UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
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Securities registered pursuant to Section 12(b) of the Act:
| Title of each Class | Trading Symbol | Name of each exchange on which registered | ||
| None | N/A | 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. ☐
As used in this Current Report on Form 8-K (this “Report”), and unless otherwise indicated, the terms “the Company,” “Organicell,” “we,” “us” and “our” refer to Organicell Regenerative Medicine, Inc. and its subsidiaries.
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Expansion of the Board of Directors
At a meeting held on September 23, 2022, the Company’s board of directors (the “Board”) expanded the number of directors of the Company to thirteen (13) and appointed the following individuals to fill existing and newly-created vacancies on the Board:
| ● | Matthew Sinnreich, our President and Acting Chief Executive Officer, |
| ● | Dr. Bhupendra Kumar Modi |
| ● | Gurvinder Pal Singh |
| ● | Chuck Bretz |
| ● | John Christie |
| ● | Jerry Glauser |
| ● | Leathem Stearn |
Dr. Modi was also elected Chairman of the Board and Mr. Bretz Vice Chairman of the Board.
The following is a brief description of the background and business experience of our new non-executive directors:
Dr. Bhupendra Kumar Modi, 73, has nearly four decades of business experience and for over three decades has been the Group Chairman of Modi Holding – a diversified business conglomerate with business interests in mobility, finance, healthcare, education, entertainment, clean energy and life sciences. Headquartered in Singapore, Modi Holding has a global footprint with companies in India, Singapore and the U.S. Dr. Modi is well-known for bringing the latest technologies into India in partnerships with industry leaders like Xerox, Alcatel, Telstra, Olivetti, Axiata, Singapore Technologies Telemedia and Fountain Life, among others.
In the past few years, Dr. Modi has been focusing on his philosophy of living ‘Beyond 100’, where he is attempting to create an ecosystem that enables people to live Happy and Healthy beyond 100. His efforts in the healthcare industry have earned him the epithet of ‘Global Leader in Wellness’, by the American Academy of Anti-Aging Medicine. We believe that given his diverse and extensive business experience, Dr. Modi will be a significant addition to the Company as a member our Board and as Chairman.
Gurvinder Pal Singh, 61, has over 35 years of professional experience in business strategy, corporate finance and financial accounting covering varied areas such as mergers and acquisitions, statutory compliance, capital raising, budgeting and internal controls, audit, financial management, risk management, investor relations and tax planning. Since 1996, he has served as Chief Finance Officer of Modi Holdings, whose includes various companies in India, Singapore and the U.S., in the fields of mobile services, mobile devices, mobile retain, healthcare, new energy and wellness. Mr. Singh is a graduate of the University of New Delhi and a Chartered Accountant in India. Given his varied and extensive finance and business experience, we believe that he will be a valuable addition to Organicell as a member and Vice-Chairman of the Board.
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Chuck Bretz, 64, began his legal career in 1982 as an Assistant State’s Attorney in Will County, Illinois and he successfully prosecuted his first murder case at the age of twenty-five. In 1986, Chuck joined the oldest law firm in Joliet, Illinois, Murphy, Timm, Lennon, Spesia, and Ayers as a litigation Associate. Subsequently, Chuck rejoined the State’s Attorney’s Office as the First Assistant and supervised approximately 40 other prosecuting attorneys. In 1999, Chuck formed the Law Offices of Chuck Bretz, P.C., which is now known as Chuck Bretz & Associates, P.C. Since that time, Chuck has built Chuck Bretz & Associates, P.C. into a dynamic law firm featuring distinguished and accomplished attorneys who concentrate their practice in advising various businesses pertaining to multiple commercial and real estate matters. Chuck is also currently actively involved in advising entrepreneurs across the country in structuring and negotiating business and real estate transactions.
In addition, Chuck is also an active participant in various entrepreneurial endeavors. Triumph Capital, LLC (“Triumph”) was formed in 2014 to be utilized as a Holding Company for the various business enterprises that Chuck is personally involved in. Triumph currently holds an equity position in a medical supply company, a CBD company and various software companies. Triumph also has provided funding and legal services for various opportunity zone and commercial real estate development projects.
