Item 1.01 - Entry into a Material Definitive Agreement.
On June 25, 2021, the board of directors of Cyberloq Technologies, Inc. (the
"Company") approved the creation of an advisory board to advise the Company as
it moves forward with its business strategy (the "Board of Advisors"). The Board
of Advisors will not have decision-making authority, which will remain with the
Company's board of directors and officers.
Five individuals, Shawn Watts, Joe Lind, John Meraviglia, Noel Smith, and Aaron
Carpenter, have been appointed to the Board of Advisors. Each member of the
Board of Advisors will initially serve a one-year term and receive 250,000
shares of the Company's common stock as compensation for their service on the
Board of Advisors. In addition, the members of the Board of Advisors have the
opportunity to earn up to 750,000 additional shares of common stock upon the
achievement of yet to be agreed upon technology milestones or successful
customer contracts, the specific milestones which will be negotiated by the
Item 3.02 - Unregistered Sales of Securities.
The information required by this Item 3.02 is included under Item 1.01 of this
Current Report on Form 8-K.
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