CEA Industries locks in $25,000 monthly fee for interim president through Wyoming consulting firm
LOUISVILLE, Colo., July 20. A $25,000 monthly fee will go to W4 LLC, a Wyoming limited liability company, under a consulting agreement CEA Industries Inc. (Nasdaq: BNC) signed on July 20, the company disclosed in a Form 8-K filed with the Securities and Exchange Commission. W4 LLC will supply Alex Odagiu as Interim President for 32 hours per week. Odagiu has held the role since June 23, reporting directly to the Board under the agreement.
Key takeaways
- CEA Industries Inc. (Nasdaq: BNC) signed a consulting agreement on July 20, 2026, paying $25,000 monthly to Wyoming-based W4 LLC, which supplies Alex Odagiu as Interim President for 32 hours per week.
- Odagiu has served as Interim President since June 23, reports directly to the Board, and receives no separate cash compensation for his concurrent Board service.
- On July 22, CEA's Board named CFO William B. Miller as Interim Principal Executive Officer for SEC purposes, with no additional compensation, following David Namdar's departure from the CEO role.
- The consulting agreement runs until the Board names a new CEO, before which CEA may terminate only for cause; afterward either side may exit on 10 days' written notice.
- CEA held its 2026 Special Meeting on July 22 via live webcast, with 41,173,850 shares outstanding as of the June 22 record date and six Board nominees on the ballot.
LOUISVILLE, Colo., July 20. A $25,000 monthly fee will go to W4 LLC, a Wyoming limited liability company, under a consulting agreement CEA Industries Inc. (Nasdaq: BNC) signed on July 20, the company disclosed in a Form 8-K filed with the Securities and Exchange Commission. W4 LLC will supply Alex Odagiu as Interim President for 32 hours per week. Odagiu has held the role since June 23, reporting directly to the Board under the agreement.
Terms of the consulting arrangement
The deal ties to a Cooperation Agreement dated June 23, 2026, between CEA and YZILabs Management Ltd. W4 LLC enters as an independent contractor. Fees are pro-rated for partial months, and CEA will reimburse documented travel and expenses incurred at the company's request.
Odagiu will not receive separate cash compensation of any kind for his concurrent Board service, the filing states. The contract runs until the Board names a new chief executive. Before that appointment, CEA may terminate only for cause. After a new CEO is named, either side may exit on 10 days' written notice, though any Board vote to terminate requires a majority of directors then in office, with Odagiu recusing himself from any deliberation and vote on the matter.
CFO moves into expanded SEC role
On July 22, two days after the consulting agreement was signed, the Board named Chief Financial Officer William B. Miller as Interim Principal Executive Officer for SEC purposes. He retains his existing roles as principal financial officer and principal accounting officer. No additional compensation attaches to the new designation.
The appointment followed David Namdar's departure from the chief executive role. CEA had disclosed in a March 16, 2026 filing that Namdar would leave upon the earlier of the next annual meeting, a new or interim CEO appointment by the Board, or August 31, 2026.
Special meeting
CEA held its 2026 Special Meeting in Lieu of Annual Meetings of Stockholders on July 22 via live webcast at virtualshareholdermeeting.com/BNC2026SM. As of the June 22 record date, 41,173,850 shares of common stock were outstanding and entitled to vote. The ballot included six Board nominees.