secwatch.observer — SEC 8-K summary
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Issuer:     Nano Magic Inc. (NMGX)
CIK:        0000891417
Form:       8-K
Filed at:   2024-02-07T23:59:59+00:00
Accession:  0001493152-24-005190
Event type: leadership
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Nano Magic extends CEO Tom Berman's contract through 2024 with $225K salary and performance bonuses
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- CEO Tom Berman's employment agreement extended through December 31, 2024; annual salary set at $225,000.
- Revenue bonus: cumulative bonuses from $50K at $5M revenue up to $250K at $10M+, payable quarterly.
- Profit bonus: 5% of EBITDA, or 10% if EBITDA ≥20% of revenue, payable in cash/options.
- Termination provisions: Revenue bonus remains eligible if not terminated for Cause; other benefits cease.
- Effective date January 1, 2024; agreement supplements prior 2019 employment agreement as amended in 2021.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/891417/000149315224005190/0001493152-24-005190-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/891417/000149315224005190/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-005190

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer