Vivakor, Inc. Reports Director, Officer Changes

TL;DR

Vivakor shakes up board and execs, effective June 3rd. Other events and financials also filed.

AI Summary

Vivakor, Inc. filed an 8-K on June 7, 2024, reporting changes in its board of directors and certain officers, effective June 3, 2024. The filing also includes information on compensatory arrangements for its officers and details other events and financial statements. The company is incorporated in Nevada and its principal executive offices are located in Dallas, TX.

Why It Matters

Changes in a company's board and executive officers can signal shifts in strategy, operational focus, or governance, potentially impacting investor confidence and future performance.

Risk Assessment

Risk Level: medium — Changes in directors and officers, especially without detailed reasons, can introduce uncertainty about the company's future direction and stability.

Key Players & Entities

• Vivakor, Inc. (company) — Registrant
• June 3, 2024 (date) — Effective date of reported changes
• June 7, 2024 (date) — Filing date of the 8-K
• Nevada (jurisdiction) — State of incorporation
• Dallas, TX (location) — Principal executive offices

FAQ

Key Financial Figures

• $60,000 — of the Audit Committee and will receive $60,000 annually in addition to $50,000 in shar
• $50,000 — receive $60,000 annually in addition to $50,000 in shares of restricted stock annually,

Filing Documents

• vivakorinc_8k.htm (8-K) — 30KB
• vivakorinc_ex10-1.htm (EX-10.1) — 32KB
• 0001829126-24-004023.txt ( ) — 244KB
• vivk-20240603.xsd (EX-101.SCH) — 3KB
• vivk-20240603_lab.xml (EX-101.LAB) — 33KB
• vivk-20240603_pre.xml (EX-101.PRE) — 22KB
• vivakorinc_8k_htm.xml (XML) — 4KB

02 Departure of Directors or Certain Officers; Election of

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers . Director Appointment On June 3, 2024, the Board of Directors (the "Board") of Vivakor, Inc. (the "Company") appointed Mr. Michael Thompson as a member of the Board, effective immediately. Mr. Thompson has been determined by the Board to be an independent director consistent with Rule 5605(a)(2) of the NASDAQ listing standards. In addition to serving as an independent director, Mr. Thompson will serve as chair of the Audit Committee of the Board (the "Audit Committee"). Michael Thompson, 55, Director Michael Thompson, age 55, combines over 25 years of experience in company directorship. Previously, he had been involved in four companies and two nonprofit organizations, holding positions including President, Representative Director, and board member. Mr. Thompson presently serves as the Global Head of Multi-Vendor Solutions at HP. From 2016 to 2021, Mr. Thompson has served on the Board of Directors as the Chair of the Audit Committee and Conflicts Committee of Rhino Resources, LTD, a company concentrated on coal and energy-related assets and activities. From 2014 to 2016, Mr. Thompson was a Director and Chair of the Strategic Planning Committee of Idaho Aquarium, a nonprofit aquarium. From 2010 to 2012, Mr. Thompson was a member of the board of Asister, a nonprofit organization focused on designing and distributing appliances in Latin America. From 2005 to 2009, Mr. Thompson served on the Board of Directors for Environmental Energy Services, Inc. and Blaze Energy, Inc., energy services and asset accumulation companies. From 1996 to 1999, he served as President and Representative Director of Micron Electronics Japan, K.K. and Micron Electronics China. Mr. Thompson has a bachelor's degree in Business and Japanese from Brigham Young University and a master's degree in Organizational Leadership from Gonzaga Uni

02 of this Current Report on Form 8-K contains

Item 5.02 of this Current Report on Form 8-K contains only a brief description of the material terms of and does not purport to be a complete description of the rights and obligations of the parties to the Thompson Director Agreement, and such descriptions is qualified in its entirety by reference to the full text of the Thompson Director Agreement, a copy of which is filed herewith as Exhibit 10.1. 1

01 Other Events

Item 8.01 Other Events. Compliance with Nasdaq Continued Listing Requirements On June 6, 2024, the Company received a letter from the Nasdaq Stock Market LLC informing the Company that, as a result of Mr. Thompson's appointment to the Board and the Audit Committee, the Company has regained compliance with the independent director and audit committee requirements set forth in Nasdaq Listing Rules 5605(b)(1) and 5605(c)(2).

01 Exhibits

Item 9.01 Exhibits. (d) Exhibits Exhibit No. Exhibit 10.1 Director Agreement, by and between Vivakor, Inc. and Michael Thompson, dated June 3, 2024 104 Cover Page Interactive Data File (formatted as Inline XBRL). 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. VIVAKOR, INC. Dated: June 7, 2024 By: /s/ James Ballengee Name: James Ballengee Title: Chief Executive Officer 3

View Full Filing

View this 8-K filing on SEC EDGAR