Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangement of Certain Officers
On February 7, 2020 the Company's Board of Directors approved the employment
contract of Todd Violette as the new CEO and the appointment of Todd Violette as
a new Director and elected him to the position of Chairmen of the Board of
Directors. See attached Exhibit 10.1.
Based upon AppYea, Inc. current financial position the Board of Director
believed it was in the best interest of the Company to change its executive
management team. Mr. Violette brings a wealth of experience to AppYea, having
spent more than 24 years evaluating and participating investment opportunities
across the capital structure of North American companies with a focus on OTC
companies. Mr. Violette has worked in a management capacity as a chief executive
officer, affecting corporate actions and implementing policies in order to
maximize shareholder value.
AppYea has previously announced its participation and desire to be in the CBD
and Hemp business Mr. Violette disclosed to the Board a potential conflict of
interest regarding his outside participation in a project working with a team of
experts building 55,000 sq. feet private hemp exaction facility in in Western
Kentucky. Any opportunity resulting from this operation will first be brought to
AppYea. Mr. Violette graduated of the University of Maryland College Park in
1992.
On February 7, 2020 the Company's Board of Directors reached and approved terms
of a separation agreement with former CEO Doug McKinnon. See attached Exhibit
10.2. Mr. McKinnon resigned for personal reasons. There was no disagreement with
the Board regarding the Company's controls and procedures or public disclosure.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
In reviewing the agreements included or incorporated by reference as exhibits to
this Current Report on Form 8-K, please remember that they are included to
provide you with information regarding their terms and are not intended to
provide any other factual or disclosure about the Company or the other parties
to the agreements. The agreements may contain representations and warranties by
each of the parties to the applicable agreement. These representations and
warranties have been made solely for the benefit of the parties to the
applicable agreement and accordingly, these representations and warranties may
not describe the actual state of affairs as of the date they were made or at any
other time. Additional information about the Company may be found elsewhere in
this Current Report on Form 8-K and in our other public filings, which are
available without charge through the SEC's website at http://www.sec.gov.
Exhibit
Number Description
10.1 Employment Agreement for Todd Violette.
10.2 Separation and Release Agreement.
2
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