SING SinglePoint Inc (QB)

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(d) Election of Directors

On July 28, 2022 Singlepoint Inc. (“Singlepoint”) increased the size of its Board of Directors by one member and James (Jim) Rulfs was appointed as a member of the Board of Directors to serve as such until his successor shall have been elected and shall have qualified, or until his earlier death, resignation or removal in accordance with the By-Laws of the Corporation. A serial entrepreneur, Jim Rulfs has spent the majority of his career specializing in mergers and acquisitions and has over 40 years of experience as a managing principal across different industries. Mr. Rulfs currently serves as the managing member of CBC Partners Holdings, LLC, a privately-funded lender that provides debt financing loans to high-growth commercial and industrial companies. CBC Partners Holdings, LLC has a strategic partnership with CBC Capital Partners, a commercial loan company with 10 years’ of experience in corporate finance. Mr. Rulfs also founded Liberty Pacific Capital LLC, a venture capital firm specializing in emerging technology companies, which later became FocusPoint Private Capital Group, and is a principal of Seattle Venture Group. Mr. Rulfs holds a Series 82 securities license and a Bachelor of Science from Ohio University.

The Company and Mr. Rulfs entered into a Board of Directors – Service Agreement as set forth on Exhibit 10.1 attached hereto. The Service Agreement provides for Mr. Rulfs to receive compensation as a non-employee director as follows: (i) annual Common Stock grant of restricted Common Stock equal to $15,000 on each of the commencement of service as a Director, and each yearly anniversary (valued at the average volume weighted average (“VWAP”) closing price of the 10-day’s immediately preceding each issuance date); (ii) quarterly Common Stock Grant equal to $9,000 on or about the last business day of each fiscal quarter that Mr. Rulfs is a member of the Board of Directors (valued at the VWAP closing price of the 10-days immediately preceding each issuance date); (iii) cash compensation equal to $2,000 per month that Mr. Rulfs serves as a Director, payabl at the commencement of each calendar month; and (iv) an additional one time award of Restricted Common Stock equal to $2,000 (valued at the VWAP closing price of the 10-days immediately preceding such issuance date). The foregoing does not constitute a complete summary of the terms of the Board of Directors – Service Agreement, and reference is made to the complete text of the Amendment, which is attached hereto as Exhibit 10.1.