LEGAL PROCEEDINGS
−Removed: On June 22, 2021, Thomas Seifert’s
−Removed: employment as the Company’s Chief Financial Officer was terminated for cause.
−Removed: Seifert asserts that the termination was not for
−Removed: cause and that he is owed all compensation payable under his employment agreement executed in June 2021.
−Removed: The Company’s position
−Removed: Seifert is not owed any additional consideration or compensation relating to his prior service with the Company, or arising
−Removed: under any employment agreement.
−Removed: The Company believes it has adequate defenses to any such claims.
−Removed: The Company has determined to initiate
−Removed: litigation against Mr.
−Removed: Seifert asserting a number of claims including, but not limited to, rescission of the employment agreement, fraud
−Removed: in the inducement in connection with the execution of the employment agreement, and breach of the fiduciary duties of good faith and loyalty.
−Removed: The Company does not expect to seek substantial monetary relief in the litigation.
+Added: June 22, 2021, Thomas Seifert’s employment as the Company’s Chief Financial Officer was terminated for cause.
+Added: asserts that the termination was not for cause and that he is owed all compensation payable under his employment agreement executed in
+Added: The Company’s position is that Mr.
+Added: Seifert is not owed any additional consideration or compensation relating to his
+Added: prior service with the Company, or arising under any employment agreement.
+Added: Further, the Company asserts that Mr.
+Added: Seifert engaged in misconduct
+Added: during his tenure as the Company’s CFO.
+Added: Seifert’s employment as Chief Financial Officer has resulted in two lawsuits.
+Added: Company initiated litigation against Mr.
+Added: Seifert on June 28, 2021 in the Eleventh Judicial Circuit Court in and for Miami-Dade County.
+Added: The parties to the suit are Orbsat Corp.
+Added: and Thomas Seifert.
+Added: The matter was designated Case No.:
+Added: 2021-15243 CA 01.
+Added: The Company’s
+Added: case against Mr.
+Added: Seifert is now pending in the United States District Court for the Southern District of Florida, which matter is designated
+Added: 1:21-cv-22436-DPG.
+Added: The Company seeks damages under several legal theories, including breach of fiduciary duty, breach of an
+Added: employment agreement, fraud in the inducement, fraudulent misrepresentation, and constructive fraud.
+Added: The Company does not expect
+Added: to obtain substantial monetary relief in its litigation against Mr.
+Added: July 2, 2021, Mr.
+Added: Seifert filed suit against the Company in the United States District Court for the Southern District of Florida.
+Added: parties to the suit are Thomas Seifert, Orbsat Corp.
+Added: and Charles Fernandez, Orbsat’s Chairman and Chief Executive Officer.
+Added: The matter is designated Case No.:
+Added: 1:21-cv-22410-MGC.
+Added: Seifert seeks damages under several legal theories, including breach of an
+Added: employment agreement, retaliatory discharge, libel per se, and negligent misrepresentation.
+Added: The Company believes it has adequate defenses
+Added: to defeat Mr.
+Added: Seifert’s claims.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.