Nano Magic (NMGX) has released an update to notify the public and investors about an entry into a material definitive agreement.
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Tom J. Berman, the CEO and President, has had his employment agreement extended by the Board for an additional year, starting January 1, 2024. His new annual salary will be $225,000, with a profit bonus linked to the company’s 2024 revenue and an additional bonus if the EBITDA exceeds 20%. The detailed bonus conditions are outlined in the recent filing’s exhibit.
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For a comprehensive understanding of the announcement, you can read the full document here.