8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________________________________________________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

_____________________________________________________________________________________________

Date of Report (Date of earliest event reported): April 20, 2020

IZEA WORLDWIDE, INC.

(Exact Name of Registrant as Specified in Charter)

Nevada	001-37703	37-1530765
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

480 N. Orlando Avenue, Suite 200 Winter Park, Florida	32789
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code: (407) 674-6911

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.0001 per share	IZEA	The Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

As part of temporary salary and wage reductions being implemented with regard to employees of IZEA Worldwide, Inc. (the “Company”) in light of the adverse economic conditions caused by the COVID-19 pandemic, Mr. Edward “Ted” Murphy, the Company’s Chief Executive Officer, and Mr. Ryan Schram, the Company’s Chief Operating Officer, have agreed to a 21% reduction in each of their base salaries. These salary reductions, which were approved by the Compensation Committee of the Company's Board of Directors on April 20, 2020, are effective as of April 6, 2020 until the earlier of December 31, 2020 or the Company's restoring normal payroll rates to the majority of its employees. This description of the salary reductions does not purport to be complete and is qualified in its entirety by reference to the Letter Agreements filed as Exhibits 10.1 and 10.2 to this Current Report on Form 8-K, which are incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits

(d)   Exhibits.

Exhibit No.	Description
10.1	Letter agreement, dated as of April 20, 2020, between IZEA Worldwide, Inc. and Edward H. Murphy.
10.2	Letter agreement, dated as of April 20, 2020, between IZEA Worldwide, Inc. and Ryan Schram.

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.

	IZEA WORLDWIDE, INC.
Date: April 23, 2020	By:/s/ Edward H. (Ted) Murphy     Edward H. (Ted) Murphy President and Chief Executive Officer

EX-10.1

EXHIBIT 10.1

Edward H. Murphy

Chief Executive Officer

IZEA Worldwide, Inc.

480 N. Orlando Ave., Ste. 200

Winter Park, FL. 32789

April 20, 2020

Dear Ted,

This memorandum shall reflect the understanding between you (the “Executive”) and IZEA Worldwide, Inc. (the “Corporation”) to make certain temporary modifications to your Employment Agreement (dated effective April 21, 2019) and to waive enforcement of any provisions in your Employment Agreement that would contradict the terms reflected below. However, all other terms and conditions of your Employment Agreement remain unchanged. Executive consents and agrees to this Modification and represents that the reduction in salary is not a breach of the Employment Agreement.

As part of temporary salary and wage reductions being implemented with regard to employees of the Corporation, in light of the adverse economic conditions caused by the COVID-19 pandemic, the Executive agrees to a 21% reduction in base salary from $254,898 per year to $201,369.42 per year. This salary reduction, approved by the Corporation’s Compensation Committee on April 20, 2020, are effective as of April 6, 2020 until the earlier of December 31, 2020 or until the Corporation restores normal payroll rates to the majority of its employees. No other compensation, bonuses, or benefits (such as those in Schedules A and B) are affected by this change. Further, this change does not affect salary earned prior to April 6, 2020.

For the Corporation:                      For the Executive:

By: /s/ LeAnn Hitchcock                 By: /s/ Edward H. Murphy

LeAnn Hitchcock                        Edward H. Murphy

Chief Financial Officer                    Chief Executive Officer

IZEA Worldwide, Inc.                     IZEA Worldwide, Inc

EX-10.2

EXHIBIT 10.2

Ryan Schram

Chief Operating Officer

IZEA Worldwide, Inc.

480 N. Orlando Ave., Ste. 200

Winter Park, FL. 32789

April 20, 2020

Dear Ryan,

This memorandum shall reflect the understanding between you (the “Executive”) and IZEA Worldwide, Inc. (the “Corporation”) to make certain temporary modifications to your Employment Agreement (dated effective January 1, 2015) and to waive enforcement of any provisions in your Employment Agreement that would contradict the terms reflected below. However, all other terms and conditions of your Employment Agreement remain unchanged. Executive consents and agrees to this Modification and represents that the reduction in salary is not a breach of the Employment Agreement.

As part of temporary salary and wage reductions being implemented with regard to employees of the Corporation, in light of the adverse economic conditions caused by the COVID-19 pandemic, the Executive agrees to a 21% reduction in base salary from $270,280 per year to $213,521.20 per year. This salary reduction, approved by the Corporation’s Compensation Committee on April 20, 2020, are effective as of April 6, 2020 until the earlier of December 31, 2020 or until the Corporation restores normal payroll rates to the majority of its employees. No other compensation, bonuses, or benefits (such as those in Schedules A and B) are affected by this change. Further, this change does not affect salary earned prior to April 6, 2020.

For the Corporation:                      For the Executive:

By: /s/ LeAnn Hitchcock                 By: /s/ Ryan Schram

LeAnn Hitchcock                        Ryan Schram

Chief Financial Officer                    Chief Operating Officer

IZEA Worldwide, Inc.                     IZEA Worldwide, Inc