OMINTO, INC. (OTCMKTS:OMNT) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
| Entry into a Material Definitive Agreement. |
On March 31, 2017, Ominto, Inc., a Nevada corporation (the
Company) publicly announced that effective March 7, 2017
(the Effective Date), the Board of Directors (the
Board) of the Company promoted Mr. Raoul Quijada from
interim Chief Financial Officer to Chief Financial Officer of the
Company (CFO), effective as of the Effective Date. In
connection with this appointment, Mr. Quijada was granted options
to purchase 100,000 shares of the Companys common stock
(Common Stock) at $5.70 per share (the Options),
which was the last reported stock price of the Common Stock on
March 7, 2017. One-third of the Options shall vest on June 30,
2017 and the remaining two-thirds of the Options shall vest in
twenty-four (24) equal monthly installments commencing on July
31, 2017.
On March 30, 2017, the Company executed an Employment Agreement
(the Employment Agreement) with Mr. Quijada whereby Mr.
Quijada shall receive an annual base salary of $220,000,
eligibility for an annual bonus which shall be determined and
made at the sole discretion of the Board, and other fringe
benefits including reimbursement of business expenses and paid
time off.
The Employment Agreement creates an at will employment
relationship and contains certain restrictive covenants including
two year post-termination non-solicitation and non-competition
agreements as well as a non-disclosure agreement.
The foregoing summary of the Employment Agreement does not
purport to be complete and is qualified in it entirety by
reference to the Employment Agreement, a copy of which is filed
herewith as Exhibit 10.1.
The Companys press release on March 31, 2017 publicly announcing
Mr. Quijadas promotion is furnished herewith as Exhibit 99.1.
| Item 5.02 |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
See Item 1.01 above.
Immediately prior to his appointment as CFO, Mr. Raoul Quijada
was appointed by the Board on June 13, 2016 to serve as Interim
Chief Financial Officer of the Company. Immediately prior to his
appointment as CFO, Mr. Quijada was an employee of Resources
Global Professionals, where he served as a consultant since the
beginning of 2016 and joined the Company on a contractual basis
for up to twelve (12) months from the effective date of his
appointment. Mr. Quijada comes to the Company with over 20 years
of experience bringing with him a significant record of
leadership in several Fortune 500 Companies. Mr. Quijada started
his career at Price Waterhouse Coopers LLP.Most recently, Mr.
Quijada was employed by Afligo Marketing Services, Inc., a
division of Systemax, Inc. (NYSE: SYX), a Fortune 600 Company,
where he served as Senior VP of Finance and Operations and was
responsible for leading the functions of financial management and
strategic planning as well as operations. Prior to that, he was
the Senior Director of Finance at Newell Rubbermaid from 2005
through 2007, the Director of Strategic Planning Analysis from
2003 to 2005, and the Director of Finance -LAC Division from 1998
to 2003. As a Certified Six Sigma Black Belt and proficient in
the Six Sigma/Lean Principles, Mr. Quijada has used his expertise
in Operational Excellence to lead several initiatives to increase
efficiencies through the implementation of different mechanisms
designed to improve core processes and measure operational
effectiveness. Mr. Quijada attended New York University and
Concordia University with a double major in Business
Administration Finance and holds a Master of Business
Administration from the University of St. Thomas Graduate School
of Business in Minneapolis MN, and a Certificate of Professional
Achievement in Leadership Management from the Kellogg School of
Management – Evanston, IL.
Mr. Quijada does not have any family relationship with any
director, executive officer, or person nominated or chosen to
become a director or executive officer of the Company.
Furthermore, there are no arrangements or understandings between
Mr. Quijada and any person to which Mr. Quijada was appointed to
serve as CFO, and there are no actual or proposed transactions
between Mr. Quijada or any of his related persons and the Company
that would require disclosure under Item 404(a) of Regulation S-K
(17 CFR 229.404(a)) in connection with his appointment as CFO.
| Item 9.01 |
Financial Statements and Exhibits. (d) Exhibits |
| Exhibit No. | Description: | |
| 10.1 |
Employment Agreement, effective as of March 7, 2017, by and between Ominto, Inc. and Mr. Raoul Quijada |
|
| 99.1 | Press Release dated March 31, 2017 |
About OMINTO, INC. (OTCMKTS:OMNT)
Ominto, Inc. (Ominto), formerly DubLi, Inc., is engaged in online cash back shopping. The Company’s shopping portal serves customers in approximately 100 countries. Using its consumer-adaptive e-commerce sites, shoppers are linked and can browse third party Websites with different categories of products, which Websites feature, including international and local brands, travel, coupons, discounts and vouchers. The Company offers its product and service lines in the E-Commerce and Memberships segment, which includes business license fees, membership subscription fees and commission income, and advertising and marketing programs. The Company has adapted its Cash Back platform to serve over 10 international markets in approximately 10 languages and currencies. Its Websites feature various regional and international brands, including Amazon.com, Zalando, Groupon and Expedia. Its e-commerce platform allows consumers to shop at online stores and earn cash back with each purchase. OMINTO, INC. (OTCMKTS:OMNT) Recent Trading Information
OMINTO, INC. (OTCMKTS:OMNT) closed its last trading session up +0.86 at 12.70 with 48,059 shares trading hands.