Brightline Interactive, Inc 8-K, filed Jun 6, 2023
Brightline Interactive, Inc. (BTLN)
About this 8-K
Brightline Interactive, Inc filed this 8-K on June 6, 2023, reporting on events of June 1, 2023.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 9.01: Financial statements and exhibits
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CURRENT REPORT
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 1, 2023, The Glimpse Group, Inc. (the “Company”) awarded 120,000 stock options (the “Options”) to acquire shares of the Company’s common stock (“Common Stock”) to Jeff Meisner, subject to the terms and conditions of the stock option agreement, including: (i) an exercise price equal to $7.00 per share of Common Stock; (ii) expiration of the Options on the Tenth (10) anniversary of the Grant Date; and (iii) subject to Mr. Meisner’s continued service as Chief Revenue Officer of the Company, the Options shall vest in time based increments and upon the Company reaching certain revenue targets as follows:
| Number of Options | Revenue Target | |
| 20,000 | $l8,000,000 - $19,999,999 in the 2023 calendar year | |
| 20,000 | $20,000,000 in the 2023 calendar year | |
| 20,000 | $21,000,000 - $23,999,999 in the 2024 calendar year | |
| 20,000 | $24,000,000 in the 2024 calendar year | |
| 20,000 | $25,000,000 - $29,999,999 in the 2025 calendar year | |
| 20,000 | $30,000,000 in the 2025 calendar year |
The Options were granted as incentive options to Mr. Meisner as both a retention mechanism and to further drive performance and the Company’s growth. The Options were granted pursuant to the Company’s 2016 Equity Incentive Plan, as amended, and were each approved by the Company’s Compensation Committee and Board of Directors.
The foregoing description of the option agreement for Mr. Meisner does not purport to be complete and is qualified in its entirety by reference to the full text of the form of option agreement, a copy of which are filed hereto as Exhibit 10.1, and incorporated by reference in this Current Report on Form 8-K.
Item 9.01 Exhibits
| Exhibit No. | Description | |
| 10.1 | Option Agreement, dated June 1, 2023 | |
| 104 | Cover Page Interactive Data File - The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
SIGNATURE
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: June 6, 2023
| THE GLIMPSE GROUP, INC. | ||
| By: | /s/ Lyron Bentovim | |
| Lyron Bentovim | ||
| Chief Executive Officer | ||
Exhibit 10.1
