Company: CLSKW
Filing Date: 2025-08-11
Form Type: 8-K
Source: 0000950170-25-106224
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Company: CLEANSPARK, INC.
Filing Date: 2025-08-11
Form: 8-K
Item: Item 5.02
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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.

Effective August 10, 2025 (the “Transition Date”), S. Matthew Schultz was appointed as President and Chief Executive Officer (principal executive officer) of the Company, while remaining in his position of Chairman of the Board of Directors (the “Board”). Mr. Schultz replaces Zachary K. Bradford, who on the Transition Date resigned as President and Chief Executive Officer of the Company and as a director of the Company, effective as of 11:59 pm Pacific Time on August 10, 2025. The Board accepted Mr. Bradford’s resignation and also approved a decrease in the size of the Board from six to five members. Mr. Bradford’s decision to resign from the Board did not involve any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.

In connection with Mr. Bradford’s resignation, the Board approved, and the Company entered into, a Separation and General Release Agreement with Mr. Bradford, effective as of the Transition Date (the “Separation Agreement”). Under the terms of the Separation Agreement, the Company will, among other things, pay Mr. Bradford (i) $950,000, representing twelve months’ base salary, payable in installments in accordance with the Company’s usual payroll practices over a twelve-month period, (ii) 14.4 bitcoin, payable in installments over a twelve-month period, (iii) $1,583,000, which amount represents a prorated portion of Mr. Bradford’s bonus for 2025, and (iv) approximately $91,000 in respect of accrued paid time off. Pursuant to the Separation Agreement, (i) Mr. Bradford’s stock options relating to 500,000 shares of the Company’s common stock and restricted stock units (“RSUs”) relating to 717,665 shares of common stock will immediately become vested and will be exercisable (in the case of stock options) or settled (in the case of RSUs), as applicable and (ii) the Company has agreed to grant Mr. Bradford an additional 1,728,688 RSUs, with 864,344 RSUs vesting on the Transition Date, and the remaining 864,344 RSUs vesting in two equal installments on each of the first two anniversaries of the Transition Date (the “Separation RSU Vesting Period”),