High Wire Networks acquires software IP from John Peterson for $100K milestone payments and 20% equity in new entity

HIGH WIRE NETWORKS, INC.

Company purchases certain software assets from John Peterson for $100,000 payable in $25,000 installments upon achieving specified milestones.
Peterson receives 20% ownership in a new entity (NewCo) to hold the assets; HWNI owns the remaining 80%.
Peterson gets a $2 million liquidation preference for up to 18 months post-closing if NewCo valuation is under $20 million.
Peterson will become an employee of High Wire Networks as part of the agreement.
The IP includes a browser plug-in for anti-phishing and other software, subject to representations and warranties.

item 1.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

HIGH WIRE NETWORKS, INC. entered into Agreement with John Peterson valued at $100,000 (effective 2023-06-30).

Action: entry
Agreement: asset purchase
Counterparty: John Peterson
Value: $100,000
Effective: 2023-06-30

Exact text from the filing

On June 30, 2023, High Wire Networks, Inc. (the “Company”) entered into an agreement (the “Agreement”) with John Peterson (“Peterson”), pursuant to which Peterson sold and the Company purchased certain intellectual property assets (the “Assets”).

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Source: SEC EDGAR

accession 0001213900-23-055575

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