UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 1, 2021
GENERAL CANNABIS CORP
(Exact Name of Registrant as Specified in Charter)
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Colorado |
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000-54457 |
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90-1072649 |
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(State or other jurisdiction
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(Commission File Number) |
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(I.R.S. Employer Identification Number) |
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6565 E. Evans Avenue
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80224 |
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(Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number, including area code: (303) 759-1300
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange
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N/A |
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N/A |
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N/A |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻
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Item 1.01 |
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Entry into a Material Definitive Agreement. |
On October 1, 2021, General Cannabis Corp (the “Company”) entered into an Amendment to Employment Agreement with John Barker Dalton, a current member of the Company’s Board of Directors (the “Amendment”). Pursuant to the Amendment, Mr. Dalton will continue to be employed by the Company in a new role as Founder, SevenFive Farms, and shall be compensated at the rate of $50 per hour up to 40 hours per month. Other than the modifications as set forth herein, the terms and conditions of Mr. Dalton’s original employment agreement dated January 24, 2020 remain substantially the same.
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of such document, a copy of which is attached hereto as Exhibit 10.1, and is incorporated herein by reference.
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Item 9.01 |
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Financial Statements and Exhibits. |
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(d) Exhibits
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Exhibit No. |
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Description |
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Amendment to Employment Agreement dated October 1, 2021 between the Company and John Barker Dalton |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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 thereunto duly authorized.
Dated: October 4, 2021
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GENERAL CANNABIS CORP |
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By: |
/s/ Adam Hershey |
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Name: |
Adam Hershey |
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Title: |
Interim Chief Executive Officer |
AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”), dated as of October 1, 2021 (“Effective Date”), is entered into by and between General Cannabis Corp, a Colorado corporation (the “Company”), and John Barker Dalton, an individual (“Employee”).
WHEREAS, the Company and Employee entered into an employment agreement as of January 24, 2020 (the “Original Agreement”);
WHEREAS, the parties wish to amend certain terms and conditions of the Original Agreement as set forth herein.
NOW, THEREFORE, in consideration of the foregoing and the mutual promises, terms, provisions, and conditions set forth in this Amendment, the parties hereby agree as follows:
| 1. | Employment; Position and Duties. Effective as of the Effective Date, Employee’s employment with the Company shall continue, but with his new title as Founder, SevenFive Farms. Employee’s employment with the Company is at will and not for any specified period and may be terminated by either Employee or the Company at any time, with or without cause. Employee shall report directly to Jack Taylor, Senior Vice President of Operations. |
| 2. | Compensation. Employee’s compensation shall be $50 per hour, payable monthly. Employee shall devote up to 40 hours each month to the Company. |
| 3. | No Paid Time Off. During Employee’s employment with the Company, Employee shall not be entitled to paid vacation or paid holidays. |
| 4. | Terms of Original Agreement. All terms and conditions set forth in the Original Agreement and not otherwise amended pursuant to this Amendment shall remain in full force and effect in accordance therewith. |
| 5. | Governing Law. This Amendment shall be governed by, and construed in accordance with, the laws of the State of Colorado without giving effect to principles of conflicts or choice of laws thereof. |
| 6. | Counterparts. This Amendment may be executed in counterparts, each of which shall be deemed an original, and all of which, when taken together, shall constitute one and the same instrument. |
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IN WITNESS WHEREOF, the parties hereto have executed this Employment Agreement as of the date first written above.
GENERAL CANNABIS CORP
By: __________________________
Adam Hershey
Interim CEO
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John Barker Dalton
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