Item 1.01 Entry into a Material Definitive Agreement.
On September 1, 2021, Ozop Capital Partners Inc. ("Ozop Capital"), a majority
owned subsidiary of Ozop Energy Solutions, Inc. (the "Company"), entered into an
advisory agreement (the "Agreement") with Risk Management Advisors, Inc.
("RMA"). Pursuant to the terms of the Agreement, RMA will assist Ozop Capital in
analyzing, structuring, and coordinating Ozop Capital's participation in a
captive insurance company. RMA will coordinate legal, accounting, tax, actuarial
and other services necessary to implement the Company's participation in a
captive insurance company, including, but not limited to, the preparation of an
actuarial feasibility study, filing of all required regulatory applications,
domicile selection, structural selection, and coordination of the preparation of
legal documentation by retained counsel. In connection with the services listed
above, Ozop Capital shall pay RMA an upfront cash payment of Twenty-Five
Thousand Dollars ($25,000) and shares of restricted common stock of the Company
with a market value of Twenty-Five Thousand Dollars ($25,000), which shall be
due within three (3) days of the execution of the Agreement. An additional cash
payment of Twenty-Five Thousand Dollars ($25,000), and shares of restricted
common stock of the Company with a market value of Twenty-Five Thousand Dollars
($25,000) shall be due upon issuance of the captive insurance company's
certificate of authority from the state of formation.
The foregoing information is a summary of the Agreement described above, is not
complete, and is qualified in its entirety by reference to the full text of the
Agreement, which is attached as Exhibit 10.1 to this Current Report on Form 8-K.
Readers should review the Agreement for a complete understanding of the terms
and conditions of the transaction described above.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number Description
10.1 Advisory Agreement between Ozop Capital and RMA dated September
1, 2021
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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