ITEM 5.02-DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS
On January 6, 2022, Investview, Inc. (the "Company") entered into a Separation
and Release Agreement (the "Separation Agreements") with Mario Romano and
Annette Raynor, two of the Company's founders, and Wealth Engineering, LLC, an
affiliate of Mr. Romano and Ms. Raynor. Under the Separation Agreements, Mr.
Romano and Ms. Raynor agreed to resign their positions as officers and directors
of the Company effective immediately as they each transition to the roles of
strategic advisors to the Company. The resignations do not reflect disagreement
by either Mr. Romano or Ms. Raynor with the Company on any matter relating to
the Company's operations, policies or practices. This transition comes as the
Company prepares itself and all its related business operations for a planned
future up-listing to a major market exchange and conducts an executive
management search to fill certain executive officer vacancies with highly
experienced personnel in executive leadership within the industry sectors in
which the Company operates.
Under the terms of the Separation Agreements, the parties agreed that all
agreements between the Company and Mr. Romano, Ms. Raynor and Wealth Engineering
(other than the Lock-Up Agreement executed by Mr. Romano, Ms. Raynor, Wealth
Engineering and the other parties thereto dated March 22, 2021 (the "Lock-Up
Agreement")), are terminated in all respects. The Lock-Up Agreement will
continue in full force and effect until April 25, 2025, subject to certain
modification by which Mr. Romano and Ms. Raynor agreed to hold certain shares of
the Company's common stock until April 2025. Mr. Romano, Ms. Raynor, and Wealth
Engineering also agreed to give DBR Capital LLC, on behalf of the Company, an
irrevocable proxy to vote all of the shares of the Company common stock owned,
directly or beneficially, by them and certain of their affiliates, in accordance
with the direction of the Company's Board of Directors, in its sole discretion.
The Separation Agreements also provide for the surrender by each of Mr. Romano
and Ms. Raynor of certain shares of Company common stock to the Company in
general consideration for the covenants and agreements of the parties; the
payment of the balance owed under a $600,000 promissory note owed by the Company
to Wealth Engineering; and the Company's payment of $1,724,077.56 to the
applicable federal and state taxing authorities on behalf of Wealth Engineering
as payment for the estimated federal and state taxes that Wealth Engineering may
be subject in connection with the vesting of 63,333,333 Company restricted
shares on July 22, 2021.
In their roles as Strategic Advisors to the Company, Mr. Romano and Ms. Raynor
are expected to provide advisory services and general assistance to the Company,
including assisting in general corporate and operational matters as may be
assigned to them from time-to-time, as well as to assist and cooperate in
responding to inquiries of the SEC, FINRA or any other regulatory body or
agency. In consideration of the various elements of the Separation Agreement,
including the payments made by the Company to them or on their behalf, as well
as continued payments to be made to them as Strategic Advisors, Mr. Romano and
Ms. Raynor agreed to certain non-solicitation, non-competition and standstill
provisions in favor of the Company.
The foregoing information is intended as a summary of the reported transaction
and is qualified in its entirety by reference to the complete text of the
Separation Agreements which are filed as Exhibits 10.98 and 10.99 to this Report
and incorporated herein by reference.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
All statements in this report on Form 8-K that are not based on historical fact
are "forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements, which are based on certain assumptions and describe
our future plans, strategies, and expectations, can generally be identified by
the use of forward-looking terms such as "believe," "expect," "may," "should,"
"could," "seek," "intend," "plan," "goal," "estimate," "anticipate" or other
comparable terms. These forward-looking statements, including the Company's
current expectations concerning a planned future up-listing to a major market
exchange and the ability to fill certain executive officer vacancies with highly
experienced personnel, are based on the Company's current beliefs and
assumptions and information currently available to the Company and involve known
and unknown risks, uncertainties and other factors which may cause the actual
results, performance, or achievements of the company to be materially different
from any future results, performance or achievements expressed or implied by
these forward-looking statements; particularly as the Company is currently
responding to a previously announced SEC inquiry. The forward-looking statements
made in this report speak only as of the date of this report, and the Company
assumes no obligation to update any such forward-looking statements to reflect
actual results or changes in expectations, except as otherwise required by law.
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ITEM 9.01-FINANCIAL STATEMENTS AND EXHIBITS
The following are filed as exhibits to this report:
Exhibit
Number* Title of Document Location
Item 10 Material Contracts
10.98 Separation and Release Agreement by and among Investview, This filing
Inc., and Mario Romano and Wealth Engineering, LLC, dated as
of January 6, 2022.
10.99 Separation and Release Agreement by and among Investview, This filing
Inc., and Annette Raynor and Wealth Engineering, LLC, dated
as of January 6, 2022.
Item 99 Miscellaneous
104 Cover Page Interactive Data File (embedded within the Inline
XBRL document)
* All exhibits are numbered with the number preceding the decimal indicating the
applicable SEC reference number in Item 601 and the number following the
decimal indicating the sequence of the particular document. Omitted numbers in
the sequence refer to documents previously filed as an exhibit.
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