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EX-10.1 - EXECUTIVE EMPLOYMENT AGREEMENT - Exactus, Inc. | ex10-1.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of
report (Date of earliest event reported): March 16, 2017
Exactus, Inc.
(Exact
name of registrant as specified in its charter)
Nevada
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333-183360
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27-1085858
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(State
or other jurisdiction of incorporation)
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(Commission file
number)
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(IRS
Employer Identification No.)
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4870 Sadler Rd,
Suite 300, Glen Allen, VA 23060
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(Address of
principal executive offices)
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(804)
205-5036
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(Registrant’s
telephone number)
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____________________________________________________________
(Former
name or former address, if changed since last report)
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Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2.
below):
[
] Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)
[
] Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a-12)
[
] Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[
] Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02
Departure
of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.
On
March 16, 2017, Exactus, Inc. (the “Company”) entered
into an Executive Employment Agreement (the “Employment
Agreement”) with Kelley Wendt that provides for her continued
services as the Chief Financial Officer of the
Company.
The
initial term of the Employment Agreement will end on February 1,
2019 and will automatically renew for successive one (1) year
terms, unless either party provides written notice of nonrenewal to
the other party at least thirty (30) days prior to the expiration
of the then current term. The Employment Agreement may be
immediately terminated by the Company for “Cause” (as
defined in the Employment Agreement) or by Ms. Wendt or the Company
upon two (2) months’ advance written notice.
Ms.
Wendt will receive an initial annual gross base salary of $90,000
(the “Annual Base Salary”) and is eligible to earn an
annual performance bonus equal to up to 60% of her Annual Base
Salary (the “Performance Bonus”) based upon performance
criteria established by the Company from time to time. She also is
eligible to participate in the Company’s stock incentive
plan. Ms. Wendt will be entitled to receive up to twenty-five (25)
days paid vacation each year and to participate in all employee
health and welfare benefits plans for which she is
eligible.
The
Employment Agreement also includes covenants relating to
non-disclosure of confidential information and non-competition,
non-solicitation of customers, and non-solicitation and non-hiring
of employees for a period of one year following termination of
employment.
A copy
of Ms. Wendt’s Employment Agreement is attached as Exhibit
10.1 to this report and incorporated by reference into this Item
5.02.
Item
9.01
Financial
Statements and Exhibits
(d)
Exhibits.
Exhibit No.
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Description
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10.1
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Executive
Employment Agreement between Exactus, Inc. and Kelley Wendt,
effective as of March 16, 2017
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
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Exactus, Inc.
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Dated:
March 22, 2017
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/s/ Philip J.
Young
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Philip
J. Young
CEO
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EXHIBIT INDEX
Exhibit No.
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Description
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10.1
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Executive
Employment Agreement between Exactus, Inc. and Kelley Wendt,
effective as of March 16, 2017
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