Current Report Filing (8-k)
06 Juin 2023 - 2:46PM
Edgar (US Regulatory)
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2023-06-01
2023-06-01
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): June 1, 2023
THE
GLIMPSE GROUP, INC.
(Exact
name of registrant as specified in charter)
Nevada |
|
001-40556 |
|
81-2958271 |
(State
or other jurisdiction |
|
(Commission |
|
(IRS
Employer |
of
incorporation) |
|
File
Number) |
|
Identification
No.) |
15
West 38th St., 12th
Fl
New
York, NY 10018
(Address
of principal executive offices) (Zip Code)
(917)-292-2685
(Registrant’s
telephone number, including area code)
Not
Applicable
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock |
|
VRAR |
|
The
Nasdaq Stock Market LLC
(The
Nasdaq Capital Market) |
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).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mart if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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 |
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