KUSH BOTTLES, INC. (OTCMKTS:KSHB) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
On January 31, 2018, the Board of Directors (the “Board”) of Kush Bottles, Inc. (the “Company”) increased the size of the Board from four directors to five directors. The Board appointed Donald H. Hunter as a director of the Board to fill the vacancy created by the increase in the size of the Board, effective as of February 1, 2018 (the “Effective Date”).
For his service, Mr. Hunter will receive compensation commensurate with that received by the Company’s other non-employee directors, including an annual retainer of $12,000 paid in four equal quarterly installments. Additionally, the Board approved a one-time grant of an option to purchase 120,000 shares of the Company’s common stock to Mr. Hunter as of the Effective Date, with the exercise price being equal to the fair market value per share of the Company’s common stock as of the Effective Date. One-half of the shares underlying the options will vest on the one-year anniversary of the Effective Date, and the remainder of the underlying shares will vest in twelve equal monthly installments.
There are no understandings or arrangements between Mr. Hunter and any other person to which he was selected as a director. Mr. Hunter does not have any family relationship with any director or executive officer of the Company or any person nominated or chosen by the Company to become a director or officer. There are no transactions in which Mr. Hunter has an interest requiring disclosure to Item 404(a) of Regulation S-K.
On February 1, 2018, the Company issued a press release announcing the appointment of Mr. Hunter to the Board. The full text of the press release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Item 8.01 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the United States Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
Kush Bottles, Inc. ExhibitEX-99.1 2 tv484575_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 Kush Bottles Appoints Donald H. Hunter,…To view the full exhibit click here
About KUSH BOTTLES, INC. (OTCMKTS:KSHB)
Kush Bottles, Inc. markets and sells packaging products and solutions to customers operating in the regulated medical and recreational cannabis industries. The Company specializes in the wholesale distribution of packaging supplies and customized branding solutions for the cannabis industry. Its packaging business primarily consists of bottles, bags, tubes, and containers. It offers labeling and customization capabilities to its customers’ packaging design processes. Its products are utilized by local urban farmers, green house growers, and medical and recreational cannabis dispensaries. It sells primarily into the business-to-business market, which includes legally operating medical and adult-use dispensaries, growers, and marijuana infused product (MIP) producers in states with marijuana programs. It provides packaging solutions in the form of a bag. It provides smaller sized containers composed of either polystyrene, silicone-lined polystyrene or glass.