The disclosures set forth in Item 5.02, below, regarding our Separation and Release Agreement with Derek Du Chesne are incorporated herein by reference.
SECTION 5 – CORPORATE GOVERNANCE AND MANAGEMENT
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Effective September 15, 2020, Derek Du Chesne resigned from his positions as a member of our Board of Directors and as our President and Chief Growth Officer. There were no known disagreements with Mr. Du Chesne regarding any matter relating to our operations, policies, or practices. Mr. Du Chesne’s departure from the company is governed by a Separation and Release Agreement dated September 15, 2020 (the “Agreement”). The material terms of the Agreement are as follows:
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Mr. Du Chesne’s Employment Agreement with the company has been terminated. Mr. Du Chesne has waived all claims to wages, compensation, severance, reimbursement, stock options (except as described below), equity incentive compensation, stock grants, or other compensation payments arising under his former Employment Agreement. In addition, the Non-competition and Non-solicitation covenants set forth in the Employment Agreement have been terminated.
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Mr. Du Chesne has been allowed to exercise options to purchase 20,000 shares of our common stock at a price of $0.30 per share.
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Mr. Du Chesne and the Company have exchanged comprehensive mutual releases.
Effective September 17, 2020, Justin Viles resigned as a member of our Board of Directors. There were no known disagreements with Mr. Viles regarding any matter relating to our operations, policies, or practices.
Section 9 – FINANCIAL STATEMENTS AND EXHIBITS
Item 9.01
Financial Statements and Exhibits
Exactus, Inc. Exhibit…
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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.
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