PEERLOGIX, INC. (OTCMKTS:LOGX) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
| Entry into a Material Definitive Agreement. |
| Item 8.01 | Other Events. |
On February 21, 2017, the Registrant entered into an employment
agreement (the Employment Agreement) with Ray Colwell (Colwell),
to which, commencing March 6, 2017, Colwell will serve as the
Interim Chief Executive Officer of the Registrant and, commencing
90 days thereafter, shall serve as Chief Executive Officer of the
Registrant through March 5, 2019, subject to extension as
provided in the Employment Agreement, and be appointed to the
Board of Directors.
to the terms of the Employment Agreement, Colwell shall be
entitled to annual salary of $250,000 per annum and a bonus in
the amount of 10% of all incremental gross revenue generated by
the Company, which bonus shall be determined and be payable
quarterly. In addition, to the Employment Agreement, the Company
shall grant to Colwell stock options exercisable for an aggregate
of 7,000,000 shares of common stock (the Options), subject to
vesting, exercisable for ten years at the exercise price of $0.11
per share, subject to adjustment as provided therein. The Options
shall vest as follows:
|
Milestone to be Achieved |
Number Vested |
| Execution and delivery by Employee of this Agreement |
1,000,000 |
|
10 Day VWAP (as hereinafter defined) shall equal or exceed |
1,500,000 |
| 10 Day VWAP shall equal or exceed $0.50 | 1,500,000 |
| 10 Day VWAP shall equal or exceed $0.75 | 1,500,000 |
| 10 Day VWAP shall equal or exceed $1.00 | 1,500,000 |
In the event that Employee shall cease to be employed by the
Company, all options shall immediately terminate. In addition, in
the event of a Change in Control (as defined in the Employment
Agreement), all stock options then granted to Colwell which are
unvested at the date of the Change in Control will be immediately
vested.
Prior to joining PeerLogix, Colwell served as a member of
successful executive teams, most recently as VP of Partner Sales
at AOL responsible for $100 million of mobile demand revenue
following the AOL acquisition of Millennial Media, where he was
then head of Global Business Development, and prior to the
acquisition of Nexage by Millennial Media in the same capacity.
Colwell has deep experience generating digital media revenue in
new businesses in the digital ecosystem, including his role as
Chief Revenue Officer at Adelphic, recently acquired by Time
Inc., and as Chief Revenue Officer of 4INFO, as well as SVP of
Sales and BD for Third Screen Media, a pioneer in the mobile ad
serving space acquired by AOL in 2007.
| Item 9.01 | Exhibits. |
| Exhibit No. | Description |
| 10.1 |
Employment Agreement, dated as of February 21, 2017, |
| 99.1 | Press Release, dated February 23rd, 2017 |
About PEERLOGIX, INC. (OTCMKTS:LOGX)
PeerLogix, Inc., formerly Realco International, Inc., is an advertising technology and data aggregation company. The Company is engaged in providing software as a service (SAAS) platform, which enables the tracking and cataloguing of Torrent files and Torrent networks in order to determine consumer trends and preferences based upon media consumption. The Company developed and deployed a mobile and digital advertisement-serving platform utilizing such data to provide targeted placement of digital advertisements. Its patent pending platform collects Torrent data, including Internet protocol (IP) addresses of the uploading and downloading parties, the name, file type, media type, and genre of media downloaded, and utilizes licensed and publicly available demographic and other databases to further filter the collected data to provide insights into consumer preferences to digital advertising firms, product and media companies, entertainment studios and others. PEERLOGIX, INC. (OTCMKTS:LOGX) Recent Trading Information
PEERLOGIX, INC. (OTCMKTS:LOGX) closed its last trading session 00.0000 at 0.0800 with shares trading hands.