Trxade Group, Inc. (OTCMKTS:TRXD) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 29, 2020, Trxade Group, Inc. (“we”, “us” or the “Company”) held its 2020 Annual Meeting of Stockholders (the “Meeting”). At the Meeting, the stockholders of the Company approved and ratified the Company’s Amended and Restated 2019 Equity Incentive Plan (the “2019 Plan”), which amended the Company’s 2019 Equity Incentive Plan to (a) increase by one million, the number of shares reserved for issuance under such plan (to 2,000,000 total shares)(the “Available Shares”); and (b) to amend such plan to include an ‘evergreen’ feature, which results in an automatic increase in the Available Shares on April 1st of each calendar year, beginning in 2021 and ending in 2029 (each a “Date of Determination”), in each case subject to the approval and determination of the administrator of the 2019 Plan on or prior to the applicable Date of Determination, equal to the lesser of (A) ten percent (10%) of the total shares of common stock of the Company outstanding on the last day of the immediately preceding fiscal year and (B) such smaller number of shares as determined by the administrator (the “Share Limit”). The Company’s stockholders approved the Amended and Restated 2019 Plan in accordance with the voting results set forth below under Item 5.07. The amendments to the 2019 Plan were originally approved by the Board of Directors of the Company on April 9, 2020, subject to stockholder approval.
The material terms of the 2019 Plan were described in the Company’s Proxy (defined below in Item 5.07) under the caption “Proposal 2 – Ratification of the Company’s Amended and Restated 2019 Equity Incentive Plan”. The 2019 Plan provides an opportunity for any employee, officer, director or consultant of the Company, subject to any limitations provided by federal or state securities laws, to receive (i) incentive stock options (to eligible employees only); (ii) nonqualified stock options; (iii) restricted stock; (iv) stock awards; (v) shares in performance of services; or (vi) any combination of the foregoing. In making such determinations, the Board of Directors (or the Compensation Committee) may take into account the nature of the services rendered by such person, his or her present and potential future contribution to the Company’s success, and such other factors as the Board of Directors (or the Compensation Committee) in its discretion shall deem relevant. Incentive stock options granted under the 2019 Plan are intended to qualify as “incentive stock options” within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). Nonqualified (non-statutory stock options) granted under the 2019 Plan are not intended to qualify as incentive stock options under the Code.
The above description of the 2019 Plan does not purport to be complete, and is qualified in its entirety by reference to the full text of the 2019 Plan, which is attached as Exhibit 10.1 hereto and is incorporated by reference into this Item 5.02.
Item 5.07 Submission of Matters to a Vote of Security Holders.
At the Meeting, an aggregate of 5,913,240 shares of voting stock, or 79.0% of our 7,484,370 total outstanding voting shares as of April 13, 2020, the record date for the Meeting (the “Record Date”), were present at or were voted at the Meeting, constituting a quorum. The following proposals were voted on at the Meeting (as described in greater detail in the Definitive Proxy Statement on Schedule 14A, filed with the Securities and Exchange Commission on April 16, 2020 (the “Proxy”)), with the results of such voting as set forth below. Capitalized terms have the meanings given to such terms in the Proxy and this Form 8-K should be read in connection with the Proxy.
* Filed herewith.
TRXADE GROUP, INC. Exhibit
EX-10.1 2 ex10-1.htm AMENDED AND RESTATED 2019 EQUITY PLAN Exhibit 10.1 TRXADE GROUP,…
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About Trxade Group, Inc. (OTCMKTS:TRXD)
Trxade Group, Inc. (Trxade) designs, develops, owns and operates a business-to-business Web-based marketplace focused on the United States pharmaceutical industry. The Company’s products and services include Trxade.com, InventoryRx.com, Pharmabayonline and RxGuru. Its services are distributed through its online platform. As of December 31, 2015, its wholesale division distributed pharmaceuticals to independent pharmacies in 26 states through a third-party logistics company. The Company’s subsidiaries include Trxade, Inc. (Trxade Florida) and Pinnacle Tek, Inc. Trxade.com is a Web-based pharmaceutical marketplace engaged in promoting and enabling trade among independent pharmacies and pharmaceutical suppliers across the nation. InventoryRx.com is a Web-based pharmaceutical marketplace formed to promote and enable trade among suppliers, manufacturers and healthcare facilities across the nation.
