Medicine Man Technologies, Inc. (OTCMKTS:MDCL) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

ME Staff 8-k
-
0

Medicine Man Technologies, Inc. (OTCMKTS:MDCL) 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; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

In connection with the previously announced resignation of Andy Williams from the positions of President and member on the Board of Directors of Medicine Man Technologies, Inc. (the “Company”), on February 25, 2020, the Company entered into a Severance Agreement and Release (the “Severance Agreement”) with Mr. Williams.

The Severance Agreements provides that as severance and in consideration of a customary release against the Company and other customary covenants, Mr. Williams will receive (i) continued salary in the amount of $300,000, half of which is to be paid within ten days of the execution of the Severance Agreement, and the remaining half is to be paid in 26 equal disbursements in accordance with the Company’s regular payroll periods, (ii) bonus payment in the amount of $25,000, (iii) one year family health care coverage, (iv) stock options to purchase 350,000 shares of the Company’s common stock, which may be exercised on a cashless basis, and (v) stock options to purchase 15,000 shares of the Company’s common stock, which may be exercised on a cashless basis.

The full text of the Severance Agreement is filed herewith as Exhibit 10.1 and incorporated herein by reference.


Medicine Man Technologies, Inc. Exhibit
EX-10.1 2 medicineman_ex1001.htm SEVERANCE AGREEMENT AND RELEASE Exhibit 10.1   SEVERANCE AGREEMENT AND RELEASE   This Full and Final General Release (referred to herein as "Agreement") is made and entered into by ANDREW JOHNS WILLIAMS ("Employee") and MEDICINE MAN TECHNOLOGIES,…
To view the full exhibit click here

About Medicine Man Technologies, Inc. (OTCMKTS:MDCL)

Medicine Man Technologies, Inc. is a cannabis consulting company. The Company provides consulting services for cannabis growing technologies and methodologies, as well as retail operations of cannabis products. The Company focuses on providing assistance to its clients in various businesses related to the cannabis industry, including cultivation; the dispensary business model, including combinations and other variables related to the retail model configuration of both a medical, as well as adult use (recreational) operation, and other areas, including but not limited to business plan generation, financial pro forma generation, application generation support, recommendations for other service providers, employee training and facility design services. It offers a separate cultivation or dispensary license and other related consultative services. It offers both pre-license consulting, as well as licensure services that generally tie to the size of the proposed business venture.