ELAB 8-K/A
PMGC Holdings Inc. (ELAB)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
(Amendment No. 1)
Current Report
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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INTRODUCTORY NOTE
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Item 1.01 Entry Into Material Definitive Agreement.
(a) Amendment No. 2 to Second Amended and Restated Consulting Agreement for Non-Executive Chairman
On April 3, 2025, PMGC Holdings Inc. (the “Company” or “our”), entered into Amendment No. 2 to the Second Amended and Restated Consulting Agreement for Non-Executive Chairman (the “Amended Northstrive Consulting Agreement”) with Northstrive Companies Inc., a California corporation wholly owned by our Chairman, Braeden Lichti (“Northstrive”). Capitalized terms used in paragraph (a) of Item 1.01 of the Company’s Current Report on Form 8-K (this “Report”) but not otherwise defined have the meanings set forth in the Northstrive Consulting Agreement (as defined below).
The Amended Northstrive Consulting Agreement amended and restated paragraph 1d of Exhibit B of the Second Amended and Restated Consulting Agreement for Non-Executive Chairman between the Company and Northstrive (“Northstrive Consulting Agreement”) such that compensation terms to Northstrive included:
| (a) | In addition to the Valuation Payments set forth in paragraph 1d(iii) of Exhibit B, the Company’s payment of $50,000 to Northstrive on the Company’s achievement of a $50,000,000 Market Valuation; provided that the Market Valuation continues for at least five (5) consecutive Trading Days and, provided further, that the Company may only recover any erroneously awarded amounts in Valuation Payments for one (1) year following the date of such erroneous award; |
| (b) | The Company’s payment $600,000 to Northstrive each time the Company achieves a Market Valuation of $50,000,000 and $100,000,000, provided that each of such Market Valuations continues for at least two (2) consecutive Trading Days; and |
| (c) | The Company’s award of a cash or equity bonus payment to Northstrive (the “Northstrive Licensing Milestone Bonus”), as determined in the Board of Director’s (“Board”) sole discretion, upon the Company or any of its Subsidiary’s entry into a license agreement which provides for either: (A) the Company or Subsidiary’s license of any intellectual property rights of the Company or Subsidiary to another party, including the license of intellectual property rights of the Company or Subsidiary to each other; or (B) a third party’s license of intellectual property rights to the Company or Subsidiary; provided, however, that if the Board determines to award the Northstrive Licensing Milestone Bonus to Northstrive in the form of preferred stock, such preferred stock issuance is subject to the approval of the Company’s shareholders. |
The Amended Northstrive Consulting Agreement further clarified that (i) if Northstrive determines to receive a Milestone Bonus payment in the form of preferred stock, such payment is subject to the approval of the Company’s shareholders; and (ii) the equity grants made to Northstrive under Section 2 of Exhibit B of the Northstrive Consulting Agreement, if determined by the Board to be in the form of preferred stock, is subject to the approval of the Company’s shareholders.
(b) Amendment No. 2 to Second Amended and Restated Consulting Agreement for Non-Employee Chief Executive Officer
On April 3, 2025, the Company entered into Amendment No. 2 to the Second Amended and Restated Consulting Agreement for Non-Employee Chief Executive Officer (the “Amended GB Consulting Agreement”) with GB Capital Ltd, a British Columbia, Canada corporation wholly owned by our Chief Executive Officer, Graydon Bensler (“GB Capital”). Capitalized terms used in paragraph (b) of Item 1.01 of this Report but not otherwise defined have the meanings set forth in the GB Consulting Agreement (as defined below).
