One World Products Inc.
One World Products Inc.
05/07/2024 | Press release | Distributed by Public on 06/07/2024 04:30
Material Agreement Form 8 K
Item 1.01 Entry into a Material Definitive Agreement.
On July 1, 2024, One World Products, Inc., a Nevada corporation (the "Company"), entered into an Employment, Confidentiality and Proprietary Rights Agreement (the "Peterson Employment Agreement") with Todd Peterson, pursuant to which Mr. Peterson will serve as the Company's Chief Financial Officer. The initial term of the Peterson Employment Agreement is 12 months and renews automatically for successive 12-month terms, unless cancelled by either the Company or Mr. Peterson upon not less than 10-days' written notice prior to the end of the then-current term. Under the Peterson Employment Agreement, Mr. Peterson is to be compensated, as follows:
| (1) | a monthly salary of $8,000; | |
| (2) | a quarterly bonus of $15,000, payable the fifth calendar day prior to the last day of each fiscal quarter during the term of the Peterson Employment Agreement ("Grant Date"), to be paid in cash or in shares of the Company's common stock, at the Company's option (the number of shares is to be determined based on the closing stock price on the Grant Date), commencing on September 25, 2024. | |
| (3) | a signing bonus of 250,000 shares of the Company's common stock, which shares were valued at $0.045 per share (the closing sale price of the Company's common stock on July 1, 2024), or $11,250, in the aggregate. |
The foregoing description of the Peterson Employment Agreement is qualified in its entirety by the full text of the Peterson Employment Agreement, which is filed as Exhibit 10.1 to, and incorporated by reference in, this Current Report.