Do Doug is gone! and took a lot of money with him
On August 22, 2017, the Company entered into a Retention Agreement with Doug Croxall, the Companys Chief Executive Officer and Chairman of the Board of Directors (the
Retention Agreement
), pursuant to which (a) the employment agreements between Mr. Croxall and the Company were terminated and of no further force and effect, and Mr. Croxall is no longer entitled to any payment relating to severance, change of control of the Company or termination pay from the Company, and (b) Mr. Croxall shall continue to serve as Chief Executive Officer and Chairman of the Board until such time as provided in the Retention Agreement, but in any event, no later than September 30, 2017.
In consideration for the foregoing, pursuant to the Retention Agreement, Mr. Croxall sh all receive from the Company (i) a retention payment in the aggregate amount of $500,000, (ii) a monthly consulting fee in the amount of $20,000 for a period of six (6) months commencing on October 1, 2017, (iii) 3,000,000 shares of restricted common stock of the Company, subject to shareholder approval of the Companys 2017 Equity Incentive Plan, (iv) all of the shares of common stock of 3d Nanocolor Corp., a Delaware corporation, held by the Company, and (v) medical and other insurance benefits through the end of September 2017. Additionally, under the terms of the Retention Agreement, the Company will reimburse Mr. Croxall for all expenses in accordance with the provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, through December 31, 2018.
