Company: VPLM
Filing Date: 2025-12-23
Form Type: 10-K
Source: 0001493152-25-029094
Chunk: 507

Company: Voip-pal.com Inc
Filing Date: 2025-12-23
Form: 10-K
Item: Item 8
Chunk 507
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 2022, the Court entered a judgment in favor of VoIP-Pal.com Inc. and co-defendants, dismissing the 2020
case. The Plaintiffs filed an appeal with the Nevada Supreme Court.

During
the year ended September 30, 2023, following a hearing of the appeal, the Nevada Supreme Court ruled to reverse the lower court’s
judgment and remanded the case back to the lower court for further proceedings. The Defendants (Voip-Pal et al) filed a motion to the
Supreme Court for reconsideration, however that motion was denied, and a trial date was set for November 28, 2023.

During
the year ended September 30, 2024, on November 30, 2023, after the completion of trial, the Eighth Judicial District Court for the State
of Nevada rendered its decision in favor of VoIP-Pal upon all claims in the case, ruling that the Plaintiffs had not met their burden
of proof with respect to any of its claims against VoIP-Pal et al, awarding no damages to Locksmith and specifically ruling that Locksmith
take nothing as a result of the litigation.

During
the year ended September 30, 2024, on August 20, 2024, and then amended on September 10, 2024, the Company reached a settlement and release
agreement with the Plaintiff. Pursuant to the settlement and release agreement, the Company agreed to issue 30,000,000 restricted common
shares of the Company, with a value of $351,000, and in consideration of the agreement, the Plaintiff shall file a voluntary dismissal
of its appeal immediately upon delivery of the certificates. On October 1, 2024, a share certificate of 30,000,000 restricted common
shares was issued to the Plaintiff.

Performance
Bonus Payable

In
2016, the board of directors authorized the Company to provide a performance bonus (the “Performance Bonus”) of up to 3%
of the capital stock of the Company by way of the issuance of Common shares from its treasury to an as yet undetermined group of related
and non-related parties upon the occurrence of a bonusable event, defined as the successful completion of a sale of the Company or substantially
all its assets, or a major licensing transaction. In order to provide maximum flexibility to the Company with respect to determining
the level of Performance Bonus payable, and who may qualify to receive a pro-r