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The Amended GB Consulting Agreement amended and restated paragraph 1e of Exhibit B of the Second Amended and Restated Consulting Agreement for Non-Employee Chief Executive Officer between the Company and GB Capital (“GB Consulting Agreement”) such that compensation terms to GB Capital included:
| (a) | In addition to the Valuation Payments set forth in paragraph 1e(iv) of Exhibit B, the Company’s payment of $50,000 to GB Capital on the Company’s achievement of a $50,000,000 Market Valuation; provided that the Market Valuation continues for at least five (5) consecutive Trading Days and, provided further, that the Company may only recover any erroneously awarded amounts in Valuation Payments for one (1) year following the date of such erroneous award; |
| (b) | The Company’s payment $600,000 to GB Capital each time the Company achieves a Market Valuation of $50,000,000 and $100,000,000, provided that each of such Market Valuations continues for at least five (5) consecutive Trading Days; and |
| (c) | The Company’s award of a cash or equity bonus payment to GB Capital (the “GB Licensing Milestone Bonus”), as determined in the Board’s sole discretion, upon the Company or any of its Subsidiary’s entry into a license agreement which provides for either: (A) the Company or Subsidiary’s license of any intellectual property rights of the Company or Subsidiary to another party, including the license of intellectual property rights of the Company or Subsidiary to each other; or (B) a third party’s license of intellectual property rights to the Company or Subsidiary; provided, however, that if the Board determines to award the GB Licensing Milestone Bonus to GB Capital in the form of preferred stock, such preferred stock issuance is subject to the approval of the Company’s shareholders. |
The Amended GB Consulting Agreement further clarified that (i) if GB Capital determines to receive a Milestone Bonus payment in the form of preferred stock, such payment is subject to the approval of the Company’s shareholders; and (ii) the equity grants made to GB Capital under Section 2 of Exhibit B of the GB Consulting Agreement, if determined by the Board to be in the form of preferred stock, is subject to the approval of the Company’s shareholders.
The Amended GB Consulting Agreement deleted Section 4a of the GB Consulting Agreement in its entirety.
The foregoing summaries of the Amended Northstrive Consulting Agreement and Amended GB Consulting Agreement do not purport to be complete and are subject to and are qualified in their entirety by copies of the Agreement filed as Exhibits 10.1 and 10.2, respectively, which are incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
| Exhibit No. | Description | |
| 10.1 | Amendment No. 2 to Second Amended and Restated Consulting Agreement for Non-Executive Chairman between the Company and Northstrive Companies Inc. | |
| 10.2 | Amendment No. 2 to Second Amended and Restated Consulting Agreement for Non-Employee Chief Executive Officer between the Company and GB Capital Ltd. | |
| 104 | Cover Page Interactive Data File (formatted in Inline XBRL). |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
Date: April 8, 2025
| PMGC Holdings Inc. | ||
| By: | /s/ Graydon Bensler | |
| Name: | Graydon Bensler | |
| Title: | Chief Executive Officer | |
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Exhibit 10.1
AMENDMENT NO. 2
TO
THE SECOND AMENDED AND RESTATED
CONSULTING AGREEMENT
FOR
NON-EXECUTIVE CHAIRMAN
This Amendment No. 2 to the Second Amended and Restated Consulting Agreement (this “Amendment”) is effective as of April 3, 2025 (“Effective Date”) and is entered into by and between PMGC Holdings Inc., a Nevada corporation fka Elevai Labs Inc. (“Company”) and Northstrive Companies Inc., a California corporation (“Consultant,” and, together with the Company, the “Parties”). Capitalized terms used herein but not otherwise defined have the meanings set forth in the Second Amended and Restated Consulting Agreement for Non-Executive Chairman between the Parties, dated October 25, 2024 (the “Second A&R Agreement”).
WHEREAS, the Parties previously entered into the Second A&R Agreement; and
WHEREAS, the Parties desire to amend the Second A&R Agreement as terms set forth in this Amendment.
