Brownie's Marine Group Inc (BWMG)

[yankee2]

shares reduced,from the 8k

BWMG 8K filed:

Item 8.01 Other Events

Effective April 15, 2016 Trebor Industries, Inc. (“Trebor”), a wholly owned subsidiary of Brownie’s Marine Group, Inc. (the “Company”), entered into an employment agreement with Alexander F. Purdon, a former employee of Trebor and affiliate of the Company (the “Employee”). Under the terms of the agreement the Employee agreed to provide business and sales services to the Company through August 31, 2016. Wages due to Employee shall be payable at the sole discretion of the Company in shares of its restricted common stock at a price per share of $0.10 cents per share. Furthermore, as additional consideration for the Company to enter into the agreement, the Employee will tender 28,403,252 shares of the Company’s common stock beneficially owned by the Employee to the Company. The shares will be retired and returned to the Company’s treasury without further consideration.