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 Officers
Item 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Appointment of Principal Financial Officer

On December 19, 2018, Social Reality, Inc., (the “Company”) announced that in connection with Michael Malone’s employment, the Company entered into an at-will employment agreement dated December 15, 2018 (the “Employment Agreement”) to be effective January 2, 2019 (the “Effective Date”).

Michael Malone, age 37, has over fourteen (14) years of experience in corporate finance in public and private companies. From 2014 until December 2018, he served as Vice President Finance of Westwood One, LLC, a subsidiary of Cumulus Media, Inc. (NYSE: CMLS”), an audio broadcast network in New York. Prior to that, from January 2013 through June 2014, he served as Finance Director / Controller for Cumulus Media Network’, audio broadcast network in Georgia, until its merger with Westwood One, LLC. Prior to that from 2012 to 2013, he worked as Director of Internal Auditing of Cumulus Media from. He holds a BA in accounting from Monmouth College.

There is no arrangement or understanding between Mr. Malone and any other person to which Mr. Malone was selected as the Company’s chief financial officer. Except as described herein, there are no existing or currently proposed transactions to which the Company or any of its subsidiaries is a party and in which Mr. Malone has a direct or indirect material interest. There are no family relationships between Mr. Malone and any of the directors or officers of the Company or any of its subsidiaries.

Employment Contract

to the terms of the Employment Agreement, Mr. Malone will receive an annual base salary of $200,000 (“Base Salary”), and an annual bonus of $100,000 based on the Company making timely filings of its annual and quarterly reports with the Securities Exchange Commission. In addition, we granted Mr. Malone an option to purchase 100,000 shares of Class A Common Stock (“Option Grant”). The Option Grant has a gran date of December 15, 2018, an exercise price of $2.56 per share, a term of three (3) years, and vests on a quarterly basis over a three (3) year period from the Effective Date. Mr. Malone will also be eligible to participate in the Company’s medical and other benefit programs which are provided to other executives of the Company.

to the Employment Agreement, if the company terminates Mr. Malone’s employment without cause, the Company will be obligated to pay Mr. Malone a one-time lump sum payment of two (2) months of his Base Salary.

In addition, to the Employment Agreement, the Company will reimbursement Mr. Malone for up to $20,000 in expenses incurred for moving and temporary living arrangements within the first sixty (60) days following the Effective Date.

The foregoing summary is qualified in its entirety by the terms of the Employment Agreement, a copy of which is attached to this report as Exhibit 10.01.

On December 19, 2018, the Company issued a press release announcing Mr. Malone’s appointment, a copy of which is attached to this report as Exhibit 99.01.

Item 9.01 Financial Statements and Exhibits.

SOCIAL REALITY, Inc. Exhibit
EX-10.01 2 srax_ex10z01.htm EMPLOYMENT AGREEMENT EMPLOYMENT AGREEMENT   EXHIBIT 10.01 EMPLOYMENT AGREEMENT This Agreement (“Agreement”) is entered into as of December 15,…
To view the full exhibit click here

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.