Company: ARBK
Filing Date: 2025-05-09
Form Type: 6-K
Source: 0001654954-25-005344
Chunk: 20

Company: Argo Blockchain Plc
Filing Date: 2025-05-09
Form: 6-K
Chunk 20
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 participate in the Company’s group health benefits, participate in the Company’s 401k plan, and earn an annual bonus as determined by the board of directors. In addition, Mr. Chippas was awarded 2,850,000 ADSs, which were to vest over three years (with a one year initial cliff) subject to certain performance conditions. Mr. Chippas subsequently agreed to receive ordinary shares instead of ADSs (22,850,000 ordinary shares if fully vested, the “Chippas Equity Award”).

Under the Chippas Employment Agreement, we could terminate Mr. Chippas’ employment by providing Mr. Chippas with the minimum (i) notice, or pay in lieu thereof, or some combination of the two, (ii) severance pay (if applicable), (iii) period of benefits continuation, and (iv) vacation pay, and in each case, subject to payment of severance equal to 12 months’ base salary, provided that we may terminate the services of Mr. Chippas at any time with immediate effect for certain reasons including misconduct, criminal offense, or other reasons “for cause”. Mr. Chippas could terminate his contract with us by providing the company with a minimum of 60 days’ notice. The Chippas Employment Agreement also contains restrictive covenants pursuant to which Mr. Chippas has agreed to refrain from competing with us or soliciting certain clients or employees of the Company who could materially damage our interests if involved in a competing business, for a period of twelve months following his termination of services. Following the year under review, Mr. Chippas resigned from his position as Chief Executive Officer, effective 28 February 2025. At the time of his resignation, 2.375,000 ordinary shares of the Chippas Equity Award had vested and no further PSU’s will vest.

On 22 March 2025, the Company entered into an employment contract with Justin Nolan, pursuant to which Mr. Nolan serves as our Chief Executive Officer (the “Nolan Employment Agreement”). Under the terms of the Nolan Employment Agreement, Mr. Nolan is entitled to receive a base salary annually, participate in the Company’s group health benefits, participate in the Company’s 401k plan, and earn an annual bonus as determined by the board of directors. In addition, Mr. Nolan was awarded 22,250,000 ordinary shares, which vest over three years (with a one year initial cliff) subject to certain performance conditions.

Under the