SurgePays signs MSA with TerraCom; $1M escrow for potential majority acquisition

SurgePays, Inc.

Master Services Agreement with TerraCom effective Oct 3, 2024 to enroll Lifeline Program customers.
SurgePays receives actual revenue from enrolled customers less a monthly transaction fee.
Negotiating stock purchase agreement for majority stake in TerraCom; $1M placed in escrow.
MSA initial term 90 days; if terminated, SurgePays can move up to 50% of customers to alternative provider.
Escrow returned to SurgePays if stock purchase agreement is not closed within MSA timeline.

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