John Chiste, 66, has served as the Chief Financial Officer of Encore Housing Opportunity Fund I, Fund II, Fund III and Rescore Property Corp., a group of private equity funds with assets under management in excess of $2.0 billion focused on acquiring opportunistic and distressed residential real estate primarily in Florida, Texas, Arizona and California, since 2010. Mr. Chiste currently serves as a Director of Solitron Devices, Inc which designs, develops, manufactures, and markets solid-state semiconductor components and related devices primarily for the military and aerospace markets, since January 15, 2015. He is s Chairman of the Audit Committee and a member of the Nominating Committee. Mr. Chiste also serves on the Board of Paramount Marketing Consultants a privately held ESOP. Mr. Chiste was previously a director and Chairman of the Audit Committee of Forward Industries, Inc., a Nasdaq listed manufacturer and distributor of specialty and promotional products, primarily for handheld electronic devices, from February 2008 through January 2015. Mr. Chiste has also served since 2005 as Chief Financial Officer of the Falcone Group which owns a diversified real estate portfolio of companies. Mr. Chiste previously served as Chief Financial Officer of Bluegreen Corporation, a NYSE listed developer and operator of timeshare resorts, residential land and golf communities, from 1997 until 2005. He also served as Chief Financial Officer of Computer Integration Corp., a Nasdaq listed provider of information products and services, from 1992 until 1997. From 1983 until 1992, Mr. Chiste served as a Senior Manager with Ernst & Young LLP, a nationally recognized accounting firm. Mr. Chiste received a Bachelor of Business Administration in Accounting from Florida Atlantic University in Boca Raton. Mr. Chiste is a licensed Certified Public Accountant in the State of Florida.
S. Jerry Glauser, 75, has been married 53 years has two children and five grandchildren. Jerry has been in the automobile business for 50 years, starting in the family business in South New Jersey and then went on his own at 23 years old and moved to the west coast of Florida in 1973, where he bought his first dealership in Sarasota, Florida and went on to buy 11 more dealerships. In 2004, Jerry sold his dealerships in Sarasota and moved to Denver, Colorado, where he had a Mercedes Benz dealership, in Denver, CO which he sold in 2006. Jerry later acquired a Mercedes Benz dealership in Houston, Texas which was sold in 2014.
For the last 8 years, Jerry has invested in various biotech companies and real estate ventures. Jerry currently is on the board of National Jewish Health in Denver, Colorado. Jerry lives in Denver, CO, Aspen, CO, Scottdale, AZ and Florence, Italy.
Leathem Stearn, 74, has been an inventor, designer, entrepreneur since 1970 in various industries and with many companies. Since 2008, Mr. Stearn has had various business projects including, entrepreneur consulting, residential home construction and investing. Since 1986, Mr. Stearn has been part of Scunci International, LLC. which he founded and managed, and developed the “Scrunchy” product and Scunci Brand for women hair accessories. He sold the company and is currently licensing the Scunci Trademark world-wide. From 1992-1995, Mr. Stearn, co- founded, and was partner and CEO of Artnet, a company that became the leading art information company in the Art industry. Prior to 1992, Mr. Stearn was involved with in many other ventures and industries including; Showcase International, LLC (1989-1992) which Mr. Stearn founded and managed the company that developed the first entertainment industry multi-media portfolio database; Smith Stearn Yachts LLC (2004-2010) a company that developed a yacht sharing business which Mr. Stearn founded and managed; R A Stearn, Naval Architects & Marine Engineers (1985-1986). Mr. Stearn purchased and was CEO of the company that designed ships and lifting equipment until the company was sold; Stearn Sailing Systems (SSS) (1973-1983). Mr. Stearn was founder and CEO of SSS, a company which developed and manufactured sailing products. SSS captured the majority of the world market in its category until the company was sold; Hyde Products (1970-1972). Mr. Stearn patented the roller furling jib product which was the product focus of Hyde Products marine division which Stearn managed until divesture.
Mr. Stearn has been educated in many fields including Naval Architecture, Marine Engineering, Aeronautical Engineering, and Mechanical Engineering education.
Board Committees and Independence
At the September 23, 2022 meeting, the Board also established three standing committees, an audit committee, a compensation committee and a nominating and corporate governance committee. The members of the audit committee are Messrs. Singh, Chiste and Glauser, with Mr. Singh acting as Chairman, the members of the compensation committee are Dr. Modi, Mr. Bretz and Mr. Stearn, with Dr. Modi acting as Chairman and the members of the nominating and corporate governance committee are Messrs. Bretz, Chiste and Singh, with Mr. Bretz serving as Chairman. The Board has determined that each of our non-employee directors is “independent” within the meaning of the applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) and the listing standards of the Nasdaq Stock Market.
