Vivakor (NASDAQ:VIVK) Enters New Executive Employment Agreement with Vice President of Marketing

Vivakor, Inc. recently disclosed in a Form 8-K filing on August 22, 2024, that the company has entered into a new executive employment agreement with its Vice President of Marketing. As per the agreement, the Vice President of Marketing will receive an annual base salary of $200,000 and may see an increase to $350,000 after the first annual anniversary, subject to the company achieving net profitability of $500,000 from all commodity trades handled by the Vice President of Marketing.

Additionally, the employment agreement outlines provisions for annual incentive cash and equity compensation amounting to a maximum of $440,000 based on predefined performance targets. As part of the agreement, the Vice President of Marketing is entitled to a one-time signing grant of company common stock valued at $150,000, translating to approximately 71,090 shares based on the closing price on the day of the grant. The shares are slated to vest upon the filing of an amended Registration Statement on Form S-8 with the Securities and Exchange Commission registering shares under a Long Term Incentive Plan (LTIP).

The Form 8-K filing further revealed that on September 9, 2024, Aldali Int’l for Gen. Trading & Cont. Co. (DIC) exercised a Non-Qualified Stock Option, utilizing $1,179,000 owed to them by Vivakor under a promissory note as the exercise price. DIC acquired 1,000,000 shares of Vivakor’s common stock that were held in reserve by the company’s transfer agent under an irrevocable instruction letter. The issued stock certificate includes a standard Rule 144 restrictive legend, and the issuance was deemed exempt from registration under Section 4(a)(2) of the Securities Act.

This filing also includes Exhibit 10.1, which presents the full text of the employment agreement between Vivakor and its Vice President of Marketing. Moreover, the company provided a Cover Page Interactive Data File (formatted as Inline XBRL) as Exhibit 104 in compliance with reporting requirements.

Investors and stakeholders are advised to exercise caution when considering forward-looking statements as outlined in the filing, as actual results and events may differ due to various uncertainties and risks outlined in the document. Vivakor disclaims any obligation to update the forward-looking statements to reflect new information or future circumstances, except as mandated by law.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Vivakor’s 8K filing here.

About Vivakor

Vivakor, Inc operates, acquires, and develops technologies and assets in the oil and gas industry and related environmental solutions in the United States and Kuwait. The company owns and operates a crude oil gathering, storage, and transportation facility in Delhi, Louisiana. It also owns a crude oil storage tank located near Colorado City, Texas.