Securities Registration: Employee Benefit Plan (s-8)
November 27 2019 - 2:26PM
Edgar (US Regulatory)
Registration No.
____________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form S-8
REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933
Video River Networks, Inc.
(Exact name of registrant
as specified in its charter)
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Nevada
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(State of incorporation)
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370 Amapola Ave., Suite 200A,
Torrance, CA 90501
(310) 895-1839
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(Address of principal executive
offices) (Zip Code)
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2019 Incentive Compensation Plan
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(Full title of the plan)
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Frank I Igwealor, Chief Executive Officer
370 Amapola Ave., Suite 200A, Torrance
CA 90501
310-895-1839
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(Full title of the plan)
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COPIES TO:
Azuka L Uzoh, Esq.
Law Office of Azuka L Uzoh
1930 Wilshire Blvd., Suite 1216, Los
Angeles, California 90025
Telephone: (213) 483-4020
6500
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87-0627349
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(Primary Standard
Industrial
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(IRS
Employer Identification No.)
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Classification Code Number)
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Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, a smaller reporting company, or an
emerging growth company. See the definitions of “large accelerated filer,”
“accelerated filer,” “smaller reporting company,” and “emerging growth company”
in Rule 12b-2 of the Exchange Act.
Large accelerated filer o
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Accelerated filer o
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Non-accelerated filer o
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Smaller reporting company x
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Emerging growth company x
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If
an emerging growth company, indicate by check mark if the registrant has
elected not to use extended transition period for complying with any new or
revised financial accounting standards provided pursuant to
Section 7(a)(2)(B) of the Securities Act. ☐
CALCULATION OF
REGISTRATION FEE
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Title of
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Amount to
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Proposed
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Proposed
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Amount of
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Securities to
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be Registered
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Maximum
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Maximum
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Registration Fee
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be Registered
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Offering Price
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Aggregate
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per Share
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Offering Price
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Common Stock, par value $0.001 per share (1)
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50,000,000
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$0.0065
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$325,000.00
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$39.39
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(1)
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Consists
of an aggregate of 50,000,000 shares of Common Stock, par value $0.001 per
share, authorized under the Video River Networks, Inc. 2019 Incentive
Compensation Plan. Pursuant to Rule 457(h), the offering price is calculated
solely for purposes of calculating the registration fee based on the closing
bid price of the Common Stock as reported on the OTC Pinksheet on November 13,
2019.
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(2)
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Pursuant
to Rule 416, this Registration Statement shall also cover any additional
shares of the Registrant's Common Stock that become issuable by reason of any
stock dividend, stock split, recapitalization or other similar transaction
effected without the receipt of consideration that increases the number of
the Registrant's outstanding shares of Common Stock.
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Proposed
sales to take place as soon after the effective date of the registration
statement as awards are granted, exercised or distributed under the 2019 Plan.
EXPLANATORY NOTE
This Registration Statement on
Form S-8 is being filed by Video River Networks, Inc. (the “Registrant”)
to register 50,000,000 shares of the Registrant’s Common Stock that may be
offered and sold under the Registrant’s 2019 Stock Incentive Compensation Plan,
(the “2019 Plan”).
PART I
INFORMATION
REQUIRED IN THE PROSPECTUS
The
information specified in Item 1 and Item 2 of Part I of Form S-8 is
omitted from this Registration Statement on Form S-8 (the “Registration
Statement”) in accordance with the provisions of Rule 428 under the
Securities Act of 1933, as amended (the “Securities Act”) and the
introductory note to Part I of Form S-8. The documents containing the
information specified in Part I of Form S-8 will be delivered to the
participants in the equity benefit plans covered by this Registration Statement
as specified by Rule 428(b)(1) under the Securities Act.
PART
II
INFORMATION
REQUIRED IN REGISTRATION STATEMENT
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ITEM
3.
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Incorporation
of Documents by Reference.
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The
following documents are incorporated by reference in this registration
statement:
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(a)
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Registrant's
Annual Report on Form 10-K for the fiscal year ended December 31, 2018;
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(b)
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All
other reports, if any, filed by the Registrant pursuant to Section 13(a) of
the Securities Exchange Act of 1934 since the end of the fiscal year ended
December 31, 2018.
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From
the date of filing of such documents, all documents filed by the Registrant
pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act
of 1934, as amended, after the date of this Registration Statement and before
the filing of a post-effective amendment to this Registration Statement that
indicates that all securities covered by the Registration Statement have been
sold or that deregisters all securities covered by the Registration Statement
then remaining unsold. Any statement contained in a document incorporated or
deemed to be incorporated by reference herein shall be deemed to be modified or
superseded for purposes of this Registration Statement to the extent that a
statement contained herein or in any subsequently filed document which also is
deemed to be incorporated by reference herein modifies or supersedes such
statement. Any such statement so modified or superseded shall not be deemed,
except as so modified or superseded, to constitute a part of this Registration
Statement.
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ITEM
4.
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Description
of Securities.
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Not
applicable.
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ITEM
5.
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Interests
of Named Experts and Counsel.
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Not
applicable.
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ITEM
6.
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Indemnification
of Directors and Officers.
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Under
Article V.B of our Articles of Incorporation, we are required to indemnify and
hold harmless, to the fullest extent permitted by Nevada law, our officers and
directors. Furthermore, Article V.C of our Articles of Incorporation, we
are required to advance any expenses of an officer or director incurred in
defending a civil or criminal action, suit or
proceeding as they are incurred and in advance of the final disposition of the
action, suit or proceeding upon receipt of an undertaking by or on behalf of
the director or officer to repay the amount if it is ultimately determined by a
court of competent jurisdiction that he or she is not entitled to be
indemnified by the corporation.
