Item 1.01 Entry into a Material Definitive Agreement.
On
In
Shares of Series A Preferred Stock to be Monthly Redemption Period Redeemed each Month Proceeds to the Company
Months 1-12 35,000$14,000 Months 13-24 43,750$17,500 Months 25-30 52,500$21,000
Notwithstanding the foregoing, Holocom agreed to expedite the redemption of the
Series A Preferred Stock in the event that Holocom has excess cash on hand,
which amount shall be calculated at each calendar month end period date ("Month
End Date"), equal to an amount of (i) total cash on hand of
Holocom further agreed that any amounts not paid within fifteen (15) days of its respective due date shall accrue interest at a rate of 8% per annum until fully paid. Notwithstanding the foregoing, if the amounts due have not been paid within 90 days of its due date, the rate of interest shall be retroactively adjusted to 12% per annum from its original due date until fully paid.
Holocom further agreed that Mosaic will continue to have the right to maintain two (2) board seats at Holocom until the Series A Preferred Stock is fully redeemed.
The foregoing description of the Redemption Agreement and the transactions contemplated thereby does not purport to be complete and is qualified in its entirety by reference to the full text of the Redemption Agreement, a copy of which is filed herewith as Exhibit 10.1 to this Current Report on Form 8-K and incorporated in this Item 1.01 by reference.
Item 9.01 Financial Statements and Exhibits
(d) The following exhibits are being filed herewith:
Exhibit No. Description 10.1 Redemption Agreement by and betweenMosaic ImmunoEngineering, Inc. andHolocom, Inc. datedJuly 6, 2022 2
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