SOCIAL REALITY, INC. (NASDAQ:SRAX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Amendment of Christopher Miglino Employment
Effective Otober 1, 2018, the board of directors (“Board”) of Social Reality, Inc. (“Company”) increased the salary of Christopher Miglino, our CEO, from $192,000 to $340,000 per annum.
Payment of Voluntarily Deferred Salary
On September 18, 2018, the Board agreed to pay Christopher Miglino, an aggregate of $414,250 in salary (“Deferred Salary”) that he voluntarily deferred between 2012 and March 15, 2017. The Company has agreed to pay these amounts on or prior to September 30, 2018. Included in the Salary Deferral are salary deferrals of $78,000 and $16,250 for the years ended 2016 and 2017, respectively. The compensation of Mr. Miglino has been updated in the table below to reflect these amounts now being paid.
|
Name and principal position |
Year |
Salary ($) |
Bonus ($) |
Stock Awards ($) |
Option Awards ($)(1) |
No equity incentive plan compensation ($) |
Non-qualified deferred compensation earnings ($) |
All other compensation ($)(2) |
Total ($) |
|
Christopher Miglino, |
|
192,000 |
40,000 |
232,000 |
|||||
|
Chief Executive Officer |
|
192,000 |
192,000 |
(1) The amounts included in the “Option Awards” column represent the aggregate grant date fair value of the stock options, computed in accordance with ASC Topic 718. The assumptions made in the valuations of the option awards are included in Note 4 of the notes to our consolidated financial statements appearing in the 10-K for the year end December 31, 2017.
(2) All other compensation represents commissions received in accordance with the terms of his or her employment agreement.
Amendment of Kristoffer Nelson Employment
Effective October 1, 2018, the Board increased the salary of Kristoffer Nelson, our COO to $250,000 per annum.
Payment of Transaction Bonuses
As partial consideration for the successful sale of the SRAXmd product line, the Board granted the following transaction bonuses, payable as soon as practicable: (i) Christopher Miglino, the Company’s CEO, is to receive $548,416.67, (ii) Joseph P. Hannan, the Company’s CFO, is to receive $50,000, and (iii) Kristoffer Nelson, our COO, is to receive $43,750.
About SOCIAL REALITY, INC. (NASDAQ:SRAX)
Social Reality, Inc. is an Internet advertising and platform technology company. The Company provides tools to automate the digital advertising market. It is engaged in the sales of digital media advertising campaigns to advertising agencies and brands; sales of media inventory through real-time bidding (RTB) exchanges; sale and licensing of its SRAX Social platform and related media, and creation of custom platforms for buying media on SRAX for various brands. Its technology assists publishers in delivering their media inventory to the RTB exchanges. It provides the SRAX platform to brands and their advertising agencies. SRAX Social is a social media and loyalty platform that allows brands to launch and manage their social media initiatives. SRAX MD is an advertisement targeting and data platform for healthcare brands and medical content publishers. SRAX APP is a platform that allows publishers and content owners to launch native mobile applications through its SRAX platform.