Exactus, Inc. (OTCMKTS:EXDI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

ME Staff 8-k
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Exactus, Inc. (OTCMKTS:EXDI) 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 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 Companys 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. Wendts 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.

ExhibitNo.
Description
10.1
Executive Employment Agreement between Exactus, Inc. and
Kelley Wendt, effective as of March 16, 2017


About Exactus, Inc. (OTCMKTS:EXDI)

Exactus, Inc. (Exactus), formerly Spiral Energy Tech, Inc., is a life science company. The Company will develop and commercialize Point-of-Care (POC) diagnostics for measuring proteolytic enzymes in the blood based on a detection platform. The Company’s primary business focus will be the development and commercialization of the FibriLyzer and related technology licensed by Exactus. The Company’s products will employ a disposable test biosensor strip combined with a portable hand held detection unit that provides a result in approximately 30 seconds. The Company intends to file to gain regulatory approval and launch its products in the United States and Europe.

Exactus, Inc. (OTCMKTS:EXDI) Recent Trading Information

Exactus, Inc. (OTCMKTS:EXDI) closed its last trading session 00.000 at 0.600 with 1,670 shares trading hands.