Company: GIPRW
Filing Date: 2025-01-02
Form Type: 8-K
Source: 0000950170-25-000424
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Company: GENERATION INCOME PROPERTIES, INC.
Filing Date: 2025-01-02
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

Resignation of Director

On December 31, 2024, Generation Income Properties, Inc. (the “ Company”) received by email a resignation letter from Betsy Peck, a member of the Board of Directors (the “ Resignation Letter”), pursuant to which Ms. Peck notified the Company of her resignation from the Board of Directors effective December 31, 2024, for personal reasons. Prior to such resignation, Ms. Peck served as a member of the Board of Directors Audit Committee and as the Chair of the Board of Directors Nominating and Governance Committee. Ms. Peck’s resignation was not the

result of any disagreement between the Company and Ms. Peck on any matters relating to the Company’s operations, policies, or practices

The Board accepted the resignation of Ms. Peck and expressed sincere gratitude for her service term as a member of the Board. A copy of the Resignation Letter is attached as Exhibit 17.1 to this Current Report and is incorporated herein by this reference.

Cook Independent Consulting Agreement

On January 1, 2025, the Company and Cook Financial Partners, LLC (“ Consultant”), an entity wholly owned and controlled by Ron Cook (the Company’s current Vice President of Accounting and Finance), entered into an

Independent Consulting Agreement (the “ Cook Agreement”). Under the Cook Agreement and on behalf of Consultant, Mr Cook will continue to serve as the Company’s Vice President of Accounting and Finance and, in such capacity, he will continue to serve as the Company’s “principal financial and accounting officer” for purposes of the rules and regulations of the Securities and Exchange Commission. The Cook Agreement provides for consulting services to the Company approximating 130 hours per month for a term expiring on December 31, 2025, provided that the agreement is terminable by either party with or without cause upon 60 days prior written notice. Pursuant to the Cook Agreement, Consultant will be entitled to a consulting fee of $20,000 per month over the term of the agreement. The Consultant will also be eligible for a grant restricted stock units of the Company with a grant value of $75,000 annually and such restricted units will be granted in four increments of $18,750 following the completion of quarterly SEC filings and will vest in one-third increments on each of the first three anniversaries of the grant date