FRANKLY INC. (OTCMKTS:FLKKF) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
On November 3, 2017, Frankly Inc. (the “Company”) entered into new employment agreements (the “Employment Agreements”) with its Chief Executive Officer, Steve Chung, and its Chief Financial Officer/Chief Operating Officer, Lou Schwartz. to the Employment Agreements, effective November 3, 2017, Mr. Chung is entitled to receive an annual cash base compensation in an amount equal to $360,000, which shall be increased to $400,000 upon completion of a strategic transaction, and Mr. Schwartz is entitled to receive an annual cash base compensation in an amount equal to $360,000. Both Mr. Chung and Mr. Schwartz are entitled to receive a cash annual bonus award of up to 50% of their respective base salaries if the Company meets or exceeds certain criteria adopted by the Company’s Board of Directors, which are enumerated in a retention plan entered into by the Company and Messrs. Chung and Schwartz on the same such date (the “Retention Plans”).
The foregoing description of the Employment Agreements and Retention Plans of Messrs. Chung and Schwartz does not purport to be complete and is qualified in its entirety by reference to the Employment Agreements and the Retention Plans, which are filed as Exhibit 10.1, 10.2, 10.3 and Exhibit 10.4 hereto and incorporated herein by reference.
| Item 7.01. | Regulation FD Disclosure |
In connection with the Employment Agreements and the Retention Plans described in Item 5.02 and the RSU issuance described in Item 8.01 of this Current Report, the Company issued a press release on November 6, 2017. This press release is attached to this Current Report as Exhibit 99.1.
On November 3, 2017, the Company issued an aggregate of 141,377 restricted share units (“RSUs”) to its independent directors in lieu of cash payment for services on the Company’s Board of Directors. The RSUs were distributed to the independent directors as follows: Tom Rogers – 60,025 RSUs, Steve Zenz – 45,533 RSUs and Samuel Hyun – 35,819 RSUs. The RSUs will vest by September 30, 2018. The Form of Restricted Stock Unit Agreement is attached to this Current Report as Exhibit 10.5.
| Item 9.01. | Financial Statements and Exhibits. |
Frankly Inc ExhibitEX-10.1 2 ex10-1.htm EMPLOYMENT AGREEMENT This Employment Agreement (this “Agreement”) is made this 3rd day of November,…To view the full exhibit click here
