MOJO Organics Inc (OTCMKTS:MOJO) 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 February 22, 2019, our Board of Directors resolved to terminate our 2012 Incentive Plan (the “Plan”), which allowed the issuance of 2,050,000 securities to our officers, directors and consultants as incentive compensation.
Immediately prior to terminating the Plan, our Board of Directors resolved to exchange outstanding options to purchase 35,000 shares of our common stock with each of our Directors, Jeff Devlin and Robert Kaufman, for 35,000 shares of common stock as an award of restricted stock to each of Messrs. Devlin and Kaufman.
We also permitted our CEO and Director, Glenn Simpson, to exercise his option to purchase 222,000 shares of our common stock with an exercise price of $0.255, by paying the exercise price for the option in the amount of $56,610 in debt owed by our company to Mr. Simpson.
On January 24, 2019 our Board of Directors resolved to terminate our 2015 Incentive Plan which allowed the issuance of 1,500,000 securities to our officers, directors and consultants as incentive compensation.
About MOJO Organics Inc (OTCMKTS:MOJO)
MOJO Organics, Inc. is engaged in new product development, production, marketing and distribution of beverage brands. The Company offers its products under various categories, such as organic coconut water, natural coconut water and organic tropical juice. Its organic coconut water products include Pure Coconut Water, Alphonso Mango Flavored Coconut Water and Queen Victoria Pineapple Flavored Coconut Water. Its natural coconut water products include Pineapple Flavored Coconut Water, Peach Mango Flavored Coconut Water and Pure Coconut Water. The Company’s organic tropical juice products include Mango, Passion Fruit and Pineapple. The Company also offers MOJO Naturals Pure Coconut Water. The Company produces two additional flavors: Coconut Water + Peach Mango and Coconut Water + Pineapple.
