Reliance Global Group settles Medigap disputes for $2.9M payment received July 6

Reliance Global Group, Inc.

Received $2.9M settlement on July 6, 2023 from Medigap parties to resolve Bilotti, Perrin, and Lewis arbitrations/litigation.
Mutual releases and termination of Asset Purchase Agreement, Employment Agreement, and Non-Disclosure Agreement.
All pending arbitrations and litigation to be dismissed with prejudice upon receipt of payment.
Medigap parties agree to 12-month non-solicitation of Reliance customers and confidentiality/non-disparagement.

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

Reliance Global Group, Inc. entered into Confidential Settlement Agreement and Mutual Release with the Company, Medigap Healthcare Insurance Agency, LLC, Pagidem, LLC, Joseph J. Bilotti, III, Kyle Perrin, Zachary Lewis, T65 Health Insurance Solutions, Inc., Seniors First Life, LLC valued at $2,900,000 (effective 2023-06-30).

Action: entry
Agreement: settlement
Counterparty: the Company, Medigap Healthcare Insurance Agency, LLC, Pagidem, LLC, Joseph J. Bilotti, III, Kyle Perrin, Zachary Lewis, T65 Health Insurance Solutions, Inc., Seniors First Life, LLC
Value: $2,900,000
Effective: 2023-06-30

Exact text from the filing

On June 30, 2023, Reliance Global Group, Inc. (the “Company”) entered into a Confidential Settlement Agreement and Mutual Release (the “Settlement Agreement”) by and between the Company, Medigap Healthcare Insurance Agency, LLC, a wholly owned subsidiary of the Company (the “Agency” and together with the Company, the “Reliance Parties”), Pagidem, LLC f/k/a Medigap Healthcare Insurance Company, LLC (“Pagidem”), Joseph J. Bilotti, III (together with Pagidem, the “Bilotti Parties”), Kyle Perrin, Zachary Lewis, T65 Health Insurance Solutions, Inc. f/k/a T65 Health Solutions, Inc. (“T65”), and Seniors First Life, LLC (collectively with Mr. Lewis and T65, the “Lewis Parties”).

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Source: SEC EDGAR

accession 0001493152-23-023865

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