USBC 8-K
USBC, Inc. (USBC)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officer
As previously disclosed in the Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on December 17, 2025, USBC, Inc. (the “Company”) and Kirk Chapman, the Company’s Chief Operating Officer, mutually agreed that Mr. Chapman would depart from his position effective December 15, 2025.
Separation Agreement
In connection with Mr. Chapman’s departure from his role as the Company’s Chief Operating Officer, the Company and Mr. Chapman entered into a separation agreement on January 6, 2026 (the “Separation Agreement”). The Separation Agreement provides that Mr. Chapman will receive severance benefits equal to his annual base salary of $320,000 per annum payable in substantially equal installments on the Company’s regular payroll dates until the earlier of: (i) December 31, 2026 and (ii) the date that Mr. Chapman commences “Other Employment or Service,” which the Separation Agreement generally defines as any direct or indirect engagement of Mr. Chapman’s services by any individual, partnership, joint venture, corporation, limited liability company, firm, group or other entity as an employee, consultant, advisor, independent contractor, director, partner, shareholder, member, joint venturer or in any other capacity.
Except as expressly modified by the Separation Agreement, Section 4(a) (Mr. Chapman’s obligations upon termination) and Section 5 (restrictive covenants) of the employment agreement, dated August 6, 2025, by and between Mr. Chapman and the Company (the “Employment Agreement”) will remain in full force and effect. However, the Company agreed to waive the post-employment non-competition obligations set forth in Section 5(d) of the Employment Agreement.
The Separation Agreement includes a general release of claims and customary non-disparagement and confidentiality covenants in favor of the Company.
The foregoing description of the Separation Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Separation Agreement, a copy of which will be filed with the Company’s Transition Report on Form 10-K and incorporated by reference herein.
Forfeiture of Unvested Option Grants
All of Mr. Chapman’s unvested option awards as of December 31, 2025, his last day of employment with the Company, will be forfeited. Mr. Chapman joined the Company in August 2025.
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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, thereunto duly authorized.
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Date: January 12, 2026 | By: |
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| Name: | Kitty Payne |
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| Title: | Chief Financial Officer |
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