Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 20, 2017, Justin Cary resigned as Chief Financial Officer of Praxsyn Corporation, a Nevada corporation (the “Company”). Mr. Greg Sundem, who also serves as the Company’s Chief Executive Officer, President and Chairman of the Board, as reported in the Form 8-K as filed with the Securities and Exchange Commission on April 5, 2016, which is incorporated by this reference, was appointed by the unanimous consent of the Board of Directors as the Company’s Chief Financial Officer effective April 20, 2017.
On May 15, 2017, Mr. Cary filed suit against the Company in the Superior Court of the State of California, County of Orange, for breach of contract and other employment related causes of action. Effective June 7, 2017, the Company and Mr. Cary entered into a settlement agreement, in which the Company shall pay Mr. Cary $16,225.50 (the “Settlement”). Other than the payment of the Settlement due to Mr. Cary on July 15, 2017, thereafter, the Company shall have no outstanding obligations due to Mr. Cary, including but not limited to the repayment of certain related party loans from Mr. Cary to the Company which have now been paid in full.
On the same date of delivery of the settlement agreement, Mr. Cary delivered to the Company a resignation dated May 18, 2017, from his position as a member of the board of directors of the Company.
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