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In addition, we believe each of Messrs. Singh and Chiste qualifies an “audit committee financial expert” as the term is defined by the applicable rules and regulations of the SEC and the Nasdaq Stock Market listing standards, based on their respective business professional experience in the financial and accounting fields. At the time of the listing of our common stock for trading on the Nasdaq Stock Market, we are required to certify to the Nasdaq Stock Market, that our audit committee has, and will continue to have, at least one member who has past employment experience in finance or accounting, requisite professional certification in accounting, or other comparable experience or background that results in the individual’s financial sophistication.
Compensation of Non-Employee Directors
Each of our non-employee directors will be party to a Director’s Service Agreement. Pursuant to that agreement, non-employee directors (other than Dr. Modi) will be compensated for their services by the annual issuance of warrants to acquire up to 1,000,000 shares of the Company’s common stock at an exercise price equal to fair market value of the common stock as of the date of grant (the “Director Warrants”). The Director Warrants shall be exercisable for a period of ten (10) years from the date of grant and shall vest in equal monthly installments of 83,333.33 shares, subject to continued service by the director as a member of the Board. The agreement will also provide for indemnification of directors to the fullest extent permitted by Nevada law.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. | Description | |
| 10.15 | Form of Director Services Agreement |
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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.
| Dated: September 27, 2022 | ORGANICELL REGENERATIVE MEDICINE, INC. | |
| By: | /s/ Ian Bothwell | |
| Ian
Bothwell Chief Financial Officer | ||
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Exhibit 10.15
DIRECTOR SERVICE AGREEMENT
THIS DIRECTOR SERVICE AGREEMENT (this “Agreement”) is made, entered into, and effective as of this ____ day of __________ 2022 (the “Effective Date”)
BY AND BETWEEN:
Organicell Regenerative Medicine, Inc. (“Organicell” or the “Company”), a Nevada corporation.
AND:
, (the “Director”)
NOW THEREFORE IN CONSIDERATION of the mutual covenants and agreements hereinafter contained and for other good and valuable consideration (the receipt and sufficiency of which is acknowledged by each party), the parties agree as follows:
ARTICLE 1: APPOINTMENT, DUTIES AND OBLIGATIONS, COMPENSATION
1.1. The Company hereby appoints the Director as a member of the Company’s Board of Directors (the “Board”) and the Director accepts such appointment.
1.2. You will hold your membership on the Board in accordance with Nevada Revised Statues Chapter 78 (“NRS78”) and the Company’s Articles of Incorporation and Bylaws, each as amended from time to time (“the Bylaws”). Nothing in this letter shall be taken to exclude or vary the terms of NRS78, the Articles of Incorporation or the Bylaws as they apply to the Director as a director of the Company.
1.3. The duties and obligations of the Director are as set forth on Schedule ‘A’ attached hereto.
1.4. The Company will pay to the Director the compensation indicated in Schedule ‘A’ (the “Compensation”), in full payment for serving as a member of the Board, and the Director will accept such compensation as full payment for the Director’s service as a director.
1.5. In addition to the Compensation, the Company shall reimburse the Director payment of the following out-of-pocket expenses within 30 days of receiving satisfactory written documentation in accordance with the Company’s expense reimbursement policies in effect from time:
| ● | Reasonable transportation and lodging costs incurred for the Director to attend any meeting of the Boards, provided the Chief Executive Officer or the Chief Financial Officer of the Company has such previously approved such costs in writing.; and |
| ● | Any other expense pre-approved in writing by the Chief Executive Officer or the Chief Financial Officer of the Company. |
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1.4. The Director shall not be entitled to recover from the Company reimbursement for any expenses that were not approved in advance by the Chief Executive Officer or the Chief Financial Officer of the Company.
