FLITWAYS TECHNOLOGY, INC. (OTCMKTS:FTWS) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 – ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On December 28, 2017, FlitWays Technology, Inc. (f/k/a Cataca Resources, Inc.)., a Nevada corporation (the “Company”) entered into an Employment Agreement (the “Agreement”) with Tobi Mac Aro (“Mr. Aro”) an individual. to the terms and conditions of the Agreement, Mr. Aro shall serve as the Company’s President, Chief Executive Officer, Interim Chief Financial Officer, Interim Principal Financial Officer and a member of the Board of Directors and shall assume such other positions as reasonably requested by the Board of Directors, commencing on January 1, 2018 for a term of three (3) years, and shall have the option to be renewed for an additional one (1) year unless earlier terminated. In exchange for his services, Mr. Aro shall receive a yearly salary as per the following schedule:
As part of the Agreement Mr. Aro will receive option grants to reflect important objectives met during such periods. Mr. Aro, will be granted 7,000,000 options as of December 31, 2017 as per the Agreement and additional option grants as per the following schedule:
2018: 8,000,000 option grants
2019: 8,000,000 option grants
2020: 8,000,000 option grants
The Agreement also contains an incentive bonus for each year of the Agreement. The incentive bonus shall be based on the salary for that year and is tied to performance hurdles detailed in the Appendix A to the Agreement.
The foregoing summary description of the Employment Agreement is not complete and is qualified in its entirety by reference to the full text of the Employment Agreement. The Employment Agreement also contains customary events of cancellation. For further information regarding the terms and conditions of the Employment Agreement, this reference is made to such agreement, which the Company has filed; herewith, as exhibit 10.01 to our Current Report on Form 8-K and is incorporated herein by this reference.
Item 1.01 – CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT
The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference into this Item 1.01.
Item 1.01 – UNREGISTERED SALES OF EQUITY SECURITIES
The information provided in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 1.01. Reference is made to the issuance of the shares of restricted Company common stock to Mr. Aro, as described under Item 1.01 above. The issuance of the shares will be conducted by the Company in reliance upon the exemption from registration provided by Section 4(2) and upon Regulation S of the Securities Act of 1933, as amended.
Item 1.01 – FINANCIAL STATEMENTS AND EXHIBITS
Employment Agreement by and between the Company and Tobi Mac Aro, dated December 28, 2017.
Flitways Technology Inc. ExhibitEX-10.01 2 f1001.htm EMPLOYMENT AGREEMENT BY AND BETWEEN THE COMPANY AND TOBI MAC ARO,…To view the full exhibit click
About FLITWAYS TECHNOLOGY, INC. (OTCMKTS:FTWS)
FlitWays Technology, Inc., formerly Cataca Resources, Inc., is a travel technology company. The Company allows travelers to search and schedule the mode of mobility, and helps drivers utilize their equity. The Company offers pre-booked and on-demand ground transportation, including rideshares, taxis, black cars and airport shuttles. The Company offers global ground transportation solution. The Company connects airlines, online travel agents and travel distributors with over 400 airports with a fleet of approximately 15,000 vehicles. The Company provides security for both business and private travelers with secure booking. The FlitWays online booking engine and application allows travelers to choose and pre-book a preferred ride from a range of vehicles, such as taxi, executive cars, airports shuttles and transfers. The Company caters to approximately 170 cities globally, including North America, South America, Europe and Asia.