Nano Magic (NMGX) has released an update to notify the public and investors about an entry into a material definitive agreement.
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.
