Item 1.01 - Amendment of a Material Definitive Agreement.
On January 17, 2023, Applied Energetics, Inc. amended its Consulting Agreement
with SWM Consulting, LLC, pursuant to which Stephen W. McCahon serves as its
Chief Scientist. The amendment is effective January 1, 2023, provides for an
extended term of three years, commencing on that date, and increases
compensation under the agreement to $300,000, $325,000 and $350,000 per year for
the first, second and third years of the extended term, respectively.
On January 17, 2023, Applied Energetics, Inc. amended its Master Services
Agreement with Westpark Advisors,, LLC. The amendment is effective January 1,
2023, provides for an extended term of three years, commencing on that date, and
increases compensation under the agreement to $260,000, $275,000 and $290,000
per year for the first, second and third years of the extended term,
respectively. The amendment further provides for issuance of Restricted Stock
Units covering 940,909 shares of the company's common stock, subject to the
company receiving cumulative revenues from contracts in the amount of $5 million
and the company completing a funding with designated proceeds sufficient to
cover any withholding which may be due for the issuance of such shares and
nullifies options to purchase 1,000,000 shares which were referenced in the
original agreement but never issued.
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APPLIED ENERGETICS, INC. 