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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:4.05pt;margin-right:4.15pt;margin-top:0pt;text-align:center;"><b>U.S. SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 246.6pt;text-align:center;"><b>Washington, D.C.</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 246.6pt;text-align:center;"><b>20549</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 246.6pt;text-align:center;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 246.6pt;text-align:center;"><b>FORM 8-K</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:4.05pt;margin-right:4.1pt;margin-top:0pt;text-align:center;"><b>CURRENT REPORT</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:202.65pt;margin-right:202.75pt;margin-top:0pt;text-align:center;text-indent:0.15pt;"><b>PURSUANT TO SECTION 13 OR</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:202.65pt;margin-right:202.75pt;margin-top:0pt;text-align:center;text-indent:0.15pt;"><b>15(d) OF THE</b><b> </b><b>SECURITIES</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:202.65pt;margin-right:202.75pt;margin-top:0pt;text-align:center;text-indent:0.15pt;"><b>EXCHANGE</b><b> </b><b>ACT</b><b> </b><b>OF</b><b> </b><b>1934</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:4.05pt;margin-right:4.1pt;margin-top:0pt;text-align:center;">Date of Report (Date of earliest event reported): May 31, 2018</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:4.05pt;margin-right:4.1pt;margin-top:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:4.05pt;margin-right:4.1pt;margin-top:0pt;text-align:center;"><b>Solbright Group, Inc.</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:4.05pt;margin-right:4.1pt;margin-top:0pt;text-align:center;">(Exact name of Company as specified in its charter)</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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		<tr>
			<td style="width: 33%; text-align: center;"><b>Delaware</b></td>
			<td style="width: 33%; text-align: center;"><b>000-27587</b></td>
			<td style="width: 33%; text-align: center;"><b>22-3586087</b></td>
		</tr>
		<tr>
			<td style="text-align: center;">(State or other</td>
			<td style="text-align: center;">(Commission File Number)</td>
			<td style="text-align: center;">(IRS Employer Identification No.)</td>
		</tr>
		<tr>
			<td style="text-align: center;">
			<p style="margin: 0pt;">jurisdiction of</p>

			<p style="margin: 0pt;">incorporation)</p>
			</td>
			<td>&nbsp;</td>
			<td>&nbsp;</td>
		</tr>

</table>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:75.7pt;margin-right:0pt;margin-top:0pt;text-align:left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">One Gateway Center, 26<sup>th&nbsp;</sup>Floor&nbsp;<br>
Newark, NJ 07102</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">(973) 339-3855</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">(Address, including zip code, and telephone number,</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">including area code, of registrant&rsquo;s principal executive</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">offices)</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:170.3pt;margin-top:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:48.1pt;margin-right:221.65pt;margin-top:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 24pt; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0);">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Company under any of the following provisions:</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:'Times New Roman', Times, serif;font-size:10pt;">

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			<td style="width:29pt;vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">&#9744;</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:'Times New Roman', Times, serif;font-size:10pt;">

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			<td style="width:29pt;vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">&#9744;</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>
			</td>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:'Times New Roman', Times, serif;font-size:10pt;">

		<tr>
			<td style="width:29pt;vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">&#9744;</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:'Times New Roman', Times, serif;font-size:10pt;">

		<tr>
			<td style="width:29pt;vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">&#9744;</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1934 (&sect;240.12b-2 of this chapter). Emerging growth company&nbsp; &#9744;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">If an emerging growth company, indicate by check mark 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.&nbsp; &#9744;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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<div id="PGNUM" style="text-align: center; width: 100%">&nbsp;</div>

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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:75.4%;text-indent:0;font-family:'Times New Roman', Times, serif;font-size:10pt;">

