculture services.

Why It Matters

This filing signals significant corporate actions, potentially impacting the company's strategic direction, financial obligations, and leadership structure, which could influence future performance and investor confidence.

Risk Assessment

Risk Level: medium — The filing mentions a material definitive agreement and changes in officers/directors, which could introduce new risks or opportunities depending on the specifics not detailed in this summary.

Key Players & Entities

• INSPIRE VETERINARY PARTNERS, INC. (company) — Registrant
• January 1, 2024 (date) — Date of earliest event reported
• February 16, 2024 (date) — Date of Report
• Nevada (company) — State of incorporation
• Virginia Beach, VA (company) — Principal executive offices location

FAQ

Key Financial Figures

• $0.0001 — tered Class A Common Stock, par value $0.0001 IVP Nasdaq Capital Market Indicat
• $210,000 — Mr. Frank will receive a base salary of $210,000 per annum. The base salary will be revi

Filing Documents

• ea193965-8k_inspire.htm (8-K) — 43KB
• ea193965ex10-1_inspire.htm (EX-10.1) — 62KB
• ex10-1_001.jpg (GRAPHIC) — 7KB
• 0001213900-24-014906.txt ( ) — 298KB
• ivp-20240101.xsd (EX-101.SCH) — 3KB
• ivp-20240101_lab.xml (EX-101.LAB) — 33KB
• ivp-20240101_pre.xml (EX-101.PRE) — 22KB
• ea193965-8k_inspire_htm.xml (XML) — 4KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. Inspire Veterinary Partners, Inc. ("Inspire" or the "Company") has entered into an employment agreement (the "Employment Agreement") with Richard Frank, the Company's current Chief Financial Officer. Mr. Frank's appointment as Chief Financial Officer had previously become effective upon consummation of Inspire's initial public offering on August 31, 2023 and his Employment Agreement is effective as of January 1, 2024. The Employment Agreement provides for an initial one-year term with the ability to renew, upon the affirmative vote of the board of directors of the Company, for successive one-year terms. Pursuant to the Employment Agreement, Mr. Frank's duties consist of devoting as much time as is necessary to perform the duties and services required under the Employment Agreement and as may be designated by the Chief Executive Officer, and devoting his best efforts to the business and affairs of Inspire and promoting the interests of Inspire. Mr. Frank is barred from directly or indirectly engaging in any other business that could reasonably be expected to detract from his ability to apply his best efforts in the performance of his duties to Inspire. The Employment Agreement provides that Mr. Frank will receive a base salary of $210,000 per annum. The base salary will be reviewed at the end of each fiscal year and any recommended changes will be subject to approval of the board of directors of the Company. Mr. Frank is eligible for annual bonuses subject to satisfaction of both a "Revenue Target" and a "Profit Target", as follows: Revenue Bonus : The "Revenue Target" is 100% of budgeted revenue of Inspire for the calendar year, and the "Revenue Bonus Target" is 15% of Mr. Frank's annual base salary. Annual Revenue Compared to Revenue Target Revenue Bonus 110% or greater 125% of Revenue Bonus Target 100 – 109% 100% of Revenue Bonus Target 95 – 99% 95% of Revenue Bonus Target 90 – 94% 90% o

02 Departure of Directors or Certain

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. The information contained in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference into this Item 5.02. Item. 9.01. Financial Statements and Exhibits Exhibit No. Description 10.1 Employment Agreement of Richard Frank 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 2

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: February 16, 2024 INSPIRE VETERINARY PARTNERS, INC. By: /s/ Kimball Carr Name: Kimball Carr Title: Chair, President and Chief Executive Officer 3

View Full Filing

View this 8-K filing on SEC EDGAR