# EDGAR Filing Document

**Accession Number:** 0001381507
**File Stem:** 0001381507-23-000005
**Filing Date:** 2023-1
**Character Count:** 13721
**Document Hash:** 5e01441588fa154f17d3d8451ce37c65
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001381507-23-000005.hdr.sgml**: 20230111

**ACCESSION NUMBER**: 0001381507-23-000005

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230111

**ITEM INFORMATION**: Cost Associated with Exit or Disposal Activities

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230111

**DATE AS OF CHANGE**: 20230111

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LIMEADE, INC
- **CENTRAL INDEX KEY:** 0001381507
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **IRS NUMBER:** 061771116
- **STATE OF INCORPORATION:** WA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56464
- **FILM NUMBER:** 23524113

**BUSINESS ADDRESS:**
- **STREET 1:** 10885 NE 4TH STREET
- **STREET 2:** SUITE 400
- **CITY:** BELLEVUE
- **STATE:** WA
- **ZIP:** 98004
- **BUSINESS PHONE:** 888-830-9830

**MAIL ADDRESS:**
- **STREET 1:** 10885 NE 4TH STREET
- **STREET 2:** SUITE 400
- **CITY:** BELLEVUE
- **STATE:** WA
- **ZIP:** 98004

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LIMEADE INC
- **DATE OF NAME CHANGE:** 20070802

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Jet City Jet Inc
- **DATE OF NAME CHANGE:** 20061117

?xml version="1.0" ? lme-20230111

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**___________________________________**

**FORM 8-K**

**___________________________________**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**January 11, 2023**

**Date of Report (date of earliest event reported)**

**___________________________________**

**Limeade, Inc.**

**(Exact name of registrant as specified in its charter)**

**___________________________________**

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| | | |
|:---|:---|:---|
| **Washington**<br>**(State or other jurisdiction of** <br>**incorporation or organization)** | **000-56464**<br>**(Commission File Number)** | **06-1771116**<br>**(I.R.S. Employer Identification Number)** |
| **10885 NE 4th Street Suite #400**<br>**Bellevue, WA 98004** | **10885 NE 4th Street Suite #400**<br>**Bellevue, WA 98004** | **10885 NE 4th Street Suite #400**<br>**Bellevue, WA 98004** |
| **(Address of principal executive offices and zip code)** | **(Address of principal executive offices and zip code)** | **(Address of principal executive offices and zip code)** |
| **(888) 830-9830** | **(888) 830-9830** | **(888) 830-9830** |
| **(Registrant's telephone number, including area code)** | **(Registrant's telephone number, including area code)** | **(Registrant's telephone number, including area code)** |

---

**___________________________________**

**Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:**

**☐** **Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)**

**☐** **Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)**

**☐** **Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))**

**☐** **Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))**

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| | | |
|:---|:---|:---|
| **Securities registered pursuant to Section 12(b) of the Act:** | **Securities registered pursuant to Section 12(b) of the Act:** | **Securities registered pursuant to Section 12(b) of the Act:** |
| **<u>Title of each class</u>** | **<u>Trading Symbol</u>** | **<u>Name of each exchange on which registered</u>** |
| **None** | **None** | **None** |

---

**Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.**

**Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;☒**

**If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐**

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**Item 2.05 - Costs Associated with Exit or Disposal Activities.**

On January 11, 2023, Limeade, Inc. (the "Company") (ASX: LME), an immersive employee well-being company that creates healthy employee experiences, today announced a company restructure that will lower its headcount overall by 15% and restructure its R&D, Product, Customer Operations, Customer Success, Marketing and Sales teams. The one-time costs associated with the reduction in force include severance payments and employee benefits and will involve future cash expenditures. Costs are anticipated to be approximately $1.3 million and annualized savings are anticipated to be approximately $7.0 million.

A copy of the press release announcing the Plan and the resignation of Limeade's chief financial officer ("CFO"), Todd Spartz, described in Item 5.02 below is included as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.

**Item 5.02 - Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers**

Limeade CFO, Mr. Todd Spartz will resign as CFO of the Company, departing January 18th, 2023 to pursue another opportunity in the corporate sector. The company thanks him for his service. The Company has launched an internal and external search and in the interim, his CFO duties will be performed by the existing Limeade Finance team under the leadership of Controller Paul Crick with assistance from outside vendors as appropriate and necessary.

