RTON 8-K
Right On Brands, Inc. (RTON)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
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SECTION 5 – Corporate Governance and Management
Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
RESOLUTION OF OFFICER AND DIRECTOR MATTERS
The Company previously disclosed a dispute with A. David Youssefyeh regarding his service as a director and officer that involved litigation. These actions were dismissed or withdrawn as part of a settlement with Mr. Youssefyeh, effective August 17, 2022, by which the parties confirmed his removal and provided mutual releases. Separately, Mr. Youssefyeh entered into private transactions that transferred all of his share ownership in the Company and in Texas Endo Hemp Farmers, Inc., which owns the majority voting shares of the Company, to third-parties unaffiliated with the Company. The Company acknowledged these private transactions but paid no monetary consideration to Mr. Youssefyeh or any other person in connection with the transactions. The Company and Mr. Youssefyeh both wish each other success in their future endeavors.
Mr. Youssefyeh and the Company have reached a settlement and dismissed their mutual lawsuits and they both wish each other success in their future endeavors.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Right On Brands, Inc. |
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/s/ Jerry Grisaffi |
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Jerry Grisaffi |
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Chief Executive Officer |
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Date: August 24, 2022 |
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