NEWGEN BIOPHARMA CORP. (OTCMKTS:NEWG) 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.
Adoption of 2017 Equity Incentive Plan
On February 10, 2017, stockholders of NewGen BioPharma Corp., a
Nevada corporation (the Company) holding a majority of the
outstanding shares of common stock of the Company delivered an
executed written consent approving the adoption of the 2017
Equity Incentive Plan of the Company (the Plan). The Board of
Directors (the Board) of the Company subsequently adopted the
Plan and reserved the number of shares of the Companys common
stock equal to eleven percent (11%) of the number of outstanding
shares of the Companys common stock for issuance thereunder to
the Companys employees, officers, directors, consultants and
advisers. As such, so long as the Plan is in effect, the number
of shares available for issuance under the Plan will increase any
time additional shares of the Companys common stock are issued.
to the approval of the Board and such majority stockholders, the
adoption of the Plan became effective on February 10, 2017.
For a detailed description of the terms and conditions of the
Plan, see STOCKHOLDERS ACTION NO. 1 APPROVAL OF THE 2017 EQUITY
INCENTIVE PLAN in the Information Statement attached hereto as
Exhibit 99.1. The description of the Plan contained in the
Information Statement is qualified in its entirety by reference
to the Plan, which is attached hereto as Exhibit 10.1 and
incorporated herein by reference.
SECTION 8 OTHER EVENTS
Item 8.01 Other Events.
On February 13, 2017, the Company mailed the Information
Statement to its stockholders regarding the adoption of the Plan.
SECTION 9 FINANCIAL STATEMENTS AND EXHIBITS
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
|
Exhibit |
Description |
|
10.1 |
2017 Equity Incentive Plan of NewGen BioPharma Corp. |
|
99.1 |
Information Statement of NewGen BioPharma Corp. dated |
|
|
About NEWGEN BIOPHARMA CORP. (OTCMKTS:NEWG)
NewGen BioPharma Corp., formerly Greenwind NRG Inc., is a development-stage company. The Company intends to operate in the business of off the grid wind power systems for residential, cabin, recreational vehicle (RV), boat and shop use. The Company will provide an opportunity for customers to research and purchase off-the-grid wind turbines capable of producing energy for use in residential homes and elsewhere. Its focus market will be Ireland. It intends to purchase turbines and sell them to retail consumers throughout Ireland and to expand throughout North America. The Company seeks to focus on users seeking an alternative, renewable source of energy for a range of uses. Its products will have a rated wind speed of approximately 20 miles per hour. Its over two larger turbines will have the ability to generate approximately five kilowatts per hour. The Company intends to generate revenues by selling and offering installation and maintenance services of off-the-grid wind turbines. NEWGEN BIOPHARMA CORP. (OTCMKTS:NEWG) Recent Trading Information
NEWGEN BIOPHARMA CORP. (OTCMKTS:NEWG) closed its last trading session 00.00 at 1.55 with 500 shares trading hands.