SpringBig settles co-founder lawsuit; pays $525K and issues 1.7M shares

SpringBig Holdings, Inc.

Cash payment of $525,170: $125,170 in 15 business days, then $40,000/month for 10 months.
Issues 1,275,000 shares to Gross and 425,000 to Wright (total 1.7M shares) at par value $0.0001/share.
Shares subject to 365-day lock-up; up to 850,000 may be sold after 181 days post-stipulation filing.
2017 License Agreement with Yuzz Buzz terminated upon full payment and share issuance.
No admission of liability; each party bears own costs and fees.

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

SpringBig Holdings, Inc. entered into Settlement Agreement with Michael Gross, Yuzz Buzz, LLC, Jason Wright valued at total amount of $525,170 (effective 2023-09-07).

Action: entry
Agreement: settlement
Counterparty: Michael Gross, Yuzz Buzz, LLC, Jason Wright
Value: total amount of $525,170
Effective: 2023-09-07

Exact text from the filing

Effective September 7, 2023 (the “Effective Date”), YB, Mr. Gross and Jason Wright, on the one hand (together, the “YB Parties”), and the Company, SpringBig, Inc., Medici Holdings V, Inc. (f/k/a SpringBig, Inc.) and Mr. Harris, on the other hand (together, the “SpringBig Parties”), entered into the Settlement Agreement (the “Settlement Agreement”), pursuant to which the parties agreed to resolve and settle all litigation, claims and disputes between them as more specifically set forth in, and subject to the terms and conditions of, the Settlement Agreement.

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SpringBig Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001628280-23-032208

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