Under
Article VII of our Bylaws, we required to indemnify, to the fullest extent
required by Nevada law, each director or officer who was or is a party to, or
is threatened to be made a party to, or is otherwise involved in, any
proceeding, by reason of the fact that he or she is or was our director or
officer or member, manager, or managing member of a predecessor limited
liability company or affiliate of such limited liability company, or is or was
serving in any capacity at our request as a director, officer, employee, agent,
partner, member, manager, or fiduciary of, or in any other capacity for,
another corporation or any partnership, joint venture, limited liability
company, trust, or other enterprise or affiliate. Indemnification may not be
made to or on behalf of an indemnitee if a final adjudication establishes that
his or her acts or omissions involved intentional misconduct, fraud, or a
knowing violation of law and was material to the cause of action. Furthermore,
we are required to advance expenses to an indemnitee in advance of a final
disposition of the proceeding.
The
indemnification provided by our Articles of Incorporation and Bylaws is not
exclusive of any rights to which those indemnified may be entitled under any
agreement, vote of stockholders or disinterested directors or otherwise, both
as to action in his official capacity and as to action in another capacity
while holding such office, and shall continue as to a person who has ceased to
be a director, officer, employee, or agent and shall inure to the benefit of
the heirs, executors, and administrators of such a person.
Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may
be permitted to directors, officers and controlling persons of the Company
pursuant to the Nevada law, the Registrant's Articles of Incorporation, the
Registrant's By-Laws or any indemnification agreements of the Registrant with
its directors and officers, the Registrant has been informed that in the
opinion of the Securities and Exchange Commission such indemnification is
against public policy as expressed in the Securities Act and is therefore
unenforceable.
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ITEM
7.
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Exemption
from Registration Claimed.
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Not
applicable.
Exhibit No.
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Exhibit
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4.1
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2018
Incentive Compensation Plan.
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4.2
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Form
of Restricted Stock Award.
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5
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Opinion
re: Legality.
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23.1
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Consent
of legal counsel to the filing of its opinion with respect to the legality of
the securities being registered hereby (included in Exhibit No. 5).
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The undersigned
Registrant hereby undertakes:
(1) To
file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:
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(i)
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To
include any prospectus required by section 10(a)(3) of the Securities Act of
1933;
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(ii)
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To
reflect in the prospectus any facts or events arising after the effective
date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a
fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume
of securities offered (if the total dollar value of securities offered would
not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of
prospectus filed with the Commission pursuant to Rule 424(b) if, in the
aggregate, the changes in volume and price represent no more than 20% change
in the maximum aggregate offering price set forth in the "Calculation of
Registration Fee" table in the effective registration statement;
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(iii)
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To
include any material information with respect to the plan of distribution not
previously disclosed in the registration statement or any material change to
such information in the registration statement;
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PROVIDED,
HOWEVER, that paragraphs (1)(i), (1)(ii) and (1)(iii) do not apply if the
information required to be included in a post-effective amendment by those
paragraphs is contained in reports filed with or furnished to the Commission by
the Registrant pursuant to Section 13 or Section 15(d) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are
incorporated by reference in this registration statement, or is contained in a
form of prospectus filed pursuant to Rule 424(b) that is part of the
registration statement.
(2) That,
for the purpose of determining any liability under the Securities Act of 1933,
each such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering
thereof.
(3) To
remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the
offering.
(4) The
undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the Registrant's
annual report pursuant to section 13(a) or section 15(d) of the Securities
Exchange Act of 1934 (and, where applicable, each filing of an employee benefit
plan's annual report pursuant to section 15(d) of the Securities Exchange Act
of 1934) that is incorporated by reference in the registration statement shall
be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
(5) Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may
be permitted to directors, officers and controlling persons of the Registrant
pursuant to the foregoing provisions, or otherwise, the Registrant has been
advised that in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the Registrant of expenses incurred
or paid by a director, officer or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.
SIGNATURE
Pursuant
to the requirements of the Securities Act of 1933, the Registrant certifies
that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form S-8 and has duly caused this registration statement to be
signed on its behalf by the undersigned, thereunto duly authorized, in the City
of Torrance, State of California, on November 26, 2019.
Video River
Networks, Inc.
Dated:
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November
26, 2019 By:
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/s/
Frank I Igwealor
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Frank
I Igwealor, CPA, JD, CMA, CFM
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President
and CEO
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POWER
OF ATTORNEY
KNOW ALL PERSONS
BY THESE PRESENTS,
that each person whose signature appears below constitutes and appoints Frank I
Igwealor as his or her true and lawful attorneys-in-fact and agents,
with the full power of substitution, for him or her and in their name, place or
stead, in any and all capacities, to sign any and all amendments to this
Registration Statement (including post-effective amendments), and to sign any
registration statement for the same offering covered by this Registration
Statement that is to be effective upon filing pursuant to Rule 462(b)
promulgated under the Securities Act, and all post-effective amendments
thereto, and to file the same, with all exhibits thereto and other documents in
connection therewith, with the Securities and Exchange Commission, granting
unto said attorneys-in-fact and agents, and each of them, full power
and authority to do and perform each and every act and thing requisite and
necessary to be done in connection therewith, as fully to all intents and
purposes as he or she might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents or any of them,
or his, her or their substitute or substitutes, may lawfully do or cause to be
done by virtue hereof.
Pursuant to the
requirements of the Securities Act, this Registration Statement has been signed
by the following persons in the capacities and on the dates indicated.
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Signature
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Title
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Date
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Frank
I Igwealor
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Chief Executive Officer and
Director (Principal Executive Officer),
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Nov
26, 2019
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Patience
C Ogbozor
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Director
(Member
of Board of Directors)
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Nov
26, 2019
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