IZEA, INC. (NASDAQ:IZEA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 31, 2018, IZEA, Inc. (“IZEA” or the “Company”) LeAnn Hitchcock notified the Company of her resignation as the Company’s Chief Financial Officer and from any other positions she holds with the Company, effective August 15, 2018. Ms. Hitchcock’s resignation was not in connection with any disagreement relating to the Company’s operations, policies, or practices and she will provide consulting services to IZEA as needed after the resignation date.
On August 2, 2018, the Company’s Board of Directors appointed Michael Heald to serve as Chief Financial Officer of the Company, effective upon Ms. Hitchcock’s resignation date.
Mr. Heald is a Florida-licensed CPA with 20 years of diverse public accounting, financial, and business consulting experience with a variety of companies and industries, including software development and media organizations. After graduating from the University of Central Florida in 1997 with a B.S. degree in Accounting, Mr. Heald worked as an auditor with BDO USA, LLP (“BDO”) and later with a local affiliate of BDO, Cross, Fernandez & Riley, LLP (which was later acquired by BDO), where he advanced to the role of Audit Partner. In 2017, Mr. Heald founded MRH Accounting & Consulting, LLC to provide financial consulting and temporary CFO services to both private and public companies. His experience also includes serving nearly 2 years as the Florida Regional Controller for a publicly-held homebuilder headquartered in Bensalem, Pennsylvania.
In connection with his appointment, the Company entered into an employment agreement with Mr. Heald (the “Employment Agreement”) to which he will receive an annual base salary of $213,000 and will be eligible for bonus distributions as determined by the Board, based on meeting and exceeding mutually agreed upon annual performance goals. The Employment Agreement is subject to early termination for any reason upon written notice to Mr. Heald and in the case of death, disability and cause. If terminated, for any reason other than death, disability or cause, Mr. Heald will be entitled to a severance of 4.5 months of his then current salary. In the case of termination due to disability, Mr. Heald will be entitled to a severance of his current salary until such time (but no more than 120 days after such disability) that disability insurance plan payments commence. If there is a change of control (as defined in the Employment Agreement) and Mr. Heald’s employment terminates within six months following the change of control for reasons other than for cause, then he will be entitled to such amount equal to his then current compensation for the greater of 4.5 months or the time remaining between the termination and the six month anniversary of the change of control.
There are no family relationships between Mr. Heald and any director or executive officer of the Company, and he has no direct or indirect material interest in any transaction required to be disclosed to Item 404(a) of Regulation S-K.
IZEA announced the change in officers on August 3, 2018 in a press release, which is attached hereto as Exhibit 99.1 and is incorporated herein by reference in its entirety.
Item 9.01.Financial Statements and Exhibits.
(d)Exhibits. The exhibits listed in the following Exhibit Index are filed as part of this current report.
IZEA, Inc. ExhibitEX-99.1 2 exhibit991.htm EXHIBIT 99.1 Exhibit EXHIBIT 99.1IZEA Appoints Michael Heald as CFOORLANDO,…To view the full exhibit click here
About IZEA, INC. (NASDAQ:IZEA)
IZEA, Inc. (IZEA) operates online marketplaces that facilitate transactions between brands and influential content creators. These creators produce and distribute text, videos and photos on behalf of brands through Websites, blogs and social media channels. Its technology enables transactions to be completed at scale through the management of content workflow, creator search and targeting, bidding, analytics and payment processing. Brands and Publishers engage IZEA in order to gain access to its technology and network of creators. These companies use its technology for various purposes, such as the engagement of online influencers for sponsored social campaigns, or the creation of standalone content for distribution through their owned channels. The Company provides services to customers in multiple industry segments, including consumer products, retail/eTail, technology and travel. Its platforms include IZEA.com and The IZEA Exchange (IZEAx), and Ebyline.
