UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) of the
SECURITIES EXCHANGE ACT OF 1934
__________________
March 1, 2018
Date of Report (Date of Earliest event reported)
SHARING SERVICES, INC.
(Exact Name of Registrant as Specified in Charter)
Nevada | 333-205310 | 30-0869786 |
(State or other Jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
3820 American Drive, Suite 300, Plano, Texas 75075 | |
(Address of principal executive offices) | |
|
|
Registrant's telephone number, including area code: | 714-203-6717 |
|
|
___________________________________________________
(Former Name or Former Address, If Changed Since Last Report)
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:
[ ] | 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 13c-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (/Section 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (Section 240.12b-2 of this chapter).
Emerging growth company [X]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(a)
Not applicable.
(b)
On March 1, 2018, Jordan Brock, President and Chief Executive Officer of Sharing Services, Inc. (the Company), resigned as President and Chief Executive Officer. On the same date, Mr. Brock was appointed to the position of Vice President of the Company. He remains a director of the Company.
(c)
On March 1, 2018, the Board of Directors of appointed John (JT) Thatch to the position of President, Chief Executive Officer, and a director of the Company.
John (JT) Thatch Chief Executive Officer
John JT Thatch, 55, is an accomplished, energetic, entrepreneur minded Executive who has the vision and knowledge to create growth and shareholder value any organization. Mr. Thatch has successful started, owned and operated several sized businesses in various industries that include service companies, retail, wholesale, education, finance, real estate management and technology. In the year, 2000, Mr. Thatch successfully merged a technology company into a company that was a publicly traded entity and became CEO of the company for over five years. That company currently trades on the NASDAQ stock exchange under the name CUI Global. He has worked in the public sector serving as a consultant and interim CEO of two other public companies, Dtomi and Innova Pure Water, advising their Board of Directors on growth strategies and organizational structure. Mr. Thatch engaged back into the private sector in 2009 for seven years as CEO for Universal Education and has been the Managing Member of Superior Wine and Spirits from 2016 to present.
Mr. Thatch has no family relationship with any of the Companys directors or any other executive officer.
Mr. Thatch has had no transactions with a related person during the last fiscal year nor during the interim period to date hereof.
(d)
Not applicable.
(e)
In connection with the appointment of Mr. Thatch as President and Chief Executive Officer, he entered into an Executive Employment Agreement (the Employment Agreement) with the Company. Pursuant to the terms of the Employment Agreement, Mr. Thatch is entitled to receive a base salary of $20,000 per month. In addition, effective March 1, 2018, the Company shall issue to Mr. Thatch a warrant to purchase up to 5,000,000 shares of the Companys Series A Preferred Stock at a price equivalent to par value, $0.0001 per share, which shall vest immediately. At January 1, 2019, Mr. Thatch shall be issued an additional warrant to purchase up to 10% of the total issued and outstanding shares of the Companys Common Stock Class A at a price equivalent to par value, $0.0001 per share.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
Date: March 1, 2018 SHARING SERVICES, INC. By: /s/ Robert Oblon Name: Robert Oblon Title: Chairman of the Board |