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EX-99.1 - PRESS RELEASE - PALTALK, INC.f8k121115ex99i_snap.htm

 

 

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 11, 2015

 

SNAP INTERACTIVE, INC.
(Exact name of registrant as specified in its charter)

 

Delaware   000-52176   20-3191847
(State or other jurisdiction   (Commission File Number)   (IRS Employer
of incorporation)       Identification No.)

 

320 W. 37th Street, 13th Floor

New York, NY

  10018
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (212) 594-5050

 

(Former name or former address, if changed since last report)

 

Not Applicable

 

 

 

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))

 

 

 

 

 

 

Section 5 – Corporate Governance and Management

 

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

On December 11, 2015, the Board of Directors (the “Board”) of Snap Interactive, Inc. (the “Company”) increased the size of the Board from three (3) members to four (4) members and appointed Neil Foster to the Board, effective December 11, 2015. Mr. Foster will serve as a director until the Company’s 2016 annual meeting of stockholders. Mr. Foster has not been appointed to any Board committees at this time.

 

Mr. Foster will be entitled to receive a cash fee for his service as a non-employee member of the Board and for his service on any committee of the Board of $15,000 and $2,500 per year, respectively. As additional consideration for his service on the Board, the Board awarded Mr. Foster a stock option representing the right to purchase 100,000 shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”), at an exercise price equal to $0.09 per share of Common Stock, which was the fair market value of a share of Common Stock as of the close of market on December 11, 2015. The shares underlying the stock option will vest in three (3) equal annual installments on the first, second and third anniversaries of the date of grant, provided that Mr. Foster is providing services to the Company on such dates. There are no arrangements or understandings between Mr. Foster and any other persons pursuant to which he was selected as a director. In addition, there are no transactions between the Company and Mr. Foster or his immediate family members requiring disclosure under Item 404(a) of Regulation S-K promulgated under the Securities Exchange Act of 1934, as amended.

 

On December 14, 2015, the Company issued a press release announcing Mr. Foster’s appointment as a director. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

 

Section 9 – Financial Statements and Exhibits

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit No.   Description
 99.1   Press release, dated December 14, 2015, issued by Snap Interactive, Inc.

 

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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.

 

Date: December 14, 2015  SNAP INTERACTIVE, INC.
     
  By: /s/ Alexander Harrington
    Alexander Harrington
    Chief Executive Officer and
Chief Financial Officer

 

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EXHIBIT INDEX

 

Exhibit No.   Description
 99.1   Press release, dated December 14, 2015, issued by Snap Interactive, Inc.

 

 

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