QUEST SOLUTION, INC. (OTCMKTS:QUES) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Agreement
On June 7, 2018, the Company entered into a settlement agreement (the “Settlement Agreement”) with Jason Griffith, a creditor and principal stockholder of the Company. Griffith is the owner of a promissory note in the principal amount of $1,250,000 plus he is owed accrued interest of $125,000 and is owed an additional $215,000 of accrued dividends on his Series C Preferred Stock (the $1,615,000 as calculated above is collectively referred to as the “Owed Amount”). to the Settlement Agreement, Griffith will convert the Owed Amount into 8,600,000 shares of the Company’s restricted common stock and the Owed Amount will be deemed satisfied in full. Griffith will continue to retain ownership of his 1,800,000 shares of Series C Preferred Stock except that he agrees that all accrued dividends are deemed satisfied and no dividends will be payable or will accrue on these preferred shares until one year from the date of the Settlement Agreement and the Preferred Shares will be convertible into Common Stock at $1.00 per share at the holder’s option and will be automatically convertible into common stock if the Company’s common stock has a closing price of $1.50 per share for 20 consecutive trading days. Griffith has agreed that he will not publicly sell more than 10% of any Shares of Common Stock beneficially owned by him in any 30-day period.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 1, 2018, the Company’s Board of Directors granted certain bonuses to certain of its executive officers and to one of its consultants. The bonuses were awarded in consideration of their efforts and the Company’s savings in connection with the debt settlements announced in a Current Report on Form 8-K filed on March 1, 2018 and in consideration of the Company’s improved financial operating results and their individual efforts in achieving such results. The bonuses are payable based on cash availability and may be issued in shares of common stock. The Company’s President and Chief Executive Officer was granted a bonus of $300,000 to his employment agreement dated February 17, 2017 and the Modification agreement dated April 1, 2017. Ben Kemper, the Company’s Chief Financial Officer was granted a bonus of $100,000 to his employment agreement dated October 2, 2017, and Carlos Jamie Nissensohn was granted a bonus of $100,000 to his consulting agreement dated August 2, 2017. The Board also authorized an additional $30,000 to be allocated to other employees at Mr. Lustgarten’s discretion.
|Item 9.01.||Financial Statements and Exhibits.|
Quest Solution, Inc. ExhibitEX-10.1 2 ex10-1.htm SETTLEMENT AGREEMENT SETTLEMENT AGREEMENT,…To view the full exhibit click
About QUEST SOLUTION, INC. (OTCMKTS:QUES)
Quest Solution, Inc., formerly Amerigo Energy, Inc., is a national mobility systems integrator. The Company focuses on the design, delivery, deployment and support of integrated mobile solutions. It offers end-to-end solutions, which include hardware, software, communications and lifecycle management services. It offers a suite of configurable packaged software solutions, which include Order Entry, DSD and Route, Intelligent Order Entry, ITrack, Warehouse, Proof of Delivery, WTMiP and Easy Order. In addition, it guides companies through the development and deployment process, from selecting technology to the company-wide rollout of a customized solution that fits a company’s requirements. It performs a technical evaluation of the client’s operations and specific operational problems, and then determines the optimal hardware and software solutions. It delivers ongoing services provided throughout the deployment process and product life cycle. It also delivers installation services.