Item 1.01. Entry into a Material Definitive Agreement.
On April 22, 2022, Regnum Corp. (the "Company") entered into a Consulting
Agreement with Robert J. Stubblefield (the "Consulting Agreement"), pursuant to
which Stubblefield agreed to serve in the capacity of the Company's Chief
Financial Officer on a part-time, consulting basis. This Consulting Agreement
supersedes the previous consulting agreement entered into by and between the
Company and Stubblefield, dated as of April 7, 2021. The Consulting Agreement
commenced and became effective as of April 22, 2022, and shall continue for an
initial term of four (4) months (the "Initial Term"). The Initial Term may be
extended, at the mutual written agreement of the Company and Stubblefield, up to
two times, each for a term of an addition four (4) months, with the total term
under the Consulting Agreement not to exceed twelve (12) months total.
Pursuant to the terms of the Consulting Agreement, Stubblefield will receive a
compensation of $3,750.00 per month on a flat fee basis. Under the Consulting
Agreement, Stubblefield is subject to certain obligations and restrictive
covenants, including, but not limited to: confidentiality, assignment of
intellectual property rights, and non-disparagement, among others. The
Consulting Agreement is governed by the laws of the State of New York. During
the Initial Term, the Consulting Agreement may be terminated by the Company with
a prior thirty (30) days' written notice, upon receipt of which Stubblefield
shall no longer hold the title or perform the duties of the Chief Financial
Officer. In the event of termination of the Consulting Agreement during the
Initial Term, the Company shall compensate Stubblefield for the entirety of the
Initial Term. Following the Initial Term, the Consulting Agreement may be
terminated either by the Company or by Stubblefield for any reason, with or
without breach, and without a prior notice.
The description of Stubblefield's Consulting Agreement set forth above is
qualified in its entirety by reference to the full text of the Consulting
Agreement, a copy of which is attached as Exhibit 10.1 to this Current Report on
Form 8-K, and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
10.1 Consulting Agreement, dated as of April 22, 2022, by and between
Regnum Corp. and Robert J. Stubblefield
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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