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 August 7, 2020, the Company’s Board of Directors terminated, with cause, the employment of Terrence M. Tierney, JD, effective immediately. At the time of termination, Mr. Tierney served as the Company’s Secretary, Chief Administrative Officer and interim President.
Under the terms of Mr. Tierney’s Employment Agreement (the “Agreement”), the Company shall be under no further obligation to the Executive, except to pay all accrued but unpaid base salary and accrued vacation to the date of termination thereof.
The Company’s Chief Executive Officer, Paris Balaouras, will serve in the roles vacated by Mr. Tierney.
On August 25, 2020, the Company received a Notice of Demand (the “Notice”) from Mr. Tierney’s counsel demanding payment in the amount of $505,287 for accrued compensation, base salary, expenses paid on behalf of the Company, severance and a late payment penalty. The Company will respond to the Notice on or before the requested date of September 7, 2020.