10-K/A: Vivakor Files Amended 10-K to Include Compensation Recovery Policy
Form 10-K/A (Amendment to Annual Report)
Vivakor, Inc. files an amendment to its 2024 annual report to include its Compensation Recovery Policy, which was inadvertently omitted from the original filing.
Summary
- Vivakor, Inc. filed an amendment (Form 10-K/A) to its Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
- The amendment was filed solely to include Exhibit 97, Vivakor, Inc.'s Compensation Recovery Policy, which was inadvertently omitted from the original filing.
- The company has not updated any other information contained in the Original Form 10-K.
- The original filing date was April 15, 2025, and the amendment speaks as of that date.
- As of June 30, 2024, the aggregate market value of voting common stock held by non-affiliates was $58,271,094, based on a closing price of $2.00 per share.
- As of April 14, 2025, there were 44,575,570 shares of the company's common stock outstanding.
Sentiment
Score: 6
Explanation: The sentiment is neutral as the filing is a correction of an omission. While the omission itself could be seen as a negative, the correction is a positive step towards compliance.
Positives
- The company is taking steps to ensure compliance with regulatory requirements by including the omitted Compensation Recovery Policy.
Risks
- The amendment addresses a previous omission, suggesting potential weaknesses in internal controls or oversight.
Future Outlook
The document does not contain any specific forward-looking statements beyond the scope of the original 10-K filing.
Management Comments
- James Ballengee, Chief Executive Officer, certified that the report complies with the Securities Exchange Act of 1934 and fairly presents the company's financial condition and results of operations.
- Tyler Nelson, Chief Financial Officer, provided a similar certification.
Industry Context
The inclusion of a compensation recovery policy aligns with increased regulatory scrutiny and investor expectations regarding executive accountability.
Comparison to Industry Standards
- Compensation recovery policies, often referred to as clawback policies, are becoming standard practice among publicly traded companies, especially after the Dodd-Frank Act.
- Companies like ExxonMobil, Chevron, and ConocoPhillips have similar policies in place to recoup executive compensation in the event of financial restatements or misconduct.
- These policies are designed to align executive incentives with long-term shareholder value and promote ethical behavior.
Stakeholder Impact
- The inclusion of the Compensation Recovery Policy may reassure shareholders about executive accountability.
- The policy could impact executive compensation in the event of financial restatements.
Key Dates
| Date | Description |
|---|---|
| 2023-11-30 | Date of the Compensation Recovery Policy |
| 2024-01-01 | Start of the fiscal year |
| 2024-02-26 | Date of the Agreement and Plan of Merger by and among Vivakor, Inc., Empire Energy Acquisition Corp., and Empire Diversified Energy, Inc. |
| 2024-03-21 | Date of the Membership Interest Purchase Agreement by and among the Registrant, Jorgan Development, LLC and JBAH Holdings LLC re Endeavor Entities |
| 2024-06-30 | Date used for calculating the aggregate market value of voting common stock held by non-affiliates |
| 2024-12-31 | End of the fiscal year |
| 2025-02-06 | Date of Certificate of Amendment to Amended and Restated Articles of Incorporation, filed with the Secretary of State of the State of Nevada |
| 2025-04-14 | Date for outstanding shares of common stock |
| 2025-04-15 | Original Form 10-K Filing Date |
| 2025-05-02 | Date of the amended filing |
Keywords
Compensation Recovery Policy, Form 10-K/A, Amendment, Vivakor, Filing
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