MassRoots, Inc. (OTCMKTS:MSRT) 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; Appointment
of Certain Officers; Compensatory Arrangements of Certain
Officers.
Effective December 21, Mr. Jesus Quintero resigned as the
Companys Chief Financial Officer. Mr. Quinteros resignation was
not the result of any dispute or disagreement with the Company or
the Companys Board of Directors (the Board) on any matter
relating to the operations, policies or practices of the Company.
On December 21, 2016, the Board approved the hiring of Mr. Robert
Bob Pullar to serve as the Companys new Chief Financial Officer,
to be effective on January 1, 2017. In accordance with the terms
of an employment agreement between the Company and Mr. Pullar
(the CFO Agreement), Mr. Pullar will be employed at will by the
Company. In addition to other customary terms, the CFO Agreement
provides that Mr. Pullar shall receive (a) an annual base salary
of $100,000, which shall adjust up to $150,000 upon meeting
specified EBITDA thresholds, (b) benefits and insurance available
to similarly situated employees under the Companys benefits
plan(s), and (c) awards of the Companys common stock, par value
$0.001 per share (Common Stock), as follows: (i) 100,000 shares
of Common Stock vesting after 90 days of remaining employed as
MassRoots Chief Financial Officer; (ii) 250,000 options to
purchase shares of Common Stock vesting in one (1) year; (iii) up
to 175,000 options to purchase shares of Common Stock, upon
meeting specified EBITDA thresholds; and (iv) additional Common
Stock and/or Common Stock option awards based on performance, to
be determined by the Company.
The foregoing summary of the CFO Agreement does not purport to be
complete and is subject to, and qualified in its entirety by, the
full text of the CFO Agreement, which is filed as Exhibit 10.1
hereto, and incorporated herein by reference.
Prior to joining MassRoots, since October 2006, Mr. Pullar, age
48, co-owned and served as Managing Director of Axis Private
Equity Group, LLC, an investment firm focused on making equity
investments in well-managed, profitable companies. Mr. Pullars
experience includes the negotiation of leveraged buyouts,
management buyouts, recapitalizations and equity investments with
privately held businesses and subsidiaries or divisions of public
companies. Mr. Pullar brings to the Company a strong
understanding of and tremendous experience in the financial
industry.
Mr. Pullar does not have any relationship with the Company that
would require disclosure to Item 404(a) of SEC Regulation S-K.
Mr. Pullar does not have any direct or indirect material interest
in any existing or currently proposed transaction to which the
Company is or may become a party.
Item 8.01
Other Events
On December 21, 2016, the Company issued a press release titled
MassRoots Recruits Robert Pullar as Chief Financial Officer. A
copy of the press release is filed as Exhibit 99.1 hereto and
incorporated herein by reference.
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits.
| 10.1 |
Employment Agreement, dated December 21, 2016, between the Company and Robert Pullar. |
| 99.1 |
Press Release dated December 21, 2016, titled MassRoots Recruits Robert Pullar as Chief Financial Officer. |
About MassRoots, Inc. (OTCMKTS:MSRT)
MassRoots, Inc. (MassRoots) is a United States-based company, which offers technology platforms for the cannabis industry. The Company’s mobile applications enable consumers to provide community-driven reviews of cannabis strains and products, enabling consumers to make cannabis purchasing decisions. Through its mobile applications and Web portal, users utilize MassRoots to share their cannabis content, stay connected with the legalization news and follow their preferred dispensaries. Its mobile application features dispensary finder and menus; product pages and reviews, and Sponsored Posts 2.0. It provides business dashboards featuring MassRoots’ product data in actionable formats. The Company focuses on introducing other features for users and index the network’s public content on Google for software engine optimization (SEO) value. The Company gains insights into consumer trends by aggregating data from various cannabis consumers. MassRoots, Inc. (OTCMKTS:MSRT) Recent Trading Information
MassRoots, Inc. (OTCMKTS:MSRT) closed its last trading session 00.000 at 0.990 with shares trading hands.