Company: LIFD
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001096906-25-000346
Chunk: 1566

Company: LFTD PARTNERS INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 3
Chunk 1566
---
 reimbursing GJacobs and WJacobs for business-related expenses. 

Effective February 24, 2020, GJacobs runs the Company’s operations on a full time basis as the Company’s Chief Executive Officer pursuant to his multi-year Executive Employment Agreement which pays him an annual base salary of $100,000, and entitles him to participate in a Company-wide management bonus pool. 

Effective February 24, 2020, WJacobs serves as the Company’s President and CFO on a full time basis pursuant to his multi-year Executive Employment Agreement which pays him an annual base salary of $100,000, and entitles him to participate in a Company-wide management bonus pool. See “Impact of the Merger on GJacobs’ and WJacobs’ Compensation Agreement” above.

GJacobs and WJacobs are also entitled to certain warrants and bonuses pursuant to their compensation agreement with the Company. See “Impact of the Merger on GJacobs’ and WJacobs’ Compensation Agreement” above.

 113Table of Contents

Effective February 24, 2020, NWarrender serves as the Company’s COO on a full time basis pursuant to his multi-year Executive Employment Agreement which pays him an annual base salary of $100,000, and entitles him to participate in a Company-wide management bonus pool. 

Beginning February 24, 2020, upon the closing of the acquisition of Lifted, GJacobs, WJacobs and NWarrender have been compensated pursuant to the terms of their Executive Employment Agreements with the Company.  

The Company provides to each executive an employee benefits package including fully paid Blue Cross/Blue Shield or equivalent family health, vision and dental insurance, without deductibles. The Company also provides to each executive prompt reimbursement for all documented business-related expenses paid or incurred by such executive in connection with the Company, including but not limited to airfare, rail, taxi, rental cars, parking, tolls, gasoline for business trips, meals, entertainment, hotel, office supplies, mobile phone, internet, hotspot, and postage expenses.

To date, we have not provided retirement benefits or severance or change of control benefits to GJacobs, WJacobs, or NWarrender.

Omnibus Agreement and Amended Omnibus Agreement 

On December 30, 2021, the Company, NWarrender, 95th Holdings, LLC, an affiliate of NWarrender (“Holdings”), GJacobs and WJacobs,