NOW, THEREFORE, in consideration of the rights and obligations contained herein, and for other good and valuable consideration, the adequacy of which is hereby acknowledged, the Parties agree as follows:
1. Paragraph 1d of Exhibit B to the Second A&R Agreement is hereby amended and restated in its entirety as follows:
“d. Milestone-based Cash Bonuses. Upon the occurrence of the following events, the Company shall remit the applicable cash bonuses to the Consultant as set forth in this Section 1(d) and subject to the terms and conditions of this Section 1(d):
(i) The Company shall pay the Consultant $150,000 for each Company acquisition consummated, provided the target company of such acquisition has $2,000,000 in annual revenue or more upon consummation of the acquisition;
(ii) The Company shall pay the Consultant $50,000 upon any closing of an equity or equity-linked financing of the Company which results in net proceeds being raised in such financing of $3,000,000 in a fiscal quarter (the closing which qualifies the Consultant for such payment, the “Triggering Equity Financing,” and such payment, the “Equity Financing Bonus”). For the avoidance of doubt, the Consultant is entitled only to a one-time payment of the Equity Financing Bonus $50,000 per fiscal quarter and the Company will not make further payments as an Equity Financing Bonus in spite of the occurrence of any of the following events: (A) the closing of any equity or equity-linked financings subsequent to the Triggering Equity Financing in such fiscal quarter which result in proceeds of $3,000,000 to the Company; (B) any closings for the same equity financing round subsequent to the Triggering Equity Financing in such fiscal quarter which result in additional proceeds of $3,000,000 or more to the Company.
(iii) The Company shall pay the Consultant $50,000 each time the Company achieves a Market Valuation (as defined below) of $5,000,000, $10,000,000, $15,000,000, $20,000,000, and $25,000,000 (each of such payments, “Valuation Payment”); provided that each of such Market Valuations continue for each at least five (5) consecutive Trading Days (as defined below), and provided further that the Company may only recover any erroneously awarded amounts in Valuation Payments for one (1) year following the date of such erroneous award.
“Market Valuation” means the value obtained by multiplying (x) the closing trading price of the Company’s common stock on the Nasdaq on the applicable Trading Day by (y) the total amount of issued and outstanding shares of the Company’s common stock on such Trading Day.
“Nasdaq” means The Nasdaq Stock Market LLC.
“Trading Day” means a day on which national stock exchanges and the Nasdaq are open for trading.
(iv) The Company shall pay the Consultant $600,000 each time the Company achieves a Market Valuation of $50,000,000 and $100,000,000; provided that each of such Market Valuations continues for each at least two (2) consecutive Trading Days.
(v) The Board, in its sole discretion, may award a cash or equity bonus payment (“Licensing Milestone Bonus”) to the Consultant upon the Company or any of its Subsidiaries’ (as defined below) entry into a license agreement which provides for (A) the Company or Subsidiary’s license of any intellectual property rights of the Company or Subsidiary to another party, including the license of intellectual property rights of the Company or Subsidiary to each other, or (B) a third party’s license of intellectual property rights to the Company or Subsidiary; provided, however, that if the Board determines to award the Licensing Milestone Bonus to the Consultant in the form of preferred stock, such preferred stock issuance is subject to the approval of the Company’s shareholders.
“Subsidiary” means any corporation or other entity of which a majority of (i) the voting power of the voting equity securities or (ii) the outstanding equity interests is owned, directly or indirectly, by the Company.”
(vi) Notwithstanding anything to the contrary in this Second A&R Agreement, the Consultant may elect to accrue the payments due to the Consultant under Section 1(d) of this Exhibit B (each, a “Milestone Bonus”) convert the cash amount of the Milestone Bonus into shares of the Company’s common stock or preferred stock. In such event, the conversion ratio of the Milestone Bonus shall be determined by mutual agreement between the Company and the Consultant, provided, however, that if the Consultant determines to receive the Milestone Bonus payment in the form of preferred stock, the Milestone Bonus payment is subject to the approval of the Company’s shareholders.”
2. Section 2 of Exhibit B to the Second A&R Agreement is hereby amended and restated in its entirety as follows:
“2. Equity Grant.
As partial consideration for the Consultant’s Services, the Company shall provide such equity grants to the Consultant as determined by the Board in its sole discretion; provided, however, that if such equity grant is determined by the Board to be in the form of preferred stock, such preferred stock issuance to the Consultant is subject to the approval of the Company’s shareholders.”