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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 5.55pt;"><b>Item 1.01</b></p>
			</td>
			<td style="vertical-align: top; width: 820px;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><b>Entry into a Material Definitive Agreement. </b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:5.55pt;margin-right:0pt;margin-top:0pt;text-align:left;"><b>&nbsp;</b></p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">On May 1, 2017, Solbright Group, Inc., a Delaware corporation (the &ldquo;Company&rdquo;) completed an acquisition (the &ldquo;Asset Purchase&rdquo;) pursuant to an Asset Purchase Agreement dated May 1, 2017 with SolBright Renewable Energy, LLC (&ldquo;SolBright&rdquo;). Under the Asset Purchase, the Company acquired substantially all of the assets, and certain specified liabilities, of SolBright used in the operation of SolBright&rsquo;s solar engineering, procurement and construction business (the &ldquo;SolBright Assets&rdquo;).</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">In consideration for the purchase of the SolBright Assets, the Company delivered to SolBright (i) $3,000,000 in cash (the &ldquo;Cash Payment&rdquo;), (ii) a Senior Secured Promissory Note in the principal amount of $2,000,000 (the &ldquo;Secured Promissory Note&rdquo;), (iii) a Convertible Promissory Note in the principal amount of $6,000,000 (&ldquo;Preferred Stock Note&rdquo;), and (iv) certain Common Stock Consideration. In addition, the Company entered into an employment agreement with Mr. Patrick Hassell, President of SolBright.</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">The Preferred Stock Note was converted in full for 4,000,000 shares of Series A Preferred Stock effective September 28, 2017.</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">Effective May 31, 2018, the Company, Patrick Hassell (&ldquo;Hassell&rdquo;) and SRE Holdings, LLC, an entity owned and controlled by Hassell, (&ldquo;SRE&rdquo;) entered into a Settlement Agreement and Release, a copy of which is attached as Exhibit 10.1 to this Form 8-K, (the &ldquo;Agreement&rdquo;). Under the terms of the Agreement, (i) the Company and SRE agreed to cancel the Secured Promissory Note issued by the Company in exchange for Five Thousand (5,000) shares of common stock and (ii) SRE agreed to allow the Company to redeem 100% of the Series A Preferred Stock from SRE for consideration in the amount of One Hundred Dollars ($100.00). In addition, Hassell and the Company mutually agree to amend Hassell&rsquo;s employment agreement to reflect that going forward, the Company shall pay to Hassell one hundred and twenty thousand dollars ($120,000) per year and that all unvested common stock and stock options shall cease to vest as of the date of the Agreement.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>&nbsp;</b></p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"><b>Item 9.01 Financial Statements and Exhibits.</b></p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"><b>&nbsp;</b></p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"><b>(d) Exhibits.</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:5.55pt;margin-right:0pt;margin-top:0pt;text-align:justify;"><b>&nbsp;</b></p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: justify;"><u>Exhibit</u><u> </u><u>No</u>.&nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <u>Description</u></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:left;text-indent:-36pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 18pt; text-align: left;">10.1&nbsp; <a href="ex_116407.htm" style="-sec-extract:exhibit;">Settlement Agreement and Release effective as of May 31, 2018 by and among Solbright Group, Inc., Patrick Hassell and SRE Holdings, LLC</a></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<div id="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div id="PGNUM" style="text-align: center; width: 100%">&nbsp;</div>

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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 27pt;">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.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="text-indent: 0; width: 100%;font-family: 'Times New Roman', Times, serif; font-size: 10pt">

		<tr>
			<td style="width: 65%;" valign="top" width="50%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td colspan="2" style="width: 3%;" valign="top" width="38%">
			<p style="margin-top: 0; margin-bottom: 0;"><b>Solbright Group, Inc.</b></p>
			</td>
			<td style="width: 7%;" valign="top" width="12%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
		</tr>
		<tr>
			<td style="width: 65%;" valign="top" width="50%">&nbsp;</td>
			<td colspan="2" style="width: 3%;" valign="top" width="38%">(Registrant)</td>
			<td style="width: 7%;" valign="top" width="12%">&nbsp;</td>
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			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td style="width: 3%;" valign="top" width="3%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td style="width: 25%;" valign="top" width="35%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td style="width: 7%;" valign="top" width="12%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
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			<td style="width: 65%;" valign="top" width="50%">
			<p style="margin-top: 0; margin-bottom: 0;">Date: June 14, 2018</p>
			</td>
			<td style="width: 3%;" valign="top" width="3%">
			<p style="margin-top: 0; margin-bottom: 0;">By:</p>
			</td>
			<td align="left" nowrap="nowrap" style="width: 25%;" valign="bottom" width="35%">
			<p style="margin-top: 0; margin-bottom: 0;"><u>/s/ Terrence</u><u> </u><u>DeFranco</u></p>
			</td>
			<td style="width: 7%;" valign="top" width="12%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
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			<td style="width: 65%;" valign="top" width="50%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td style="width: 3%;" valign="top" width="3%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td style="width: 25%;" valign="top" width="35%">
			<p style="margin-top: 0; margin-bottom: 0;">Terrence DeFranco</p>

