Company: ORBS
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004802
Chunk: 1568

Company: Eightco Holdings Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 9C
Chunk 1568
---
 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 Officer
of the Company, the Company agreed to provide Mr. McFadden severance pay in the gross amount of amount of $422,500, less all lawful and authorized
withholdings and deductions (the “Severance Payment”), which Severance Payment was to be paid in four quarterly installments
of $105,625 per each installment, payable at the Company’s option in either cash or Common Stock, with the payment to be made as
follows: (i) as of the Effective Date of the separation, on which such date Mr. McFadden shall be granted, in lieu of cash, 128,811 fully-vested
restricted shares of the Common Stock at a price of $0.82 per share, which such shares of Common Stock subject to the terms and conditions
of the Company’s 2022 Long-Term Incentive Plan (the “Plan”), and as of each of (ii) April 1, 2024, (iii) July 1, 2024,
and (iv) October 1, 2024, payable at the Company’s option, in either cash or Common Stock. The shares of Common Stock to be issued
to Mr. McFadden under installments (ii), (iii) and (iv), if applicable, shall be fully vested and the number of shares to be issued shall
be determined based on the volume weighted average trading price of the Common Stock on the principal exchange on which the Common Stock
is listed or admitted to trade during the period of 10 trading days immediately prior to the date of such issuance.

52

Pursuant
to the McFadden Severance Agreement, the Company also agreed to reimburse to Mr. McFadden the premiums associated with the
continuation of Mr. Mc