Parks America, Inc 8-K, filed Sep 6, 2024
Parks America, Inc (PRKA)
About this 8-K
Parks America, Inc filed this 8-K on September 6, 2024, reporting on events of September 3, 2024.
Items reported
- Item 5.02: Director or officer change, or executive pay
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 3, 2024, Todd R. White, Chief Financial Officer of Parks! America, Inc. (the “Company”) and the Company entered into a Separation Agreement (the “Separation Agreement”), pursuant to which Mr. White determined to resign as the Company’s Chief Financial Officer, effective December 31, 2024. Under the terms of the Separation Agreement, Mr. White will continue his employment as Chief Financial Officer with the Company through December 31, 2024, and will continue to receive his regular salary until the termination of his employment with the Company.
Mr. White also resigned, effective as of September 3, 2024, as a member of the Company’s Board of Directors. Mr. White’s resignation from the Board of Directors was not the result of any disagreement with the Company on any matters relating to the Company’s operations, policies or practices.
In addition, on September 4, 2024, Mr. White and Focused Compounding Fund, LP (“Focused Compounding”) entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”), pursuant to which Focused Compounding purchased 1,344,555 shares of common stock of the Company at a purchase price of $0.40 per share, for an aggregate purchase price of $537,822. The closing of the Stock Purchase Agreement occurred on September 5, 2024. Geoffrey Gannon and Andrew Kuhn, who are members of the Company’s Board of Directors, are principals of Focused Compounding.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: September 6, 2024
| PARKS! AMERICA, INC. | ||
| By: | /s/ Todd R. White | |
| Name: | Todd R. White | |
| Title: | Chief Financial Officer | |
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