3. Except as set forth in this Amendment, the Second A&R Agreement remains in full force and effect.
[Signature Page Follows]
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IN WITNESS WHEREOF, the Parties have caused this Amendment No. 2 to the Second Amended and Restated Consulting Agreement for Non-Executive Chairman to be executed as of the date first written above.
| COMPANY | ||
| PMGC Holdings Inc. | ||
| By: | /s/ George Kovalyov | |
| George Kovalyov | ||
| Director | ||
| CONSULTANT | ||
| Northstrive Companies Inc. | ||
| By: | /s/ Braeden Lichti | |
| Braeden Lichti | ||
| Chief Executive Officer | ||
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Exhibit 10.2
AMENDMENT NO. 2
TO
THE SECOND AMENDED AND RESTATED
CONSULTING AGREEMENT
FOR
NON-EMPLOYEE CHIEF EXECUTIVE OFFICER
This Amendment No. 2 to the Second Amended and Restated Consulting Agreement (this “Amendment”) is effective as of April 3, 2025 (“Effective Date”) and is entered into by and between PMGC Holdings Inc., a Nevada corporation fka Elevai Labs Inc. (“Company”) and GB Capital Ltd, a British Columbia, Canada corporation (“Consultant,” and, together with the Company, the “Parties”). Capitalized terms used herein but not otherwise defined have the meanings set forth in the Second Amended and Restated Consulting Agreement for Non-Employee Chief Executive Officer between the Parties, dated October 25, 2024 (the “Second A&R Agreement”).
WHEREAS, the Parties previously entered into the Second A&R Agreement; and
WHEREAS, the Parties desire to amend the Second A&R Agreement as set forth in this Amendment.
NOW, THEREFORE, in consideration of the rights and obligations contained herein, and for other good and valuable consideration, the adequacy of which is hereby acknowledged, the Parties agree as follows:
1. Section 4a of the Second A&R Agreement is hereby deleted and amended and restated in its entirety as follows:
“4a. [Reserved].”
2. Paragraph 1e of Exhibit B to the Second A&R Agreement is hereby amended and restated in its entirety as follows:
“e. Milestone-based Cash Bonuses. Upon the occurrence of the following events, the Company shall remit the applicable cash bonuses to the Consultant as set forth in this Section 1(e) and subject to the terms and conditions of this Section 1(e):
(i) The Company shall pay the Consultant $50,000 for each Company acquisition consummated, provided the target company of such acquisition has $2,000,000 in annual revenue or more upon consummation of such acquisition;
(ii) The Company shall pay the Consultant $50,000 upon any closing of an equity or equity-linked financing of the Company which results in net proceeds being raised in such financing of $3,000,000 in a fiscal quarter (the closing which qualifies the Consultant for such payment, the “Triggering Equity Financing,” and such payment, the “Equity Financing Bonus”). For the avoidance of doubt, the Consultant is entitled only to a one-time payment of the Equity Financing Bonus $50,000 per fiscal quarter and the Company will not make further payments as an Equity Financing Bonus in spite of the occurrence of any of the following events: (A) the closing of any equity or equity-linked financings subsequent to the Triggering Equity Financing in such fiscal quarter which result in proceeds of $3,000,000 to the Company; (B) any closings for the same equity financing round subsequent to the Triggering Equity Financing in such fiscal quarter which result in additional proceeds of $3,000,000 or more to the Company.
(iii) If and when the Company achieves each of the targeted EBITDA amounts in one fiscal quarter, as set forth in this Section 1(e)(iii) (each of such amounts, “EBITDA Milestone”), the Company shall pay the Consultant a fee equal to 25% of the applicable EBITDA Milestone (such fee, the “EBITDA Milestone Bonus”: (A) $50,000; (B) $150,000; (C) $250,000; (D) $350,000. For the avoidance of doubt, the Consultant may only receive a one-time payment of the EBITDA Milestone Bonus in each fiscal quarter, upon the Company’s achievement of the applicable EBITDA Milestone, and the Company will not make further payments to the Consultant as the EBITDA Milestone Bonus even upon achievement of an EBITDA Milestone in the same fiscal quarter which value exceeds the value of the first EBITDA Milestone the Consultant has achieved in such fiscal quarter.
