Diego Pellicer Worldwide, Inc. (OTCMKTS:DPWW) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
Item 1.02 Termination of a Material Definitive Agreement.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Item 701 Regulation FD
Items 1.01, 1.02 and 5.02 Director-Officer Resignation and Appointments. On October 29, 2019, Diego Pellicer Worldwide, Inc. (“Registrant”) accepted the resignation of Ron Throgmartin from his positions as CEO, President and Director. Mr. Throgmartin’s resignation was not the result of any disagreements with Registrant’s plan of operations, policies or management.
On the same date, Registrant appointed Christopher D. Strachan, Registrant’s Chief Financial Officer, to membership on Registrant’s Board of Directors and appointed Nello Gonfiatini III, Regiatrant’s Chief Operations Officer, to the additional post of Chief Executive Officer. Mr. Strachan has served as Registrant’s accountant and was appointed Chief Financial Officer on February 1, 2016, and Mr. Gonfiantini has served with Registrant since May 12, 2016, when he began his service to Registrant as a Consultant and then transitioning to Vice President-Real Estate on February 8, 2017. Registrant and Messrs. Gonfiantini and Strachan are currently negotiating revised employment agreements.
Director Appointment. Christopher Strachan joined Registrant as its Chief Financial Officer in October, 2015. Mr. Strachan is an accomplished CFO, CEO, and manager with 30 years in corporate operations, marketing, securities, finance and 20 years of executive management experience. He has worked largely with developing and startup corporations, where he has honed his skills. For the past five years, Mr. Strachan has served as the President of Helisports LLC, a business development consulting company. In addition, he served as the CEO of Rhodes Architectural Stone from 2011 to 2012, the Director of Marketing and Sales of Glasair Aviation from 2012 to 2014 and the Director of Flight Operations and R&D at RotorWay Helicopters from 2009 to 2011. Mr. Strachan received his Bachelor of Science degree in accounting and economics from the University of the Witwatersrand, Johannesburg, South Africa, participated in the Professional Pilot Program at Salt Lake Community College and attended Brigham Young University, studying International Finance. On the basis of his financial background, experience and operational skills, Mr. Strachan is qualified to serve as a Director of Registrant.
Separation Agreement. Registrant and Ron Throgmartin signed a 5-year term Separation Agreement which, among other matters, terminated his Employment Agreement, as amended. In addition, this agreement provides that the Registrant will pay him $5,000 monthly against his accrued salary/fees and 50% of future compensation due under his terminated Employment Agreement, with certain accelerated payments in the event Registrant’s financial results attain certain EBITA benchmarks. Registrant shall have the right to require Mr. Throgmartin to provide consulting services to Registrant for a per diem fee of $500. Readers are alerted that all of these disclosures of certain provisions of the Separation Agreement are subject in their entirety to the terms and provisions set forth in the Separation Agreement, a copy of which is attached as an exhibit to this Current Report.
Item 701. On November 1, 2019, Registrant issued a press release concerning Items 1.01 and 5.02, attached as an Exhibit.
(d) Exhibits.