Company: ORBS
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-011052
Chunk: 2

Company: Eightco Holdings Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 2
Chunk 2
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 and awards of restricted stock units up to 100% of the Vassilakos Base Salary, subject to
the terms and conditions of the Incentive Plan and the Company’s form of restricted stock unit agreement (the “Vassilakos
Bonus”), based on certain milestones to be determined in the sole and absolute discretion of the Board. Mr. Vassilakos may also
be eligible for additional compensation in the sole and complete discretion of the Board or the Compensation Committee of the Board.

In
the event the Company terminates Mr. Vassilakos’ employment without cause (as defined in the Vassilakos Employment Agreement),
Mr. Vassilakos will receive (i) the Accrued Obligations (as defined in the Vassilakos Employment Agreement) and (ii) severance in the
amount of equal to the Vassilakos Base Salary for twelve (12) months, less applicable payroll deductions and tax withholdings. In addition,
this termination will cause the vesting of all equity awards subject to the terms of the Incentive Plan held by Mr. Vassilakos and entitle
Mr. Vassilakos to reimbursement of premiums associated with the continuation of health insurance benefits provided under the Vassilakos
Employment Agreement during the remaining Term of Employment (as defined in the Vassilakos Employment Agreement).

A
complete copy of the Vassilakos Employment Agreement is included as an exhibit to this Annual Report.

Brian
McFadden Employment Agreement

Brian
McFadden was previously employed as the Chief Executive Officer of the Company.

On
February 26, 2024, the Company and Mr. McFadden entered into General Release and Severance Agreement (the “McFadden Severance Agreement”),
effective as of the eighth day following the McFadden Severance Agreement in connection with Mr. McFadden’s resignation as Chief
Executive Officer of the Company, effective as of December 31, 2023. Pursuant to the McFadden Severance Agreement, Mr. McFadden was eligible
to receive $146,683 in accrued but unpaid base salary through the separation date in four quarterly payments of $36,670.75 each, less
all applicable tax withholdings, by December 31, 2024.

In
consideration of the McFadden Severance Agreement, the release therein and Mr. McFadden’s resignation as Chief Executive