ADTM 8K Filed Today More Lawsuits
Either AdaptiveMedias is a scam company or people just have a knack for suing them.
Heads up, more cash leaving the company. I think this puts them at $0. Why would they allow themselves to run out of cash? (think more lawsuits)
Effective May 21, 2015, Adaptive Medias, Inc. (the “Company”) entered into a Settlement Agreement and General Release of All Claims (the “Agreement”) with Hoomaun Ataei (“Employee”) to resolve various disputes between the Company and Employee. Under the Agreement, among other things, the Company will pay to Employee and Employee’s attorneys the combined sum of One Hundred Seventy Thousand Dollars ($170,000), as well as thirty thousand (30,000) restricted shares of the Company’s stock and twenty-five thousand (25,000) stock purchase warrants. Under the Agreement, Employee has agreed to release, absolve and discharge the Company and its affiliates from all claims.
Effective May 21, 2015, Adaptive Medias, Inc. (the “Company”) entered into a Settlement Agreement and General Release of All Claims (the “Agreement”) with Hoomaun Ataei (“Employee”) to resolve various disputes between the Company and Employee. Under the Agreement, among other things, the Company will pay to Employee and Employee’s attorneys the combined sum of One Hundred Seventy Thousand Dollars ($170,000), as well as thirty thousand (30,000) restricted shares of the Company’s stock and twenty-five thousand (25,000) stock purchase warrants. Under the Agreement, Employee has agreed to release, absolve and discharge the Company and its affiliates from all claims.
The Company agrees to cause to be paid to Employee, the law firm of Rehwald, Glasner & Chaleff (RGC), and Robert King (RGC and Robert King shall be referred to collectively as “Employee’s Attorneys”) the combined total sum of $170,000 (one hundred seventy thousand dollars), as well as 30,000 (thirty thousand) restricted shares and 25,000 (twenty five thousand) stock warrants as outlined below. The payments shall be made as follows:
(1) a check in the amount of $15,000 (fifteen thousand dollars) for alleged but disputed back pay, made payable to Employee, for which a Form W-2 shall be issued. Payment shall be due two weeks after the Effective Date of this Agreement (defined below in paragraph 21).
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(2) a check in the amount of $41,084.62 (forty one thousand eighty four dollars and sixty two cents) for alleged general damages and emotional distress, made payable to Employee, for which a Form 1099 shall be issued. Payment shall be due two weeks after the Effective Date of this Agreement as defined below in paragraph 21.
(3) a check in the amount of $13,915.38 (thirteen thousand nine hundred fifteen dollars and thirty eight cents) for fees and costs, made payable to RGC, for which a Form 1099 shall be issued. Payment shall be due two weeks after the Effective Date of this Agreement (defined below in paragraph 21).
(4) monthly payments of $10,000 (ten thousand dollars) due on the first day of each month until the remainder of the total sum has been paid. The monthly payments shall be divided into separate checks for Employee and RGC, and a Form 1099 shall be issued for each payee. One monthly check, in the amount of $6,500 (six thousand five hundred dollars), shall be made payable to Employee for alleged emotional distress. A separate monthly check, in the amount of $3,500 (three thousand five hundred dollars), shall be made payable to RGC.
(5) the deposit of 24,000 (twenty four thousand) shares of Adaptive Medias, Inc. Restricted Stock into Employee’s brokerage account. The deposit shall be made on or before two weeks after the Effective Data of the Agreement. Also Employees previously expired options in the sum of 16,667 shall be extended one year at the strike price of $2,70.
(6) the deposit of 6,000 (five thousand one hundred) shares of Adaptive Medias, Inc. Restricted Stock into RGC’s brokerage account. The deposit shall be made on or before two weeks after the Effective Date of the Agreement
(7) the deposit of 20,000 (twenty thousand) warrants for Adaptive Medias, Inc. stock, with an exercise price of $1.98 (one dollar and ninety-eight cents) and an expiration date four years after the Effective Date of this Agreement into Employee’s brokerage account. Each warrant shall equal one share of stock. The deposit shall be made on or before two weeks after the Effective Date of the Agreement.
(9) the deposit of 5,000 (five thousand) warrants for Adaptive Medias, Inc. stock, with an exercise price of $1.98 (one dollar and ninety-eight cents) and an expiration date four years after the Effective Date of this Agreement into RGC’s brokerage account. Each warrant shall equal one share of stock. The deposit shall be made on or before two weeks after the Effective Date of the Agreement.
