Zivo Bioscience, Inc. 8-K

What Happened
Zivo Bioscience (ZIVO) filed an 8‑K reporting that Chief Financial Officer Keith R. Marchiando announced his resignation on December 19, 2025, effective immediately, and will end employment on December 31, 2025. Marchiando entered a Separation Agreement under which he will continue to receive his current monthly salary through December 31, 2026 and will retain a previously awarded option to buy 150,000 shares. The company also appointed William A. Sullivan as Interim Chief Financial Officer and entered an independent contractor Services Agreement with him.

Key Details

• Keith R. Marchiando resignation announced 12/19/2025; employment ends 12/31/2025.
• Separation Agreement: continued monthly pay of $27,040 through 12/31/2026 (about $324,480 total) and retention of an option for 150,000 shares at $7.96/share exercisable until 6/30/2027; includes release, confidentiality and non‑disparagement terms.
• William A. Sullivan appointed Interim CFO (filing lists effective date 12/19/2026 — filing contains inconsistent dates); Sullivan is a finance executive with 25+ years’ experience and prior CFO roles in life‑sciences companies.
• Services Agreement with Sullivan: independent contractor at $285/hour, initial 60‑day term with automatic monthly renewals, confidentiality and non‑solicit restrictions during the term, and an 18‑month post‑termination non‑diversion restriction.

Why It Matters
Executive changes at the CFO role affect financial leadership and continuity. The Separation Agreement commits the company to continued cash payments to the departing CFO through the end of 2026 and preserves his option holdings, which are material compensation items investors should note. The company engaged an experienced finance executive as interim CFO on a contractor basis at $285/hour with short initial term and renewal provisions, indicating a temporary, flexible arrangement while ZIVO seeks a permanent finance leader. The filing also contains an apparent date inconsistency for the interim CFO appointment (12/19/2026 vs. other December 2025 dates), which investors may want to watch for any clarifying amendments.