SEC Contract Filing

Filing Date: 2024-09-10

Document Content:
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<TYPE>EX-10.2
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<FILENAME>ryanschramseparationagre.htm
<DESCRIPTION>EX-10.2
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<DIV><FONT size="1" style="font-size:1pt;color:white"> 1 AGREEMENT AND RELEASE This Agreement (this &#8220;Agreement&#8221;), effective September 6, 2024 (the &#8220;Agreement Date&#8221;) is entered into by and between IZEA Worldwide, Inc., a Nevada corporation (the &#8220;Company&#8221;), and Ryan S. Schram (the &#8220;Executive,&#8221; together with the Company, the &#8220;Parties&#8221;). RECITALS WHEREAS, the Parties are subject to that certain employment agreement dated September 1, 2023 (the &#8220;Employment Agreement&#8221;) and all terms not defined in this Agreement shall be given the meaning ascribed them under the Employment Agreement; WHEREAS, the Parties have agreed that Executive shall step down as President and Chief Operating Officer (collectively, &#8220;COO&#8221;) as of the Separation Date (defined below) and shall assist in the transition of the leadership through October 31, 2024; and WHEREAS, it is in the best interests of the Parties to enter into this Agreement to facilitate the transition of the Executive&#8217;s role with the Company and to resolve and release, upon the terms set forth herein, any and all claims arising between or among them relating to Executive&#8217;s employment and the Employment Agreement. AGREEMENT 1. The Parties acknowledge and agree that Executive&#8217;s last day of employment and last day as COO shall be September 15, 2024 as Termination by Executive without Good Reason (the &#8220;Separation Date&#8221;). Executive shall no longer serve in the capacity of COO and voluntarily resign as a member of the Company&#8217;s board of directors (the &#8220;Board&#8221;), without further action. As of the Separation Date, Executive shall no longer hold himself out as an employee or representative of the Company, shall no longer use, access or disclose any Company Information (defined below) and shall no longer access the Company&#8217;s computer systems for any reason. 2. On or before the Separation Date, as required by Section 7(c) of the Employment Agreement, Executive agrees that he shall immediately return, or at the Company&#8217;s election, destroy, all documents, records, files, data, computer files, software, all copies of the foregoing (in any form or format, whether hard-copy, electronic, digital or otherwise), apparatus, computers, cell phones, tablets, personal data assistants (PDAs) and similar devices, equipment, keys, access cards, credit cards, and other physical property, whether or not pertaining to, constituting or containing Proprietary Information, which were furnished to the Executive by the Company, to which the Executive otherwise had access, or which were produced by the Executive in connection with the Executive&#8217;s employment (collectively, the &#8220;Company Information&#8221;). Notwithstanding the above, Executive may keep his Company-issued monitor, keyboard, mouse, web-cam, and cables (but not laptop or other items with data storage capabilities) following the Separation Date. From the Separation Date until October 31, 2024, Executive will be available to the incoming CEO or his designee for remote and reasonable assistance regarding the transition of leadership (the &#8220;Transition Cooperation&#8221;). If, during the Transition Cooperation period, Executive is provided with any access to any Company Information, whether or not such information is Proprietary Information, Executive shall permanently delete or destroy such Company Information on or Doc ID: c93727eadb7289e8eea49717e7a8de7f52a6b5b3 </FONT></DIV>
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<DIV><FONT size="1" style="font-size:1pt;color:white"> 2 before October 31, 2024. If the Company requires Transition Cooperation after October 31, 2024, the Company shall reimburse Executive at the rate of $400/per hour for such cooperation. 3. In consideration of Executive executing this Agreement within a twenty-one day period immediately following receipt of this Agreement (and not revoking acceptance prior to the Release Effective Date, defined below) and Executive&#8217;s compliance with this Agreement, including the performance of the Transition Cooperation and the return or destruction of Company Information, the Company agrees to provide Executive with the following as set forth below: (a) The Company shall pay Executive an amount equal to $400,000, less applicable taxes and withholdings. (b) If Executive properly elects to continue health coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (&#8220;COBRA&#8221;), then, subject to the Executive&#8217;s copayment of the premium amounts at the applicable active employees&#8217; rate, the Company shall pay to the group health plan provider, the COBRA provider or the Executive a monthly payment equal to the monthly employer contribution that the Company would have made to provide health insurance to the Executive if the Executive had remained employed by the Company until the earliest of the following: (i) the twelve-month anniversary of the Separation Date; (ii) Executive&#8217;s eligibility for group medical plan benefits under any other employer&#8217;s group medical plan or otherwise through other employment; or (iii) the cessation of Executive&#8217;s continuation coverage rights under COBRA. Notwithstanding the foregoing, if the Company