DESTINY MEDIA TECHNOLOGIES INC 8-K

What Happened
Destiny Media Technologies Inc. announced that its Board appointed Sharath Cherian as Chief Executive Officer and President, effective July 15, 2026. Hyonmyong (“Hoch”) Cho stepped down as Interim CEO on that date and will continue as Chairman of the Board. Cherian had served as a strategic consultant to the company since February 2025.

Key Details

• Employment Agreement effective July 15, 2026; no fixed term.
• Annual base salary: US$240,000. Annual bonus target: 40% of base salary (paid 40% cash / 60% equity if earned).
• Initial option grant: 482,000 options total — 241,000 at $0.623/share, 120,500 at $0.70/share, and 120,500 at $0.80/share (under the company’s Long Term Incentive Plan).
• Severance: six months’ base salary (subject to increase based on years of service) plus a prorated annual bonus for certain qualifying terminations; enhanced severance on certain change-in-control terminations (each subject to a release).
• Background: Cherian (age 46) founded Cheri Media (1999), sold assets to Warner Music Group in 2020, served as CEO of HipHopDX under Warner (Apr 2020–Mar 2024), then took a sabbatical before consulting for Destiny beginning Feb 2025. The filing states no family relationships or reportable related-party transactions.

Why It Matters
A permanent CEO appointment provides leadership clarity and may affect strategy execution. Compensation includes cash salary and performance-linked equity, and the 482,000-option grant could lead to future share dilution if exercised. Severance and change-in-control protections are in place, which investors should note when evaluating management incentives and potential costs. The company furnished a news release about the appointment (Exhibit 99.1).