AITX :
Shares Outstanding 2.6 B
FORM 8-K March 2, 2021 On March 2, 2021, we issued a press release announcing the appointment of Mr. Steven Reinharz as Chief Executive Officer, Chief Financial Officer and Secretary of our Company.
On March 2, 2021, Garett Parsons tendered his resignation as Chief Executive Officer, Chief Financial Officer and Secretary of our Company, effective immediately. Mr. Parsons will continue to serve as a member of the Board of Directors of our Company (the “Board”). Mr. Parsons will continue to serve as a consultant to the Company for a three-year term. On March 2, 2021, the Board identified and retained Mr. Steven Reinharz as the Chief Executive Officer, Chief Financial Officer and Secretary of our Company. Our Company has not yet entered into an Employment Agreement with Mr. Reinharz. On March 2, 2021, Mr. Reinharz was elected to the Board. A copy of the press release announcing Mr. Parsons’ resignation and Mr. Reinharz’s appointment as Chief Executive Officer, Chief Financial Officer and Secretary of our Company is filed as Exhibit 99.1 to this report and is incorporated herein by reference.
In connection with Garett Parsons’ resignation, the Company entered into a consulting agreement with Mr. Parsons effective March 2, 2021 (the “Consulting Agreement”). The Consulting Agreement, which was approved by our Board, provides for, among other things, Mr. Parsons to receive compensation over a term of thirty-six (36) months according to the following compensation schedule: $8,000 per month for the first twelve (12) months; $9,000 per month for the subsequent twelve (12) months; and $10,000 per month for the final twelve (12) months. The Consulting Agreement contains Confidentiality, Compensation and Reimbursement, Termination and other standard provisions.
The Board currently consists of Garett Parsons and Steven Reinharz.
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