			<p style="margin-top: 0; margin-bottom: 0;">Chief Executive</p>

			<p style="margin-top: 0; margin-bottom: 0;">Officer</p>
			</td>
			<td style="width: 7%;" valign="top" width="12%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
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{"company-data": {"conformed-name": "Solbright Group, Inc.", "cik": "0001095130", "assigned-sic": "7389", "irs-number": "223586087", "state-of-incorporation": "DE", "fiscal-year-end": "0531"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-27587", "film-number": "18900105"}, "business-address": {"street1": "ONE GATEWAY CENTER", "street2": "26TH FLOOR", "city": "NEWARK", "state": "NJ", "zip": "07102", "phone": "973-339-3855"}, "mail-address": {"street1": "ONE GATEWAY CENTER", "street2": "26TH FLOOR", "city": "NEWARK", "state": "NJ", "zip": "07102"}, "former-company": [{"former-conformed-name": "ARKADOS GROUP, INC.", "date-changed": "20061002"}, {"former-conformed-name": "CDKNET COM INC", "date-changed": "19990916"}]}
sbrt20180613_8k.htm
U.S. 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): May 31, 2018
Solbright Group, Inc.
(Exact name of Company as specified in its charter)
Delaware
000-27587
22-3586087
(State or other
(Commission File Number)
(IRS Employer Identification No.)
jurisdiction of
incorporation)
One Gateway Center, 26
th
Floor
Newark, NJ 07102
(973) 339-3855
(Address, including zip code, and telephone number,
including area code, of registrant's principal executive
offices)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Company under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
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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 1934 (§240.12b-2 of this chapter). Emerging growth company  ☐
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Item 1.01
Entry into a Material Definitive Agreement.
On May 1, 2017, Solbright Group, Inc., a Delaware corporation (the "Company") completed an acquisition (the "Asset Purchase") pursuant to an Asset Purchase Agreement dated May 1, 2017 with SolBright Renewable Energy, LLC ("SolBright"). Under the Asset Purchase, the Company acquired substantially all of the assets, and certain specified liabilities, of SolBright used in the operation of SolBright's solar engineering, procurement and construction business (the "SolBright Assets").
In consideration for the purchase of the SolBright Assets, the Company delivered to SolBright (i) $3,000,000 in cash (the "Cash Payment"), (ii) a Senior Secured Promissory Note in the principal amount of $2,000,000 (the "Secured Promissory Note"), (iii) a Convertible Promissory Note in the principal amount of $6,000,000 ("Preferred Stock Note"), and (iv) certain Common Stock Consideration. In addition, the Company entered into an employment agreement with Mr. Patrick Hassell, President of SolBright.
The Preferred Stock Note was converted in full for 4,000,000 shares of Series A Preferred Stock effective September 28, 2017.
Effective May 31, 2018, the Company, Patrick Hassell ("Hassell") and SRE Holdings, LLC, an entity owned and controlled by Hassell, ("SRE") entered into a Settlement Agreement and Release, a copy of which is attached as Exhibit 10.1 to this Form 8-K, (the "Agreement"). Under the terms of the Agreement, (i) the Company and SRE agreed to cancel the Secured Promissory Note issued by the Company in exchange for Five Thousand (5,000) shares of common stock and (ii) SRE agreed to allow the Company to redeem 100% of the Series A Preferred Stock from SRE for consideration in the amount of One Hundred Dollars ($100.00). In addition, Hassell and the Company mutually agree to amend Hassell's employment agreement to reflect that going forward, the Company shall pay to Hassell one hundred and twenty thousand dollars ($120,000) per year and that all unvested common stock and stock options shall cease to vest as of the date of the Agreement.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
No
.
Description
10.1
Settlement Agreement and Release effective as of May 31, 2018 by and among Solbright Group, Inc., Patrick Hassell and SRE Holdings, LLC
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.
Solbright Group, Inc.
(Registrant)
Date: June 14, 2018
By:
/s/ Terrence
DeFranco
Terrence DeFranco
Chief Executive
Officer