Namaste Settles With Ousted CEO

Sean Dollinger
Credit: Sean Dollinger/Twitter

Namaste Technologies (TSXV: N) (OTCMKTS: NXTTF) has reached a settlement with  ousted CEO Sean Dollinger.

Story continues below

Under the agreement, Dollinger will offer transition support to the company in an advisory role. As part of the arrangement, he won’t sue the company and has withdrawn his previously-announced legal application against the company. Further, Dollinger has agreed to step down from all formal roles with the company, including as a director.

Meni Morim will continue to work as the company’s interim CEO. He stated:

“The events of the past few weeks have been difficult for everyone involved, but we are pleased to have reached a mutually agreed upon settlement that puts the interests of Namaste and our shareholders first.

As part of the agreement, Dollinger has agreed to vote his Namaste shares in favor of the election of management’s nominees to the board for three years. Both parties also have entered into standard non-solicitation and non-competition agreements.

In addition, Namaste said that it has appointed Branden Spikes as the chair of the board and decided to hold the company’s annual general meeting for shareholders on May 28. Meanwhile, the company has selected Norton Rose Fulbright Canada LLP as its special independent legal counsel.

An ad to help with our costs