Bright Mountain Media names new CFO, Rudin departs

Bright Mountain Media, Inc. reported a leadership change in its finance organization.

Rhea-AI Filing Summary

Bright Mountain Media, Inc. reported a leadership change in its finance organization. Effective April 30, 2026, Chief Financial Officer Ethan Rudin departed and will receive severance equal to six months of his base salary under his employment agreement.

Chief Executive Officer Matt Drinkwater will serve as interim principal financial officer and interim principal accounting officer until the company files its next Form 10-Q. The company appointed Mr. Olgun as its new Chief Financial Officer under a May 1, 2026 employment agreement, with a $335,000 annual base salary and an annual bonus opportunity of up to 50% of base salary.

Mr. Olgun received options to purchase 1,000,000 shares of common stock at an exercise price of $0.004 per share, vesting over four years starting May 6, 2027, and is entitled to six months of base salary as severance if terminated without cause. His agreement includes customary non-competition, non-solicitation, and non-disclosure covenants.

Insights

Corporate governance analyst

CFO transition with defined pay, equity, and protections.

Bright Mountain Media is transitioning from former CFO Ethan Rudin to new CFO Mr. Olgun, with CEO Matt Drinkwater temporarily assuming principal finance roles until the next Form 10-Q. The change is structured with clear compensation and severance terms.

Mr. Olgun’s package includes a $335,000 base salary, bonus potential up to 50% of salary, and options on 1,000,000 shares at $0.004 per share vesting through May 2027 and beyond. Both the departing and incoming CFOs have six-month salary severance arrangements, which may help continuity during the transition.

The agreement’s non-competition, non-solicitation, and non-disclosure covenants aim to protect company interests while aligning the new CFO through equity incentives. Future company filings may provide additional context on how this leadership change influences financial strategy and reporting quality.

8-K Event Classification

Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers

1 item

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance

Key personnel changes including departures, elections, or appointments of directors and executive officers.

Key Figures

New CFO base salary: $335,000 per year New CFO bonus opportunity: Up to 50% of base salary New CFO stock options: 1,000,000 shares +4 more

7 metrics

New CFO base salary $335,000 per year Annual base salary under May 1, 2026 employment agreement

New CFO bonus opportunity Up to 50% of base salary Annual performance-based bonus eligibility

New CFO stock options 1,000,000 shares Options to purchase common stock granted at hire

Option exercise price $0.004 per share Exercise price equal to fair market value on grant date

Option vesting start May 6, 2027 First tranche of options vests on this date

Departing CFO severance Six months of base salary Severance for Ethan Rudin upon April 30, 2026 departure

New CFO severance Six months of base salary If terminated without cause under employment agreement

Key Terms

interim principal financial officer, interim principal accounting officer, severance pay, stock option plan, +2 more

6 terms

interim principal financial officer financial

"Matt Drinkwater, the Company’s Chief Executive Officer, will act as the Company’s interim principal financial officer"

interim principal accounting officer financial

"will act as the Company’s interim principal financial officer and interim principal accounting officer"

severance pay financial

"Mr. Rudin will receive severance pay equal to six months’ of his base salary"

stock option plan financial

"subject to the terms of the Bright Mountain Media, Inc. Stock Option Plan"

A stock option plan is a company program that gives employees the right to buy company shares at a preset price after a certain time, like a coupon allowing purchase later at a fixed rate. It matters to investors because these options can increase the number of shares outstanding — reducing each existing share’s ownership slice and potentially changing per-share results — while also aligning employee incentives with boosting the company’s value.

non-competition financial

"bound by customary non-competition and non-solicitation covenants during his period of employment"

A non-competition is a contractual restriction that prevents a person or business from starting or working in a competing business within a specified time and geographic area after leaving a job or completing a transaction. It matters to investors because it acts like a temporary fence around customers, trade secrets and know‑how, helping protect future revenue and company value; weak or unenforceable restrictions can increase the risk of customer loss and competitive erosion.

non-disclosure covenants financial

"bound by certain customary non-disclosure covenants during the period of his employment"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What executive change did Bright Mountain Media (BMTM) disclose?

Bright Mountain Media disclosed that Chief Financial Officer Ethan Rudin departed effective April 30, 2026. CEO Matt Drinkwater will act as interim principal financial officer and interim principal accounting officer until the company files its next Form 10-Q, ensuring continuity in financial oversight.

Who is the new Chief Financial Officer at Bright Mountain Media (BMTM)?

