FOXO settles lawsuit for $2.3M cash; agrees to use 25% of equity financing proceeds toward payment

FOXO TECHNOLOGIES INC.

Cash settlement of $2.3M due within 12 months; $300k targeted by Dec 31, 2023.
Company must pay 25% of gross proceeds from any equity financing to Smithline within 2 days.
No registration statements (except specified) may be filed until $300k is paid to Smithline.
Warrant held by Smithline extended to Feb 2025 if full payment not made by Feb 2024; converted to $3.5M debt if bankruptcy.
Company restricted from paying KR8 AI >$100k/mo (first 3 mos) and cannot pay former CEO Jon Sabes until settlement satisfied.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

FOXO TECHNOLOGIES INC. entered into Settlement Agreement with Smithline Family Trust II, as Assignee of Puritan Partners LLC valued at $2,300,000 in cash (effective 2023-11-07).

Action: entry
Agreement: settlement
Counterparty: Smithline Family Trust II, as Assignee of Puritan Partners LLC
Value: $2,300,000 in cash
Effective: 2023-11-07

Exact text from the filing

On November 7, 2023, Smithline, on the one hand, and the Company and its subsidiaries, on the other hand, entered into a settlement agreement (the “Settlement Agreement”)

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281 material agreements filed in the last 30 days. Browse all material agreements →

FOXO TECHNOLOGIES INC. filing history →

Source: SEC EDGAR

accession 0001213900-23-086132

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