Vivakor Files 8-K/A: Officer Departures & Director Changes
Ticker: VIVK · Form: 8-K/A · Filed: Jun 18, 2024 · CIK: 1450704
| Field | Detail |
|---|---|
| Company | Vivakor, INC. (VIVK) |
| Form Type | 8-K/A |
| Filed Date | Jun 18, 2024 |
| Risk Level | medium |
| Pages | 6 |
| Reading Time | 7 min |
| Key Dollar Amounts | $450,000, $200,000, $100,000, $1,167,750, $1.80 |
| Sentiment | neutral |
Sentiment: neutral
Topics: leadership-change, corporate-governance, filing-amendment
TL;DR
Vivakor's leadership shuffle is official: new directors in, some officers out. Keep an eye on strategy shifts.
AI Summary
Vivakor, Inc. filed an amendment (8-K/A) on June 18, 2024, to its previous report concerning events on June 13, 2024. The amendment primarily addresses the departure of certain officers and the election of new directors, alongside compensatory arrangements for officers. It also includes updates on material definitive agreements and financial statements/exhibits.
Why It Matters
This filing indicates significant changes in Vivakor's leadership and governance structure, which could impact the company's strategic direction and operational execution.
Risk Assessment
Risk Level: medium — Changes in key personnel and board composition can introduce uncertainty and potential shifts in company strategy, affecting investor confidence.
Key Numbers
- 001-41286 — SEC File Number (Identifies the specific SEC filing for Vivakor, Inc.)
Key Players & Entities
- Vivakor, Inc. (company) — Registrant
- June 13, 2024 (date) — Earliest event reported
- June 18, 2024 (date) — Filing date of amendment
- Nevada (jurisdiction) — State of incorporation
- 001-41286 (string) — SEC File Number
FAQ
What specific officer positions have seen departures?
The filing indicates the departure of certain officers, but the specific positions are not detailed in the provided text.
Who are the newly elected directors?
The filing mentions the election of directors, but their names are not provided in the excerpt.
What are the key details of the compensatory arrangements for officers?
The filing notes compensatory arrangements for certain officers, but the specifics are not included in this text.
What material definitive agreements were entered into or amended?
The filing lists 'Entry into a Material Definitive Agreement' as an item, but the details of these agreements are not specified in the provided text.
What is the primary purpose of this 8-K/A filing?
This is an amendment to a previous 8-K filing, primarily to report on the departure of directors/officers, election of directors, and compensatory arrangements, as well as material definitive agreements and financial statements/exhibits.
Filing Stats: 1,762 words · 7 min read · ~6 pages · Grade level 10.5 · Accepted 2024-06-18 17:25:15
Key Financial Figures
- $450,000 — Agreement, Mr. Nelson will receive: (i) $450,000 annually (the "Base Salary"); (ii) an a
- $200,000 — IPA, Mr. Nelson will receive a bonus of $200,000, with $100,000 for each such bonus to b
- $100,000 — will receive a bonus of $200,000, with $100,000 for each such bonus to be paid in cash
- $1,167,750 — Agreement, the Company owed Mr. Nelson $1,167,750 in accrued salary and bonuses, plus int
- $1.80 — ons") at an exercise price per share of $1.80. The Options shall vest as follows: (i)
- $100 billion — d with clients with assets of more than $100 billion and annual revenues of more than $15 bi
- $15 b — illion and annual revenues of more than $15 billion, which are considered some of the
Filing Documents
- vivakor_8ka.htm (8-K/A) — 66KB
- vivakor_ex10-1.htm (EX-10.1) — 101KB
- vivakor_ex10-2.htm (EX-10.2) — 38KB
- vivakor_ex10-3.htm (EX-10.3) — 26KB
- vivakor_ex10-4.htm (EX-10.4) — 69KB
- 0001829126-24-004312.txt ( ) — 532KB
- vivk-20240613.xsd (EX-101.SCH) — 3KB
- vivk-20240613_lab.xml (EX-101.LAB) — 33KB
- vivk-20240613_pre.xml (EX-101.PRE) — 22KB
- vivakor_8ka_htm.xml (XML) — 4KB
01 Entry into a Material Agreement
Item 1.01 Entry into a Material Agreement. As previously disclosed, on June 9, 2022, the Company entered into an executive employment agreement (the "Original Agreement") with Tyler Nelson, the Chief Financial Officer of the Company (the "Executive"), for a term of two years, and, on January 16, 2023, Mr. Nelson was appointed as member of the Company's Board of Directors (the "Board"). As previously disclosed, on February 26, 2024, the Company entered into an Agreement and Plan of Merger (the "Merger Agreement") with Empire Energy Acquisition Corp., a Delaware corporation, and wholly owned subsidiary, Empire Diversified Energy, Inc., a Delaware corporation (collectively "Empire"), whereby, at closing, subject to the conditions set forth in the Merger Agreement, Empire will become a wholly-owned subsidiary of the Company. On March 21, 2024, the Company entered into a Membership Interest Purchase Agreement (the "Endeavor MIPA"), the equity holders of Endeavor Crude, LLC ("Endeavor"), whereby, at closing, of the Company. As previously disclosed, b eginning on June 8, 2024, the Company and Mr. Nelson entered into a series of amendments to the Original Agreement effecting the extension of the expiration date of the Original Agreement until June 13, 2024. On June 13, 2024, the Company entered into a new Executive Employment Agreement (the "New Employment Agreement") with Mr. Nelson, and, in connection therewith the Company and Mr. Nelson also entered into a settlement agreement with respect to compensation owed by the Company to Mr. Nelson (the "Settlement Agreement"). New Employment Agreement On June 13, 2024, the Company entered into the New Employment Agreement with Mr. with respect to the Company's appointment of Mr. Nelson as Chief Financial Officer. Pursuant to the New Employment Agreement, Mr. Nelson will receive: (
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. VIVAKOR, INC. Dated: June 18, 2024 By: /s/ James Ballengee Name: James Ballengee Title: Chief Executive Officer 4