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.
(e) On February 10, 2014, Messrs. Adam Laufer and Shawn Chemtov
were appointed co-chief executive officers and members of the
board of directors of MJ Holdings, Inc. (the Company,) during
which time Messrs. Laufer and Chemtov did not receive any
compensation from the Company, nor did the Company have any
employment agreements with Messrs. Laufer or Chemtov.
On April 24, 2017, the Company entered into an employment
agreement with Mr. Laufer and Mr. Chemtov, whereby Mr. Laufer and
Mr. Chemtov will serve as its co-Chief Executive Officer and
members of the board of directors for a term that shall begin on
April 24, 2017, and, unless sooner terminated as provided
therein, shall end on April 24, 2018; provided that such term of
employment shall automatically extend for successive one-year
periods unless either party gives at least six months advance
written notice of its intention not to extend the term of
employment.
Messrs. Laufer and Chemtov will each receive a base salary of
$75,000 salary and a one-time retention bonus of $75,000. Mr.
Laufer and Mr. Chemtov shall be eligible to participate in the
Companys annual performance based bonus program, as the same may
be established from time to time by the Companys Board of
Directors for executive officers of the Company.
In addition, the Company may terminate Mr. Laufers and Mr.
Chemtovs employment at any time, with or without cause (as
defined in the employment agreement), and Mr. Laufer and Mr.
Chemtov, respectively, may terminate his employment with the
Company without or for good reason (as defined in the employment
agreement), provided that termination by either party is subject
to advance written notice and, in most instances, the
satisfaction of other conditions. Under the employment agreement,
in the event Mr. Laufers or Mr. Chemtovs employment is terminated
by the Company without cause or by Mr. Laufer or Mr. Chemtov,
respectively, for good reason, Mr. Laufer and Mr. Chemtov,
respectively will be entitled to receive severance benefits equal
to his unpaid base salary.
The above summary of Mr. Laufers and Mr. Chemtovs employment
agreement is qualified in its entirety by reference to the text
of the employment agreement, which is filed herewith as Exhibit
10.1, and Exhibit 10.2, respectively and incorporated by
reference herein.
There is no arrangement or understanding between Messrs. Laufer
and Chemtov and any other person to which he was selected as an
officer of the Company. There are no family relationships between
Messrs. Laufer and Chemtov and any executive officer or director
of the Company, and there are no transactions in which Messrs.
Laufer and Chemtov has an interest requiring disclosure under
Item 404(a) of Regulation S-K.
| Item9.01. | Financial Statements and Exhibits. |
(d)Exhibits.
|
ExhibitNo. |
Description | |
| 10.1 |
Employment Agreement between MJ Holdings, Inc. and Adam Laufer, dated April 24, 2017. |
|
| 10.2 |
Employment Agreement between MJ Holdings, Inc. and Shawn Chemtov, dated April 24, 2017. |
MJ HOLDINGS, INC. (OTCMKTS:MJNE) Recent Trading Information
MJ HOLDINGS, INC. (OTCMKTS:MJNE) closed its last trading session 00.000 at 0.950 with shares trading hands.