UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
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Item 1.01 Entry into a Definitive Material Agreement
On February 6, 2024, MGO Global Inc., a Delaware corporation (the “Company”) and Matthew Harward entered into a Settlement Agreement and Release (the “Settlement Agreement”). Mr. Harward was employed by the Company as its Chief Marketing Officer from approximately October 2022 to until September 29, 2023, pursuant to an Executive Employment Agreement signed on October 13, 2022 (the “Employment Agreement”). In November 2023, Mr. Harward informally asserted certain claims against the Company based on the Company’s alleged failure to meet its obligations under the Employment Agreement. The Company disputed those claims and informally asserted other disputed claims against Mr. Harward (the “Dispute”). Pursuant to the Settlement Agreement, the parties have agreed to release all mutual claims related to the Employment Agreement and the Dispute. In consideration for Mr. Harward’s release of claims, the Company agreed to pay Mr. Harward the total sum of $200,000.00 (two hundred thousand dollars) (the “Settlement Payment”), comprised of $100,000 in cash and $100,000 in unregistered shares of the Company’s common stock.
The foregoing description of the Settlement Agreement does not purport to be complete and is qualified in its entirety by reference to the Settlement Agreement, which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.
Item 3.02. Unregistered Sales of Equity Securities.
As disclosed under Item 1.01 of this Form 8-K, pursuant to the Settlement Agreement the Company will issue 232,019 unregistered shares of the Company’s common stock to Mr. Harward until February 20, 2024. The Company will issue the shares pursuant to the exemption from the registration requirements of the Securities Act available to the Company under Section 4(a)(2) promulgated thereunder due to the fact that the issuance will not involve a public offering of securities.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. | Description | |
10.1 | Settlement Agreement between MGO Global Inc. and Matthew Harward, dated February 6, 2024 | |
104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: February 12, 2024 | MGO Global Inc. | |
By: | /s/ Maximiliano Ojeda | |
Name: | Maximiliano Ojeda | |
Title: | Chief Executive Officer |