Company: ORBS
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-011052
Chunk: 3

Company: Eightco Holdings Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 2
Chunk 3
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 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.

29

Pursuant
to the McFadden Severance Agreement, the Company also agreed to reimburse to Mr. McFadden the premiums associated with the continuation
of Mr. McFadden’s health insurance for the period commencing on the Separation Date through December 31, 2024, pursuant to applicable
law, and approved but unpaid business expenses through the Separation Date within 30 days following the Effective Date of the separation.

Pursuant
to the terms of the McFadden Severance Agreement, Mr. McFadden was to remain a director of the Company’s board from the Separation
Date through March 2024, at which time Mr. McFadden would resign from the Board. On March 17, 2024, the Board approved the entry by the
Company into the First Amendment to the McFadden Severance Agreement to amend Mr. McFadden’s