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. |
Resignation of Named Executive Officer
On July 6, 2025, Kyle Young, the Executive Vice President of 5&2 Studios, Inc. (the “Company”), notified the Company of his decision to resign, effective immediately.
Material Compensatory Agreement with Named Executive Officer
In connection with Mr. Young’s resignation, the Company and Mr. Young entered into an Employment Separation Agreement (the "Separation Agreement"). Under the terms of the Separation Agreement, the Company agreed to pay Mr. Young $200,000, less applicable payroll taxes and deductions, and cover the costs of Mr. Young’s health insurance continuation coverage under COBRA through December 2025 or until he obtains subsequent employment and/or coverage under another health insurance plan. Furthermore, should he receive care or incur health costs not covered by COBRA that are deemed necessary, the Company will reimburse him for those costs upon his submission of verifiable receipts and proof of payment. Additionally, under the terms of the Separation Agreement, Mr. Young is entitled to his accrued and unpaid base salary through his last day of employment. He will also be paid for any unreimbursed expenses and all payments or benefits to which he is entitled under any applicable Company employee benefit plan. As consideration for the foregoing, Mr. Young has agreed to a general release of all claims against the Company and its affiliates and to a customary non-disparagement covenant.
The foregoing summary description of the Separation Agreement is not complete and is qualified in its entirety by reference to the full text of the Separation Agreement, a copy of which is filed as Exhibit 10.1 to this Form 8-K and incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. | Description |
| 10.1 | Employment Separation Agreement, dated July 10, 2025, by and between Kyle Young and 5&2 Studios, Inc.* |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
* Portions of this exhibit are redacted pursuant to Item 601(b)(10)(iv) of Regulation S-K. The Company agrees to furnish a copy of any redacted information and/or omitted schedules to the U.S. Securities and Exchange Commission upon request.
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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.
| Dated: July 10, 2025 | 5&2 STUDIOS, INC. | ||
| By: | /s/ JD Larsen | ||
| Name: | JD Larsen | ||
| Title: | Chief Financial Officer | ||
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