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): December 2 9 , 2016

 

 

PRISM TECHNOLOGIES GROUP, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

(State or Other Jurisdiction

of Incorporation)

0-26083

(Commission

File Number)

94-3220749

(I.R.S. Employer

Identification No.)

     
 

101 Parkshore Dr., Suite 100

Folsom, California 95630

 

(Address of principal executive offices

including zip code)

 
     
 

(916) 932-2860

(Registrant ’s telephone number,

including area code)

 

 

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:

 

[  ]

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))

   

 

 
 

 

Item 1.01 .      Entry into a Material Definitive Agreement

 

On December 29, 2016, the Board of Directors of Prism Technologies Group, Inc. (the ”Company”) approved a transaction by which Mr. Hussein A. Enan, the CEO and Chairman of the Company, will provide the Company with $250,000 in cash. In exchange, Mr. Enan is entitled to receive $625,000 when the Company’s cumulative Net Cash Flow (“NCF”) exceeds $7.5 million. NCF is measured as the cumulative cash received from revenue sources less all cumulative cash operating expenses incurred. The cash contribution is unsecured and non-convertible to equity.

 

The Company intends to use the funds for working capital and general corporate operations.

 

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.

 

 

PRISM TECHNOLOGIES GROUP, INC.

 

 

 

 

 

 

 

 

 

 

 

Date: December 29, 2016

 

By:

/s/  L. Eric Loewe

 

 

 

 

Name: L. Eric Loewe

 

 

 

 

Title: Senior Vice President, General Counsel and Secretary

 

 

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