FOXO enters AI licensing deal with KR8 AI; pays $2.5M fee, issues 1.3M shares

FOXO TECHNOLOGIES INC.

Master Software & Services Agreement with KR8 AI for AI epigenetic app; territory US/Canada/Mexico.
Initial license and development fee of $2,500,000; monthly maintenance $50,000; 15% royalty on subscriber revenues.
Issued 1,300,000 shares of common stock to Licensor in unregistered sale under Rule 506(b).
Related party: FOXO's Interim CEO and Interim CFO each are equity owners of KR8 AI.
Perpetual term unless terminated for uncured breach; licensee may terminate with 90 days' notice.

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 Master Software and Services Agreement with KR8 AI Inc. valued at $2,500,000 (effective 2024-01-12).

Action: entry
Agreement: license
Counterparty: KR8 AI Inc.
Value: $2,500,000
Effective: 2024-01-12

Exact text from the filing

Effective January 12, 2024, Foxo Technologies Inc., a Delaware corporation (the “ Company ” or the “ Licensee ”), entered into the Master Software and Services Agreement (this “ Agreement ”) with KR8 AI Inc., a Nevada corporation (the “ Licensor ”).

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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 0001213900-24-004834

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