Bright Mountain Media appointed Mr. Olgun as its new Chief Financial Officer under a May 1, 2026 agreement. He previously held senior finance roles at Eventbrite, Loop Media, and United Pacific, and began his career at Ernst & Young after earning accounting and business degrees and a CPA license.

What compensation will BMTM’s new CFO receive under his employment agreement?

The new CFO will receive a base salary of $335,000 per year and be eligible for an annual bonus up to 50% of base salary. He can also participate in company benefit plans, subject to eligibility, providing a mix of cash compensation and standard employee benefits.

What equity incentives did Bright Mountain Media grant to its new CFO?

The company granted its new CFO options to purchase 1,000,000 shares of common stock at an exercise price of $0.004 per share. These options vest over four years, with the first tranche vesting on May 6, 2027, under the Bright Mountain Media, Inc. Stock Option Plan.

What severance terms apply to Bright Mountain Media’s departing and new CFOs?

Departing CFO Ethan Rudin will receive severance equal to six months of base salary under his employment agreement. If the new CFO is terminated without cause, he is also entitled to severance equal to six months of his base salary at the time of termination.

What restrictive covenants are included in BMTM’s new CFO employment agreement?

The new CFO’s agreement includes customary non-competition and non-solicitation covenants during employment and for one year after termination. It also imposes non-disclosure obligations during and after employment, aiming to protect Bright Mountain Media’s confidential information and business relationships.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/06/2026 - 04:02 PM Learn about SEC filing dates

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 06, 2026

Bright Mountain Media, Inc.

(Exact name of Registrant as Specified in Its Charter)

Florida			000-54887	27-2977890
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
6400 Congress Avenue Suite 2050
Boca Raton, Florida				33487
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: 561 998-2440

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
None		N/A		N/A

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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

Departure of Chief Financial Officer

Effective April 30, 2026, Ethan Rudin, the Chief Financial Officer of Bright Mountain Media, Inc. (the “Company”), departed from the Company and his role as Chief Financial Officer. In connection with such departure, Mr. Rudin will receive severance pay equal to six months’ of his base salary pursuant to the terms of his employment agreement. Following Mr. Rudin’s departure, Matt Drinkwater, the Company’s Chief Executive Officer, will act as the Company’s interim principal financial officer and interim principal accounting officer until the Company’s filing of its next Form 10-Q.

Appointment of Chief Financial Officer

From October 2025 until his appointment as Chief Financial Officer of the Company, Mr. Olgun, age 43, served as a strategic finance consultant to Eventbrite, Inc., a publicly-traded live events commerce company. Prior to working with Eventbrite, Inc., Mr. Olgun served as the Chief Financial Officer of Loop Media, Inc., a publicly-traded digital ad-tech company, from March 2022 until October 2025. Prior to joining Loop Media, Inc., Mr. Olgun served as the Director of Finance of United Pacific, a fuel and retail company, from April 2018 until March 2022. Mr. Olgun started his professional career at Ernst & Young LLP in May 2004, earned his CPA license from the California Board of Accountancy in 2008, a Bachelor of Arts in Business Management and Economics from the University of California, Santa Cruz in 2004, and a Master of Science in Accountancy from the University of Notre Dame in 2005.

Pursuant to an employment agreement with the Company dated May 1, 2026, Mr. Olgun will receive an annual base salary of $335,000 and will be eligible for an annual bonus of up to 50% of his base salary based on his performance. In addition to his base salary and bonus, Mr. Olgun will be eligible to participate in all of the Company’s benefit plans offered to employees of the Company from time to time, subject to satisfying eligibility requirements. Further, Mr. Olgun has been granted options to purchase 1,000,000 shares of the Company’s common stock, at an exercise price of $0.004 per share, which was the fair market value of the Company’s common stock on the date of grant. The options will vest over four years, with the first tranche vesting on May 6, 2027, and otherwise be subject to the terms of the Bright Mountain Media, Inc. Stock Option Plan. In addition, if Mr. Olgun is terminated without cause, he will be entitled to severance pay equal to six months’ of his base salary at the time of termination. Pursuant to the terms of the employment agreement, Mr. Olgun is bound by customary non-competition and non-solicitation covenants during his period of employment and for a period of one year after the date his employment with the Company terminates. Additionally, pursuant to the terms of the employment agreement, Mr. Olgun is bound by certain customary non-disclosure covenants during the period of his employment and after the date his employment with the Company terminates.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			Bright Mountain Media, Inc.
Date:	May 6, 2026	By:	/s/ Matthew Drinkwater
			Matthew Drinkwater Chief Executive Officer

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