CipherLoc Corporation (OTCMKTS:CLOK) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
Effective March 28, 2020 (the “Effective Date”), the CipherLoc Corporation (the “Company”) and Andrew Borene, the Company’s Chief Executive Officer and President, mutually agreed that Mr. Borene would leave the Company, and on March 29, 2020, Mr. Borene resigned as a Director of the Company and has no disagreement with the Board. Milton Mattox, Chief Operating Officer of the Company, will become the principal officer for oversight of the Company’s ongoing operations.
In connection with Mr. Borene’s departure from the Company, the Company and Mr. Borene entered into an Executive Transition and Release Agreement (the “Borene Transition Agreement”) which is subject to a seven (7) day revocation period, to which he will receive a one-time payment (the “Separation Payment”) of $182,000, less deductions for applicable taxes, payable 24 hours after the Effective Date (as that term is defined in the Borene Transition Agreement”). In exchange for the Separation Payment, Mr. Borene agreed to provide the Company with a general release of claims, among other things.
The foregoing description of the Borene Transition Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of such agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
(d) Exhibits.
| 10.1 | Executive Transition and Release Agreement by and between the Company and Andrew Borene, dated March 28, 2020 |
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CIPHERLOC Corp Exhibit
EX-10.1 2 ex10-1.htm Exhibit 10.1 EXECUTIVE TRANSITION AND RELEASE AGREEMENT This Transition and Release Agreement (the “Transition Agreement”) is entered into as of March 28,…
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About CipherLoc Corporation (OTCMKTS:CLOK)
Cipherloc Corporation is a technology and services based solutions company operating in the cloud-based cyber security industry. The Company offers an encryption technology with over five international patents, called CipherLoc. CipherLoc is a commercially viable polymorphic key progression algorithmic cipher engine (PKPA). This morphing cipher can be used in commercial data security industry and/or in sensitive applications, including banks, financial transactions, credit cards, securities, stock and bonds transactions, e-mail, phones, tablets, servers and or computers. This PKPA Engine eliminates replay attacks because the cipher morphs over time. CipherLoc also rejects data access and injection, false commands, and data alteration. CipherLoc is a facet of a layered defense in depth protection plan for any organization. The CipherLoc Polymorphic Cipher Engine provides an electronic gate that restricts access to vital assets, production facilities, and distribution systems.