Nxt-ID settles Series C preferred dividend dispute for $750k; Chairman Vincent Miceli resigns

LogicMark, Inc.

Settlement with Giesecke+Devrient Mobile Security America for $750,000 resolves all claims over unpaid Series C preferred dividends and related litigation.
Payment terms: $250,000 due within 2 business days; remaining $500,000 in monthly installments through Nov 30, 2021, guaranteed by LogicMark.
Vincent Miceli resigned as director and Chairman effective Aug 9, 2021; entered consulting agreement with semi-monthly cash of ~$19,000 plus benefits and accelerated vesting of 50,000 shares.
Miceli agreed to vote his shares in favor of a reverse stock split proposal at the upcoming special meeting.
Future quarterly dividends on Series C preferred remain at 15% rate ($75,000 per quarter) per settlement terms.

item 1.01 item 5.02 item 1.02 item 9.01

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Departed

Vincent S. Miceli

Director and Chairman

LGMK · LogicMark, Inc.

Effective: 2021-08-09
Filed: August 13, 2021, 7:59 PM ET

On August 9, 2021, Vincent S. Miceli notified the Company of his decision to resign from the Company’s board of directors (the “Board”) and as Chairman of the Board, effective immediately.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Vincent S. Miceli resigned as Director and Chairman at LogicMark, Inc..

Action: resigned
Role: Director and Chairman

Exact text from the filing

On August 9, 2021, Vincent S. Miceli notified the Company of his decision to resign from the Company’s board of directors (the “Board”) and as Chairman of the Board, effective immediately.

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LogicMark, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-21-042513

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