UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 24, 2022, as a part of its cost-cutting measures, the Board of Directors of BTCS Inc. (the “Company”) approved a reduction on all director fees for 2022 from $50,000 to $25,000 and reduced the Audit, Compensation and Nominating and Corporate Governance committee chair fees for 2022 to $5,000. Additionally, Charles Allen and Michal Handerhan, the Company’s Chief Executive Officer and Chief Operating Officer, respectively, have agreed to forfeit $25,000 of their annual base salaries for 2022 (collectively the “Cost Cutting Measures”). The Cost Cutting Measures do not alter or amend current employment agreements, or any calculations based on those agreements. Collectively, this will result in cost savings of $141,000.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
| Exhibit No. | Description | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
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.
| BTCS INC. | |||
| Date: June 24, 2022 | By: | /s/ Charles W. Allen | |
| Name: | Charles W. Allen | ||
| Title: | Chief Executive Officer | ||