Company: LIFD
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001096906-25-000346
Chunk: 428

Company: LFTD PARTNERS INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 10
Chunk 428
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obs and WJacobs. This aggregate of $500,000 in bonuses to GJacobs and WJacobs is in addition to the $300,000 bonus payable to WJacobs described in the preceding section. On February 14, 2022, pursuant to the Amended Omnibus Agreement, this $500,000 was recharacterized as a retention bonus and allocated among NWarrender, GJacobs and WJacobs wherein each received $166,666, respectively, on December 30, 2022. 

Increase of Base Salaries of Executives GJacobs, WJacobs and NWarrender on January 1, 2022

Pursuant to the Omnibus Agreement, commencing January 1, 2022, the Base Salary under each of the Executive Employment Agreements to be paid to GJacobs, WJacobs and NWarrender shall be increased from $100,000 to $250,000 per year.

Increase of Base Salary of Executive NWarrender on January 1, 2023

On January 10, 2023, the Compensation Committee of the Board of Directors of the Company voted to increase the base salary of NWarrender to $500,000 per year from $250,000. NWarrender’s new salary commenced retroactively as of January 1, 2023. The reason for the salary increase is due to NWarrender’s increased responsibility and performance.

Allocation and Payment of Bonus Pool

The company-wide Bonus Pool for 2021 was $1,559,334 (the “Modified 2021 Bonus Pool Amount”), which was the aggregate amount that was accrued for in the Company’s financial statements covering the period from January 1, 2021 through September 30, 2021, and such Modified 2021 Bonus Pool Amount was paid by the Company, and allocated and distributed in accordance with unanimous written instructions from GJacobs, WJacobs and NWarrender, on or before March 15, 2022.

Pursuant to the Amended Omnibus Agreement, the 2022 company-wide bonus pool shall not be allowed to be accrued or paid by LIFD if and to the extent that doing so would decrease LIFD’s 2022 diluted earnings per share of common stock below $0.56 per share.

Supplemental Retention Bonus

Pursuant to the Amended Omnibus Agreement, the Chairman of the Compensation Committee of the Board of Directors was authorized to negotiate