UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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 – Amendment of a Material Definitive Agreement.
On January 17, 2023, Applied Energetics, Inc. amended its Consulting Agreement with SWM Consulting, LLC, pursuant to which Stephen W. McCahon serves as its Chief Scientist. The amendment is effective January 1, 2023, provides for an extended term of three years, commencing on that date, and increases compensation under the agreement to $300,000, $325,000 and $350,000 per year for the first, second and third years of the extended term, respectively.
On January 17, 2023, Applied Energetics, Inc. amended its Master Services Agreement with Westpark Advisors,, LLC. The amendment is effective January 1, 2023, provides for an extended term of three years, commencing on that date, and increases compensation under the agreement to $260,000, $275,000 and $290,000 per year for the first, second and third years of the extended term, respectively. The amendment further provides for issuance of Restricted Stock Units covering 940,909 shares of the company’s common stock, subject to the company receiving cumulative revenues from contracts in the amount of $5 million and the company completing a funding with designated proceeds sufficient to cover any withholding which may be due for the issuance of such shares and nullifies options to purchase 1,000,000 shares which were referenced in the original agreement but never issued.
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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 thereunto duly authorized.
| APPLIED ENERGETICS, INC. | |||
| By: | /s/ Gregory J. Quarles | ||
| Gregory J. Quarles, | |||
|
President and Chief Executive Officer | |||
Date: January 24, 2023
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