Re: The Bieb turns 18 "on Ellen"
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Mar 03, 2012 12:43PM
Edit this title from the Fast Facts Section
He has option grants to exersize 121+ mln shares at .01, fully dilutive and own 16.4% of the company. See 8-K:
16-May-2011
Change in Directors or Principal Officers
ITEM 5.02. DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAINOFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
On May 10, 2011, Options Media Group Holdings, Inc. (the "Company") entered into agreements with Justin Bieber Brands, LLC and certain associates of Justin Bieber (collectively, the "Bieber Agreement") as well as a related agreement with a company headed by Keith St. Clair, our new Chairman of the Board. The key element is for Justin Bieber to act as a spokesman for our DriveSafe software and its potential to substantially reduce injuries and save lives from traffic accidents. Justin Bieber has agreed to endorse DriveSafe in a number of ways, both online and in person over the term of the Bieber Agreement. We are planning a product launch with Justin Bieber on June 6, 2011.
While the Company actually entered into agreements with Justin Bieber Brands, LLC and two associates (collectively, the "Bieber Group"), the agreements are identical except with regard to the number of warrants and sales royalties. Each agreement revolves around Justin Bieber's endorsement of DriveSafe. The key terms are:
? Three year terms with Justin Bieber having the right to terminate after one year in which case the other two agreements terminate;
? Covers North America, Central America and South America;
? Warrants to purchase 121,160,749 shares of common stock at $0.01 per share or a total of 16.4% of the Company on a fully diluted basis, exercisable over three years with full anti-dilution protection for sales below the exercise price;
? Pre-emptive rights for sales of equity and common stock equivalents above $0.01 per share so the Bieber Group may maintain their 16.4% ownership right; and
? Sales royalties based on all sales of DriveSafe during the term.