Spindle, Inc. (OTCMKTS:SPDL) Files An 8-K Entry into a Material Definitive AgreementItem 1.01
Entry into a Material Definitive Agreement
As previously reported on a Current Report of Form 8-K filed on August 10, 2016 with the Securities and Exchange Commission, on August 2, 2016, Spindle, Inc., a Nevada corporation (the "Company") filed a lawsuit in the United States District Court for the District of Arizona, case 2:16-cv-02613-MHB (Spindle, Inc., a Nevada Corporation vs. William Clark and Joann Clark, husband and wife; Sean Tate and Patricia La Due-Tate, husband and wife; Justin Clark, an individual; and Phasive, Inc., an Arizona corporation, collectively, the “Parties”). On June 23, 2017, the Parties entered into a Settlement Agreement and Mutual Release (the “Settlement Agreement”) whereby the Parties agreed to dismiss all claims and counter-claims which became effective on July 11, 2017. The Parties specifically deny all allegations against them, respectively, whether by direct claim, counter-claim or cross-claim. As part of the Settlement Agreement, a third party agreed to purchase all of the shares of the Company’s common stock owned by the Parties adverse to the Company for an undisclosed amount.
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b)
Resignation of a Director
On July 10, 2017, Frank Knuettel, II resigned as Chairman of Spindle, Inc.’s (the “Company”) Board of Directors (the “Board”) for personal reasons. Mr. Knuettel’s resignation was not due to any dispute with the Company.
Item 9.01
Financial Statements and Exhibits
(d)
Exhibits
10.1
Settlement Agreement and Mutual Release dated June 23, 2017.
10.2
Resignation Letter, dated July 10, 2017, by Frank Knuettel II.
SPINDLE, INC. ExhibitEX-10.1 2 spdl_ex101.htm SETTLEMENT AGREEMENT AND MUTUAL RELEASE ex-10.1 SETTLEMENT AGREEMENT AND MUTUAL RELEASE A. Recitals This Settlement Agreement and Mutual Release (Agreement) is entered into between Spindle,…To view the full exhibit click here
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.