Item 1.01 Entry into a Material Definitive Agreement.
On
Pursuant to the Agreement, MD will build out a social media presence to develop a network of multiple media accounts across different online platforms (the "Network").
The object of the Agreement is for MD to produce a minimum of three (3) million followers of the Company created by or through the Network (the "Goal").
The Network will consist of but will not be limited to automotive-related social media Accounts, for the Company to directly and indirectly increase exposure of its products, drive brand awareness, increase online sales, and decrease future social media marketing costs.
MD will spend
MD shall dedicate daily and weekly staff members to maintain and continue to grow the Network on a daily basis. MD's team members dedicated to this purpose may include such professionals as a daily social marketing consult, weekly social media trend researchers to increase hashtag visibility, daily media planners and posters, and weekly ad managers.
As compensation, the Company will issue MD 700,000 shares of its Common Stock
(the "Shares") and an option (the "Option") to purchase 400,00 shares of its
Common Stock at an exercise price of
The Shares and Option were approved by the Company's
The Shares vested upon execution of the Agreement. The Option will vest in
100,000 increments, every six months beginning on
If MD is able to deliver six (6) million followers under the Network, MD will be issued an additional 250,000 shares of restricted Common Stock.
This Agreement has a term of 24 months, or, until MD reaches the Goal of 3 million followers, whichever is sooner. In the event that MD reaches 3 million followers, MD will have been considered to have fully performed under the Agreement and be entitled to its full compensation.
The foregoing summary of the Agreement is qualified in its entirety by reference to the full text of the Agreement, a copy of which is attached as Exhibit 1.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 8.01 Other Events.
On
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. Exhibit No. Exhibit Description 1.1 Agreement, dated as ofSeptember 1, 2021 between the Company andAI Media Data LLC 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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