Eva Live's free float stands at about 12 million shares. The CEO's new pay package, if fully earned and converted, would produce 150 million more.
That is the central fact in a five-year executive employment agreement signed with CEO David Boulette on August 17, 2026, and disclosed in an 8-K filed with the SEC on August 20.
Shares closed 15.34% higher at $2.0300 after the filing, on dollar volume of about $469,000.
Under the agreement, Boulette can earn up to 1 million shares of a new class of preferred stock — 200,000 shares per year over five years — by hitting performance milestones. Each preferred share converts into 150 ordinary shares of common stock. The filing states the full award is convertible into up to 150 million common shares. The mechanics matter: every preferred share is a claim on 150 additional shares of the same company, and every new common share issued makes the existing ones a smaller portion of the whole.
The year one milestone is already met. The agreement names it as the Nasdaq uplisting, which occurred on January 28, 2026. The 200,000 preferred shares for that first year are effectively earned; what remains are procedural steps. The company must file a Schedule 14C disclosure with the SEC, wait at least 20 calendar days after mailing it to shareholders, and have Nevada accept the certificate of designation for the new preferred stock. Stockholder approval was obtained in advance by written consent rather than a formal shareholder vote.
The year two milestone requires an acquisition of at least $5 million in transaction value — or the commercial launch of a product projected to generate at least $5 million in incremental annual revenue — alongside at least $15 million in annual sales. Years three through five each require 30% year-over-year sales growth.
The preferred carries no mandatory dividends and no ordinary voting rights, so Boulette cannot use the preferred shares to influence shareholder votes. Common shares received on conversion would carry normal voting rights.
Beyond the equity, the agreement pays a base salary of $800,000 a year, rising 10% on each anniversary of the effective date. If the company terminates Boulette without cause, it owes him a $5 million lump-sum severance payment.
The filing does not state the company's current annual revenue — the baseline against which the year two and three milestones will eventually be measured.