MJ Holdings, Inc. (OTCMKTS:MJNE) 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.
On July 15, 2019 the Board of Directors (the “Board”) of MJ Holdings, Inc. (“Company”) appointed Richard S. Groberg, age 61, President of the Company. Mr. Groberg will report directly to the Company’s Chief Executive Officer (“CEO”) and the Board. Mr. Groberg replaces Paris Balaouras, who was interim President from January 1, 2019 until July 15, 2019. Mr. Balaouras will continue in his role as the Company’s CEO and Chairman of the Board. Mr. Groberg will have primary responsibility for overseeing day-to-day operations and business development activities. Mr. Groberg shall initially serve a three-year term effective July 15, 2019 to a written employment agreement (the “Employment Agreement”) with an annual base compensation of $180,000, of which $5,000 per month shall be deferred until January 15, 2020 or such earlier date to the terms of the Employment Agreement and then shall be payable in cash or shares of the Company’s common stock (the “Stock”). The Employment Agreement provides for a restricted stock award (“RSA”) of 400,000 shares of the Company’s Stock to vest: 25% six months after the effective date of the Employment Agreement; 25% on the first anniversary after the effective date of the Employment Agreement, 25% on the second anniversary after the effective date of the Employment Agreement and 25% on the third anniversary after the effective date of the Employment Agreement. Mr. Groberg’s compensation will be reviewed annually and may be adjusted as determined by the Company’s Compensation Committee or Board. Additionally, Mr. Groberg shall be entitled to receive an annual discretionary bonus as determined by the Board. Mr. Groberg previously served for the past five years as the Managing Member of RSG Advisors, LLC a financial advisory firm that provided interim CFO and other advisory services to a variety of clients. Additionally, most recently, from October 2018 until July 2019, Mr. Groberg served as an Operating Advisor for Atlantic Street Capital. From January 2018 through October 2018, Mr. Groberg served as CFO of Freedom Leaf, Inc. From August 2014 to the present, Mr. Groberg (through September 2018 as an employee and, subsequently, as a consultant through RSG Advisors, LLC) served as Chief Financial Officer and then Contracts Manager for Ever Well Health Systems, LLC. From January 2014 through July 2015, Mr. Groberg served as Chief Financial Officer of KCI Investments, LLC.
Section 9 – Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
The following exhibit is filed with this Current Report on Form 8-K:
|10.1||Richard S. Groberg Employment Agreement|
MJ Holdings, Inc. Exhibit
EX-10.1 2 f8k071519ex10-1_mjhold.htm RICHARD S. GROBERG EMPLOYMENT AGREEMENT Exhibit 10.1 EXECUTIVE EMPLOYMENT AGREEMENT This Employment Agreement (the “Agreement”) is made and shall become effective on July 15,…
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