Spindle, Inc. (OTCMKTS:SPDL) 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 January 3, 2017, Michael Schwartz informed the board of directors (the “Board”) of Spindle, Inc. (the “Company”) that he would resign from his position as Interim Chief Executive Officer (“CEO”), for personal reasons, effective immediately. Mr. Schwartz’s decision to resign did not result from any disagreement with the Company, the Company’s management or the Board. Mr. Schwartz has served as Interim CEO since June 13, 2016.

On January 5, 2017, the Board appointed Dr. Jack Scott (“Dr. Scott”) as Interim CEO effective immediately. The Board agreed to pay Dr. Scott one million (1,000,000) shares of the Company’s restricted common stock which shall vest ratably over the course of the next twelve months. Dr. Scott has served as a director of the Company since September 1, 2014.  Dr. Scott has a diverse technical and business background spanning more than 35 years that includes applied research, consulting, sales and sales management, executive positions, and ownership in a group of six recycling and manufacturing businesses, including two joint ventures, through a holding company, Canadus Technologies, LLC.  Dr. Scott is a founding member of Canadus Technologies, LLC since February 2000.  Prior to his experience with Canadus Technologies, LLC, from February 1997 to January 2000, Dr. Scott was President and CEO of Encycle, Inc., a $300 million recycling company with more than 1,000 employees.  

Item 9.01

Financial Statements and Exhibits

(d)

Exhibits

None.

About Spindle, Inc. (OTCMKTS:SPDL)

Spindle Inc. (SPDL) provides commerce solutions for payment processing services, point-of-sale systems, and customer marketing to small and medium sized businesses. The Company enables businesses to sell their goods and services, accept payment, and create repeat sales though payment processing and marketing and loyalty programs. It operates as a payment facilitator (PF), which offers instant boarding to its merchants, and the Company has added traditional merchant services to its offering. The Company’s Yowza!! branded point-of-sale (POS) platform supplies business with a full commerce solution, which provides critical business functions, online ordering, inventory management and menu management, online ordering, mobile payment acceptance and Eurocard-MasterCard-Visa (EMV) compliance. It operates a self-service PF platform. As a PF, it provides services to merchants under a process defined by the card associations as Aggregation or Master Merchant.

Spindle, Inc. (OTCMKTS:SPDL) Recent Trading Information

Spindle, Inc. (OTCMKTS:SPDL) closed its last trading session up +0.0083 at 0.0836 with 41,999 shares trading hands.