Summary by Futu AI
On January 12, 2024, FOXO Technologies Inc., a Delaware corporation, entered into a Master Software and Services Agreement with KR8 AI Inc., a Nevada corporation. The agreement grants FOXO Technologies a perpetual license to use KR8 AI's products for developing applications based on FOXO's epigenetic biomarker technology. The license is limited to the U.S., Canada, and Mexico, and includes an initial license and development fee of $2.5 million, a monthly maintenance fee of $50,000, and a 15% royalty on subscriber revenues. Additionally, FOXO Technologies issued 1,300,000 shares of common stock to KR8 AI on January 19, 2024, as part of the agreement. The shares were exempt from registration under the Securities Act of 1933, as amended, in reliance on an exemption provided by Rule 506(b) of Regulation D of the Securities Act.