Item 1.01 Entry into a Material Definitive Agreement.
Effective as of
The term of the business services agreement, the services to be provided by BIG under the business services agreement and the amounts to be paid to BIG for providing the services under the business services agreement (the "Fees") will be set out separately in the future as separate schedules to the business services agreement.
We and BIG have agreed that the Fees be calculated based on new business services agreements we sign with our customers and such Fees will not be more than eighty percent of the fees that we charge our customers. We expect that the Fees will be eighty percent of the fees that we charge our customers for most of our customers. Under the business services agreement, the Fees are to be calculated only on the revenue earned and collected by us from our customers that relates to monthly services fee and product development fees and the Fees will not be calculated on any revenues earned and collected by us from our customers that are based on transaction processing fees or any revenue earned in the form of equity or joint venture or profit-sharing arrangements in our customer's company.
Under the business services agreement, we are responsible for paying specific disbursements charged by third parties to BIG relating to the business services agreement, including graphic design, creative, legal and other advisory fees. We have also agreed to reimburse BIG for any out-of-pocket expenses incurred by BIG in connection with the business services agreement and carrying out the services once we collect these out-of-pocket expenses from our customers. Any out-of-pocket expenses and disbursements to be charged by third parties must be pre-approved by us.
Our chairman and director,
Item 5.07 Submission of Matters to a Vote of Security Holders.
On
1. electedJames P. Geiskopf ,Cameron Chell ,Michael Blum ,Edmund C. Moy andJames Carter as the directors of our company; 2. ratified the appointment ofHaynie & Company , Certified Public Accountants as our independent registered public accounting firm; 3. approved an increase in the number of shares of common stock issuable pursuant to our company's 2017 Equity Incentive Plan from 4,174,904 to the number equal to 20% of the issued and outstanding shares of our common stock as atOctober 27, 2020 , which our company anticipates to be 6,985,207, or such other number of shares of common stock as may be permitted by theTSX Venture Exchange ; and 4. voted on an amendment to our company's articles of incorporation to increase the number of authorized shares of common stock from 75,000,000 to 200,000,000.
The final voting results for each of the proposals submitted to a vote of our stockholders are set forth below.
Proposal 1. Election of directors:
For Against Abstain Broker Non-Votes James P. Geiskopff 10,985,738 0 18,000 993,798 Cameron Chell 10,975,738 0 28,000 993,798 Michael Blum 10,985,738 0 18,000 993,798 Edmund C. Moy 10,985,738 0 18,000 993,798 James Carter 11,003,738 0 0 993,798
Proposal 2. To ratify the appointment of
For Against Abstain Broker Non-Votes 11,997,536 0 0 0
Proposal 3 To approve an an increase in the number of shares of common stock
issuable pursuant to our company's 2017 Equity Incentive Plan from 4,174,904 to
the number equal to 20% of the issued and outstanding shares of our common stock
as at
For Against Abstain Broker Non-Votes 10,988,237 15,501 0 993,798
Proposal 4 To approve an amendment to our company's articles of incorporation to increase the number of authorized shares of common stock from 75,000,000 to 200,000,000:
For Against Abstain Broker Non-Votes 10,968,637 35,101 0 993,798
This proposal required the affirmative vote of 17,463,017 shares to approve the proposal. As a result, the proposal to approve the amendment to our company's articles of incorporation to increase the number of authorized shares of common stock from 75,000,000 to 200,000,000 was not approved.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
10.1 Business Services Agreement with
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