Vivakor, Inc. (NASDAQ:VIVK) Enters into Executive Employment Agreement with Jeremy Gamboa

Vivakor, Inc., a Nevada-based company listed on the Nasdaq Stock Market LLC, recently announced in an 8-K filing with the Securities and Exchange Commission that it has entered into an Executive Employment Agreement with Jeremy Gamboa. The agreement, effective as of October 20, 2024, outlines the terms under which Jeremy Gamboa will join the company as its Division President, Logistics.

As per the terms of the agreement, Mr. Gamboa will receive an annual base salary of $325,000, payable in equal installments every two weeks. Additionally, he will be eligible for annual incentive cash and equity compensation of up to $780,000 based on specific performance goals detailed in the agreement. As an incentive, Mr. Gamboa will also receive a one-time signing grant of Vivakor common stock valued at $150,000. These shares will be priced based on the volume-weighted average price for the five trading days preceding the execution date of the agreement and will be subject to an eighteen-month lockup period.

The agreement specifies that Mr. Gamboa’s employment is at-will under Texas law, except as modified within the terms of the agreement.

Jeremy Gamboa brings with him over three decades of management experience in the midstream trucking, terminaling, and marketing sectors, including leadership roles in companies recently acquired by Vivakor. His previous positions include President of Endeavor Crude, LLC, Chief Operating Officer of Ridgeback Energy Partners, LLC, and Executive Vice President and Chief Operating Officer of Bridger Logistics, LLC.

The Board of Vivakor views Mr. Gamboa’s extensive industry expertise as a valuable asset in leading the company towards sustained growth and success.

The 8-K filing further informed that there are no pre-existing arrangements or relationships that influenced Mr. Gamboa’s appointment as the Division President, Logistics, nor are there any disclosure requirements pursuant to Regulation S-K.

For additional details on the terms of the agreement, the full text of the Executive Employment Agreement, labeled as Exhibit 1.01, is available in the 8-K filing submitted to the SEC.

Jeremy Gamboa’s appointment is expected to bolster Vivakor’s operational capabilities and is indicative of the company’s commitment to driving strategic growth and performance in the midstream petroleum industry.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Vivakor’s 8K filing here.

Vivakor Company Profile

Vivakor, Inc operates, acquires, and develops technologies and assets in the oil and gas industry and related environmental solutions in the United States and Kuwait. The company owns and operates a crude oil gathering, storage, and transportation facility in Delhi, Louisiana. It also owns a crude oil storage tank located near Colorado City, Texas.