UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Securities registered pursuant to Section 12(b) of the Act:
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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
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. ☐
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 24, 2023, the compensation committee (the “Compensation Committee”) of the Board of Directors (the “Board”) of CleanSpark, Inc., a Nevada corporation (the “Company”), approved amendments to the executive employment agreements of Zachary Bradford, the Company’s Chief Executive Officer and President, S. Matthew Schultz, the Company’s Executive Chairman, and Gary
A. Vecchiarelli, the Company’s Chief Financial Officer (as amended prior to the date hereof, each an "Employment Agreement"), as more particularly described below.
Amendment to Zachary Bradford’s Employment Agreement
On October 24, 2023, Mr. Bradford’s Employment Agreement was amended to provide the following compensation to Mr. Bradford: (i) a $800,000 annual base salary, effective October 1, 2023 and (ii) a bonus opportunity equal to 140% of base salary, effective October 1, 2023.
The amendment to Mr. Bradford’s Employment Agreement does not alter, amend or supersede any other terms of his Employment Agreement, all of which shall continue in full force and effect.
Amendment to S. Matthew Schultz’s Employment Agreement
On October 24, 2023, Mr. Schultz’s Employment Agreement was amended to provide the following compensation to Mr. Schultz: (i) a $720,000 annual base salary, effective October 1, 2023 and (ii) a bonus opportunity equal to 140% of base salary, effective October 1, 2023.
The amendment to Mr. Schultz’s Employment Agreement does not alter, amend or supersede any other terms of his Employment Agreement, all of which shall continue in full force and effect.
Amendment to Gary A. Vecchiarelli’s Employment Agreement
On October 24, 2023, Mr. Vecchiarelli’s Employment Agreement was amended to provide the following compensation to Mr. Vecchiarelli: (i) a $425,000 annual base salary, effective October 1, 2023 and (ii) a bonus opportunity equal to 100% of base salary, effective October 1, 2023.
The amendment to Mr. Vecchiarelli’s Employment Agreement does not alter, amend or supersede any other terms of his Employment Agreement, all of which shall continue in full force and effect.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
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Description |
10.1 |
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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.
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CLEANSPARK, INC. |
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Date: |
October 27, 2023 |
By: |
/s/ Zachary K. Bradford |
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Zachary K. Bradford |