Company: CLSKW
Filing Date: 2025-08-11
Form Type: 8-K
Source: 0000950170-25-106224
Chunk: 1

Company: CLEANSPARK, INC.
Filing Date: 2025-08-11
Form: 8-K
Item: Item 5.02
Chunk 1
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 subject to compliance with the terms (including the restrictive covenants discussed below) of the Separation and General Release Agreement. In addition, pursuant to the Separation Agreement, Mr. Bradford will also receive up to $50,000 in a lump sum for continued security protection following the Transition Date and subsidized COBRA insurance premiums (with the Company providing the same monthly subsidy it provides to active employees, such that Mr. Bradford’s share of the applicable COBRA premium will remain the same as that paid by active executive employees) until the earliest of (a) 12 months following the Transition Date and (b) the date Mr. Bradford is no longer eligible for COBRA coverage or becomes eligible for health coverage under another employer’s health plan.

The Separation Agreement also provides for Mr. Bradford’s agreement (a) not to compete with the Company for a period of one year (provided that if Mr. Bradford were to compete at any time during the Separation RSU Vesting Period, he would forfeit all unvested RSUs), (b) not to solicit the Company’s employees and certain other persons or interfere with the Company’s business relationships for a period of two years, and (c) not to disclose confidential information relating to the Company. The Separation Agreement also provides for non-disparagement, continued assistance and cooperation between the parties, a mutual release of claims, subject to certain exclusions, as well as other customary provisions.

The description of the terms of the Separation Agreement contained in this Report does not purport to be complete and is qualified in its entirety by reference to the Separation Agreement, a copy of which is attached to this Current Report on Form 8-K (this “ Report”) as Exhibit 10.1 and is incorporated by reference herein.

Biographical information regarding Mr. Schultz, age 56, is set forth in the Company’s proxy statement for its 2025 annual meeting of stockholders, as filed with the U. S. Securities and Exchange Commission on January 22, 2025, and such information is incorporated by reference herein. No arrangement or understanding exists between Mr. Schultz and any other person pursuant to which Mr. Schultz was selected to serve as President and Chief Executive Officer of the Company. There have been no other related party transactions between the Company or any of its subsidiaries and Mr. Schultz reportable under Item 404(a) of Regulation S-K. Mr. Schultz does not have a family relationship with any of the Company’s other directors or executive officers.