CANNASYS, INC. (OTCMKTS:MJTK) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

CANNASYS, INC. (OTCMKTS:MJTK) 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

Story continues below

On July 1, 2017, CannaSys, Inc. and Patrick G. Burke entered to an executive employment agreement to engage Mr. Burke’s services as chief executive officer, chief financial officer, and corporate secretary for a term of one year, with automatic renewal for successive one-year terms at each anniversary date, unless terminated. Mr. Burke’s compensation will consist of an annual base salary of $84,000. The Company and Mr. Burke also entered into a Grant of Restricted Stock for 2,250,000 shares of common stock, to vest in equal quarterly increments over a one-year period.

At the same time, Michael Tew resigned as chief executive officer, chief financial officer, and corporate secretary, his employment agreement was terminated, and he entered into a consulting agreement and a separation and mutual release agreement with the Company. In connection therewith, the Company issued to Mr. Tew a promissory note in the amount of $44,380 for his past-due compensation and severance payment.

ITEM 9.01—FINANCIAL STATEMENTS AND EXHIBITS

The following are filed as exhibits to this report:

Exhibit

Number*

Title of Document

Location

Item 10

Material Contracts

10.74

Executive Employment Agreement, together Grant of Restricted Stock and Confidentiality and Proprietary Rights Agreement, between CannaSys, Inc. and Patrick G. Burke, effective July 1, 2017

Attached

10.75

Promissory Note to Michael A. Tew dated June 30, 2017

Attached

10.76

Separation and Mutual Release Agreement between CannaSys, Inc. and Michael A. Tew effective June 30, 2017

Attached

10.77

Consulting Agreement between CannaSys, Inc. and MichaelA. Tew effective July 1, 2017

Attached

Item 99

Miscellaneous

99.01

Press Release dated July 11, 2017

Attached

_______________________________________

*All exhibits are numbered with the number preceding the decimal indicating the applicable SEC reference number in Item 601 and the number following the decimal indicating the sequence of the particular document. Omitted numbers in the sequence refer to documents previously filed as an exhibit.


CANNASYS INC Exhibit
EX-10 2 ex10z74.htm EXHIBIT 10.74 Ex 10.74 Burke Executive Employment Agreement.DOCX EXECUTIVE EMPLOYMENT AGREEMENT   THIS EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into effective July 1,…
To view the full exhibit click here

About CANNASYS, INC. (OTCMKTS:MJTK)

CannaSys, Inc., formerly Thermal Tennis Inc., is a technology company. The Company provides technology services in the ancillary space of the cannabis industry. The Company creates, develops and commercializes solutions to solve customer service and provider problems; creates producer and retailer opportunities, and streamlines the connections among the producer, seller and consumer/patient segments for the medical and recreational cannabis community. Its products serve both medical and recreational growers, dispensers and customers. Its products include BumpUp Rewards, BumpUp Rewards White-Label Applications, CannaLIMS and MHB, Inc. Branded Products. Its BumpUp Rewards is an affiliate-based membership rewards loyalty program designed for the cannabis industry. CannaLIMS is a laboratory management information system product focused on the cannabis marketplace. It has interest in MHB, Inc., doing business as Mile High Brands.

An ad to help with our costs