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 December 13, 2019, Gino Mauriello resigned from his position as Chief Financial Officer of CipherLoc Corporation (the “Company”). The Company intends to immediately conduct an executive search for Mr. Mauriello’s replacement.
In connection with Mr. Mauriello’s resignation, the Company entered into a Confidential Severance and Release Agreement with Mr. Mauriello (the “Mauriello Separation Agreement”), to which he will receive a one-time payment (the “Separation Payment”) of $50,000, payable on the next regularly scheduled payroll date following his resignation or December 31, 2019, whichever is later. The Separation Payment is final and includes consideration and repayment by the Company for any outstanding expenses claimed by employee. In exchange for the Separation Payment, the Mauriello Separation Agreement provides a general release of the Company by Mr. Mauriello.
The foregoing description of the Mauriello Separation 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 | Separation Agreement by and between the Company and Gino Mauriello, dated December 16, 2019 |
| –– |
CIPHERLOC Corp Exhibit
EX-10.1 2 ex10-1.htm Exhibit 10.1 CONFIDENTIAL SEVERANCE AND RELEASE AGREEMENT This Confidential Severance and Release Agreement (the “Severance Agreement”) is entered into as of the Effective Date (as that term is defined herein),…
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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.
