LANDSTAR, INC. (OTCMKTS:LDSR) Files An 8-K Entry into a Material Definitive Agreement

LANDSTAR, INC. (OTCMKTS:LDSR) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.

On June 21, 2019, LandStar, Inc. (the “Company”) entered into an amendment (the “Amendment”) to the Amendment and Forbearance Agreement dated June 19, 2019 by and between the Company and Blue Citi LLC (“Blue Citi”) regarding that certain Consolidated Note in the original principal amount of Eight Hundred Twenty-Nine Thousand Six Hundred Eighty Dollars ($829,680) dated September 30, 2018, with a maturity date of March 31, 2020 (the “Blue Citi Note”). to the Amendment, Blue Citi can convert the Blue Citi Note into shares of the Company’s common stock only upon the earlier of (i) the date in February 2020 that is the two-year anniversary of the first loan made by Blue Citi to the Company, or (ii) any event of default under the Blue Citi Note. The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by the full text of the Amendment, which is filed herewith as Exhibit 4.1 and incorporated herein by reference.

Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

On June 21, 2019, the Company filed an amendment to its articles of incorporation to increase the total number authorized shares of the Company’s common stock, par value $0.001 per share, from 8,888,000,000 shares to 15,000,000,000 shares. A copy of the certificate of amendment is attached hereto as Exhibit 3.1 and incorporated herein by reference.

On June 24, 2019, acting in accordance with Article XII of the Bylaws of the Company, the board of directors of the Company unanimously resolved to amend and restate the Bylaws to, among other things, clarify certain corporate procedures and make certain other enhancements and technical changes. The changes effected by the amendment and restatement of the Company’s bylaws (the “Amended and Restated Bylaws”) include, without limitation, the following:


LandStar, Inc. Exhibit

To view the full exhibit click here

An ad to help with our costs