**Forward-Looking Statements**

This Current Report on Form 8-K contains forward-looking statements, including, but not limited to, statements related to the expected benefits of and timing of completion of the Plan, and the expected costs and charges of the Plan. Words such as "expects," "anticipates," "aims," "projects," "intends," "plans," "believes," "estimates," "seeks," "assumes," "may," "should," "could," "would," "foresees," "forecasts," "predicts," "targets," "commitments," variations of such words and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are based upon the Company's current plans, assumptions, beliefs, and expectations. Forward-looking statements are subject to the occurrence of many events outside of the Company's control. Actual results and the timing of events may differ materially from those contemplated by such forward-looking statements due to numerous factors that involve substantial known and unknown risks and uncertainties. These risks and uncertainties include, among other things, the risk that the restructuring costs and charges may be greater than anticipated; the risk that the Company's restructuring efforts may adversely affect the Company's internal programs and the Company's ability to recruit and retain skilled and motivated personnel, and may be distracting to employees and management; the risk that the Company's restructuring efforts may negatively impact the Company's business operations and reputation with or ability to serve customers; the risk that the Company's restructuring efforts may not generate their intended benefits to the extent or as quickly as anticipated; and other risks and uncertainties included in the reports on Forms 10-K, 10-Q and 8-K and in other filings the Company makes with the Securities and Exchange Commission from time to time, available at www.sec.gov. Forward-looking statements should be considered in light of these risks and uncertainties. Investors and others are cautioned not to place undue reliance on forward-looking statements. All forward-looking statements contained herein speak only as of the date hereof. The Company assumes no obligation and does not intend to update these forward-looking statements, except as required by law.

**Item 9.01 - Financial Statements and Exhibits**

(d): The following exhibits are being furnished as part of this report:

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| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Description</u> |
| 99.1 | <u>[Press Release - "Limeade Announces Restructure for 2023](ex991limeadeannouncesrestr.htm)[and CFO Resignation](ex991limeadeannouncesrestr.htm)["](ex991limeadeannouncesrestr.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized on this 11th day of January, 2023.

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| | |
|:---|:---|
| **LIMEADE, INC.** | **LIMEADE, INC.** |
| By: | /s/ Henry Albrecht |
| Name: | Henry Albrecht |
| Title: | Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![limeadelogo.jpg](limeadelogo.jpg)

**ASX RELEASE**

**Limeade Announces Restructure for 2023 and CFO Resignation**

**SYDNEY, Australia and Bellevue, Washington. – 12 January 2023 –** Limeade (ASX: LME, or the Company), an immersive employee well-being company that creates healthy employee experiences, today announced a company restructure that will lower its headcount overall by 15% and restructure its R&D, Product, Customer Operations, Customer Success, Marketing and Sales teams. The one-time costs associated with the reduction in force include severance payments and employee benefits and will involve future cash expenditures. Costs are anticipated to be be approximatelyUS$1.3 million and. The annualized savings are anticipated to be approximately US$7.0 million. The company also announced the resignation of its CFO Todd Spartz.

**<u>Summary</u>** 

**Corporate Restructure**

The Limeade Restructured is Intended to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Facilitate annualized savings of approximately US$7.0 million associated with headcount reductions completed between 12 January 2023 and 31 March 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Focus resources on the most strategic and impactful customer initiatives that deliver healthy employee experiences

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increase operational efficiency to improve future financial performance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Demonstrate commitment to manage cash resources

CEO Henry Albrecht shared: "This restructure is a difficult but necessary step. I speak on behalf of the Board and every company leader in sharing my heartfelt and immense gratitude to all of the LimeMates who have served our noble purpose."

**CFO Resignation**

Limeade CFO, Mr Todd Spartz will resign as Chief Financial Officer (CFO) of the Company, departing 18 January 2023 to pursue another opportunity in the corporate sector. The company thanks him for his service. The Company has launched an internal and external search and in the interim, CFO His duties will be performed by the existing Limeade Finance team under the leadership of Controller Paul Crick with assistance from outside vendors as appropriate and necessary.

***This release dated 12 January 2023 has been authorised for lodgement to ASX by the Board of Directors of Limeade and lodged by Mr Danny Davies the Limeade ASX Representative.***

**– ENDS –** 

**Contact Information**

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| |
|:---|
| Dr Thomas Duthy |
| Nemean Group for Limeade |
| thomas.duthy@limeade.com |
| +61 402 493 727 |

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To subscribe to the Limeade Email Alert Service please visit: https://investors.limeade.com/subscriptions/

**About Limeade**<br>Limeade is an immersive employee well-being company that creates healthy employee experiences. Limeade Institute science guides its industry-leading software and its own award-winning culture. Today, millions of users in over 100

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| | | |
|:---|:---|:---|
| **Limeade, Inc.** | **ARBN 637 017 602** | **10885 NE 4th Street ∙ Suite 400 ∙ Bellevue ∙ WA 98004** |

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countries use Limeade solutions to navigate the future of work. By putting well-being at the heart of the employee experience, Limeade reduces burnout and turnover while increasing well-being and engagement — ultimately elevating business performance. To learn more, visit www.limeade.com (**ASX listing: LME**).

Limeade, Inc. Australian Registered Business Number 637 017 602, a public limited company registered under the Washington Business Corporation Act (UBI Number: 602 588 317).

**Disclosure**

This ASX release does not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of any securities referred to herein in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful. Any securities referred to herein have not been registered under the US Securities Act of 1933, as amended (the "US Securities Act") and may not be offered or sold in the United States or to US persons absent registration or an applicable exemption from registration under the US Securities Act and applicable state securities laws. In addition, any hedging transactions involving the securities referred to herein may not be conducted unless in compliance with the US Securities Act.

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| | | |
|:---|:---|:---|
| **Limeade, Inc.** | **ARBN 637 017 602** | **10885 NE 4th Street ∙ Suite 400 ∙ Bellevue ∙ WA 98004** |

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