Legal Proceedings.
−Removed: time to time, we may become involved in litigation relating to claims arising out of our operations in the normal course of business.
−Removed: We are not currently involved in any pending legal proceeding or litigation and, to the best of our knowledge, no governmental
−Removed: authority is contemplating any proceeding to which we are a party or to which any of our properties is subject, which would reasonably
−Removed: be likely to have a material adverse effect on our business, financial condition and operating results.
+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 NextPlat 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 was removed to the United States District Court for the Southern District of Florida, where it is
+Added: pending under Case No.:
+Added: 1:21-cv-22436-DPG (the “NextPlat Action).
+Added: The Company seeks damages under several legal theories,
+Added: including breach of fiduciary duty, breach of an employment agreement, fraud in the inducement, fraudulent misrepresentation, and constructive
+Added: The Company does not expect 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, NextPlat Corp.
+Added: and Charles Fernandez, NextPlat’s Chairman and Chief Executive Officer.
+Added: The matter is designated Case No.:
+Added: 1:21-cv-22410-MGC (the “Seifert Action”).
+Added: Seifert seeks damages under several
+Added: legal theories, including breach of an employment agreement, retaliatory discharge, libel per se , and negligent misrepresentation.
+Added: The Company believes it has adequate defenses to defeat Mr.
+Added: Seifert’s claims.
+Added: February 17, 2022, the Seifert Action was transferred to United States Disctict Court Judge Darrin P.
+Added: Gayles, the presiding judge over
+Added: the NextPlat Action.
+Added: The Seifert Action was redesignated Case No.
+Added: 21-cv-22410-GAYLES.
+Added: Both matters are in the discovery phase.
+Added: case has been set for trial.
Mine Safety Disclosures.
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.