ALLIANCE MMA, INC. (NASDAQ:AMMA) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement
Item 5.02 Departure and Appointment of Certain Officers
Effective December 24, 2018, Alliance MMA, Inc. (the “Company”). and Ira S. Rainess, Co-President of the Company, agreed to terminate Mr. Rainess’ employment agreement with the Company, as a result of which ceased to be Co-President of the Company. John Price is now the sole President of the Company.
In connection with the termination of Mr. Rainess’ employment agreement, the Company and Mr. Rainess entered into a settlement agreement under which the parties agreed as follows:
| · | The Company will pay Mr. Rainess an aggregate of $100,000 in cash, of which $10,000 was paid upon execution of the agreement and the balance of $90,000 shall be payable upon the sooner of two days after completion of the SCWorx acquisition and January 31, 2019 |
| · | The Company granted Mr. Rainess an option to purchase 350,000 shares of common stock at an exercise price of $.25 per share for a term of two years |
| · | Upon fulfillment of the settlement agreement terms, each of the party will release the other party from any claims arising out of the relationship between them. |
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About ALLIANCE MMA, INC. (NASDAQ:AMMA)
Alliance MMA, Inc. is a mixed martial arts organization offering the premier developmental league for mixed martial arts (MMA) fighters to advance to the sport’s highest level of professional competition. The Company was formed to acquire the businesses of the Target Companies and the media libraries of two prominent mixed martial arts, or MMA, promotions. By combining the Target Companies, it intends to create a developmental league for professional MMA fighters and a feeder.