UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 1.01 Entry into a Material Definitive Agreement
On February 5, 202, the Board approved a one-year extension of the employment agreement with our Chief Executive Officer and President, Tom J. Berman. Under the terms of the extension, effective January 1, 2024, Mr. Berman will earn an annual salary of $225,000 and will be entitled to a profit bonus tied to 2024 revenue as well as a bonus if the EBITDA of the corporation is 20% or more. The specific bonus terms, including rights to payment of the profit bonus if the contract is terminated, are set forth in the extension included as an exhibit to this filing.
Item 9.01. Financial Statements and Exhibits.
d) Exhibits
| Exhibit No. | Description | |
| 10.1 | Exhibit B effective as of January 1, 2024 by and between Nano Magic Inc. and Tom Berman | |
| 104 | Cover Page Interactive Data File (embedded within the inline XBRL document) |
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.
| Nano Magic Inc. | ||
| Date: February 7, 2024 | By: | /s/ Tom J. Berman |
| President & CEO | ||