(iv) Company shall pay the Consultant $50,000 each time the Company achieves a Market Valuation (as defined below) of $5,000,000, $10,000,000, $15,000,000, $20,000,000, and $25,000,000 (each of such payments, “Valuation Payment”); provided that each of such Market Valuations continue for each at least five (5) consecutive Trading Days (as defined below), and provided further that the Company may only recover any erroneously awarded amounts in Valuation Payments for one (1) year following the date of such erroneous award.
“Market Valuation” means the value obtained by multiplying (x) the closing trading price of the Company’s common stock on the Nasdaq on the applicable Trading Day by (y) the total amount of issued and outstanding shares of the Company’s common stock on such Trading Day.
“Nasdaq” means The Nasdaq Stock Market LLC.
“Trading Day” means a day on which national stock exchanges and the Nasdaq are open for trading.
(v) The Company shall pay the Consultant $600,000 each time the Company achieves a Market Valuation of $50,000,000 and $100,000,000, provided that each of such Market Valuations continues for each at least 5 consecutive Trading Days.
(vi) In any calendar year, the Company shall remit the Consultant a one-time payment of $300,000 upon the Company’s achievement of its first positive EBITDA of
$2,000,000 for such calendar year.
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(vii) The Board, in its sole discretion, may award a cash or equity bonus payment (“Licensing Milestone Bonus”) to the Consultant upon the Company or any of its Subsidiaries’ (as defined below) entry into a license agreement which provides for either: (A) the Company or Subsidiary’s license of any intellectual property rights of the Company or Subsidiary to another party, including the license of intellectual property rights of the Company or Subsidiary to each other; or (B) a third party’s license of intellectual property rights to the Company or Subsidiary; provided, however, that if the Board determines to award the Licensing Milestone Bonus to the Consultant in the form of preferred stock, such preferred stock issuance is subject to the approval of the Company’s shareholders.
“Subsidiary” means any corporation or other entity of which a majority of (i) the voting power of the voting equity securities or (ii) the outstanding equity interests is owned, directly or indirectly, by the Company.”
(viii) Notwithstanding anything to the contrary in this Second A&R Agreement, the Consultant may elect to accrue the payments due to the Consultant under Section 1(e) of this Exhibit B (each, a “Milestone Bonus”) convert the cash amount of the Milestone Bonus into shares of the Company’s common stock or preferred stock. In such event, the conversion ratio of the Milestone Bonus shall be determined by mutual agreement between the Company and the Consultant, provided, however, that if the Consultant determines to receive the Milestone Bonus payment in the form of preferred stock, the Milestone Bonus payment is subject to the approval of the Company’s shareholders.
3. Section 2 of Exhibit B to the Second A&R Agreement is hereby amended and restated in its entirety as follows:
“2. Equity Grant.
As partial consideration for the Consultant’s Services, the Company shall provide such equity grants to the Consultant as determined by the Board in its sole discretion; provided, however, that if such equity grant is determined by the Board to be in the form of preferred stock, such preferred stock issuance to the Consultant is subject to the approval of the Company’s shareholders.”
4. Except as set forth in this Amendment, the Second A&R Agreement remains in full force and effect.
[Signature Page Follows]
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IN WITNESS WHEREOF, the Parties have caused this Amendment No. 2 to the Second Amended and Restated Consulting Agreement for Non-Employee Chief Executive Officer to be executed as of the date first written above.
| COMPANY | ||
| PMGC Holdings Inc. | ||
| By: | /s/ George Kovalyov | |
| George Kovalyov | ||
| Director | ||
| CONSULTANT | ||
| GB Capital Ltd | ||
| By: | /s/ Graydon Bensler | |
| Graydon Bensler | ||
| Director | ||
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