Founder/CEO Passes Away; New CEO Appointed with Highly Conditional Employment Terms

summarizeSummary

RemSleep Holdings announced the passing of its founder, Chairman, and CEO, Thomas Wood, and the appointment of Jeffrey Marshall as the new CEO, whose employment is subject to highly restrictive and conditional terms by the controlling shareholder.

check_boxKey Events

• Founder, Chairman, and CEO Passes Away

  Thomas Wood, the founder, Chairman of the Board, and Chief Executive Officer, passed away on February 26, 2026. Mr. Wood was critical to the company's product development and FDA clearance process.

• New CEO and Board Appointments

  Jeffrey Marshall was appointed Chief Executive Officer and Director, and Alexander Johnson was appointed Director, effective March 2, 2026. Anita Michaels, the founder's sister and now majority shareholder, was elected Chairman of the Board.

• New CEO's Compensation Structure

  Jeffrey Marshall's employment agreement includes an initial annual base salary of $60,000, increasing to $120,000 upon the company raising $250,000. He is also eligible for incentive stock options representing up to 7% of the company's fully diluted capitalization, tied to funding and revenue milestones.

• Controlling Shareholder Retains Unilateral Termination Right

  Anita Michaels, as a Board member and majority shareholder, retains the unilateral right to terminate the new CEO's employment within 30 days of the effective date (March 2, 2026) without cause, severance, or equity acceleration. She can also cancel the agreement if the company fails to raise $250,000 in 2026.

auto_awesomeAnalysis

This filing reports the critical loss of Thomas Wood, the company's founder, Chairman, and CEO, who was instrumental in developing the core product and securing FDA clearance. His passing creates a significant leadership void for this micro-cap company. While a new CEO, Jeffrey Marshall, has been appointed along with two new directors, the terms of his employment raise substantial governance concerns. Anita Michaels, the founder's sister and now majority shareholder with super voting preferred shares, retains unilateral power to terminate the new CEO within 30 days of his appointment without severance or equity, and can also cancel the agreement if the company fails to raise $250,000 in 2026. This highly unusual clause severely undermines the new CEO's authority and stability, signaling potential instability in leadership and a lack of full empowerment for the new executive team. Investors should monitor the company's ability to secure funding and the stability of its new leadership structure.