ARTICLE 2: TERM AND TERMINATION
2.1. The term of this Agreement shall commence on the Effective Date set forth on the first page, and, unless earlier terminated pursuant to Article 2.2 of this Agreement, terminate upon the earliest of the following occurring (the “Term”):
| ● | The
date that the Director ceases to serve as a director of the Company as a result of not being re-elected by the Company’s stockholders
|
| ● | The date that the Director is removed by action of the Company’s stockholders in accordance with NRS78, the Company’s Bylaws; or |
| ● | The date that the Director resigns from the Board. |
2.2. Notwithstanding any other provision of this Agreement, if and when any one of the following events occurs, then, and in addition to any other remedy or remedies available to the Company, this Agreement shall be immediately and automatically terminated (unless otherwise decided by the Board), and the Company shall not be under any further obligation to the Director:
(a) the Director commits any breach and/or repeated and/or continual breach of any of Director’s obligations under this Agreement;
(b) the Director has made any representation or warranty made in this Agreement that is untrue or incorrect;
(c) the Director breaches, is in breach of, or has breached any covenant in this Agreement; (d) the Director fails to attend any two consecutive Board meetings;
(e) the Director dies;
(f) the Director is or becomes prohibited by any law, regulation, rule, practice direction, or practice rule from taking up the post of director or senior officer or the Director loses the qualifications to act as a director;
(g) the Director is or becomes unable to perform his duties under this Agreement due to health reasons, disability, or being of unsound mind, unless the Company can accommodate the Director’s health impairment or disability without the Company incurring undue hardship;
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(h) the Director is guilty of any serious misconduct or serious neglect in the discharge of the Director’s duties hereunder;
(i) the Director’s actions or omissions bring the name or reputation of the Company, or any of Company’s affiliates, subsidiaries, or parent (each a “Group Member”) into serious disrepute or prejudices the business interests of the Company or any Group Member;
(j) the Director is sued for criminal liability or convicted of any criminal offence other than an offence which in the reasonable opinion of the board of directors of the Company does not affect the Director’s position as a director (bearing in mind the nature of the duties in which the Director is engaged and the capacities in which the Director is engaged); or
(k) the Director is sued, fined, penalized, or censured for alleged or actual violation of any securities law or regulation in the United States or elsewhere.
2.3. Notwithstanding any other provisions of this Agreement, the provisions of Articles 5, 6, 7, and 8 of this Agreement and all obligations of each party that have accrued before the effective date of termination of this Agreement that are of a continuing nature will survive termination or expiration of this Agreement.
ARTICLE 3: INDEPENDENT CONTRACTOR
3.1. The Director shall be an independent contractor and not the servant, employee, or agent of the Company, it being recognized, however, that to the extent the provisions of this Agreement result in the creation of an agency relationship to allow the Director to perform certain of the Services on behalf of the Company, then the Director shall, in that context, be the agent of the Company, as the case may be.
3.2. The Director will promptly pay, and be solely responsible for paying, as the same become due and payable as a result or consequence of monies or other consideration paid or payable by the Company to the Director as Compensation pursuant to this Agreement, any and all applicable, federal, state and local income taxes.
3.3. The Director agrees to indemnify and save harmless the Company against and for all and any claims, assessments, penalties, interest charges and legal fees and disbursements and taxes incurred as result of having to defend same made against the Company as a result of the Director’s failure to comply with Section 3.2 of this Agreement, or as a result of any decisions or investigations made by any government agency or body in connection with the relationship between the parties hereto.
3.4. The Director is not entitled to participate in any benefits or pension plan provided by the Company to any of its employees.
3.5. Subject to compliance with the provisions of this Agreement, the Director may, at any time or times during the Term, carry on the business of providing services to the general public either alone or in association or partnership with another or others, so long as such provision of services does not: create a conflict of interest with the interests of the Company; hinder the Director from his commitment to fulfill his duties and obligations as a director to the Company.
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ARTICLE 4: PERSONAL SERVICE AND NON-ASSIGNMENT
4.1. This Agreement is an agreement relating to the provision of services by the Director personally. Therefore, the Director’s rights, interests, obligations, duties, etc. hereunder shall not be transferred, assigned or delegated to any third party.
ARTICLE 5: OWNERSHIP AND RETURN OF PROPERTY
5.1. All property including, but not limited to, files, manuals, equipment, securities, and monies of any and all customers of the Company related to the Director fulfilling his duties and obligations as a director that are, from time to time, in the possession or control of the Director will be, at all times, the exclusive property of the Company. The Director shall forthwith deliver all aforesaid property to the Company on the earlier of:
(a) the expiration or termination of this Agreement; or
(b) upon the request, at any time, by the Company.
5.2. The Director agrees that upon termination of this Agreement, he shall at once deliver to the Company all books, manuals, reports, documents, records, effects, money, securities, whether in print or stored electronically, or other property belonging to the Company or for which the Company is liable to others which are in his possession, charge, control, or custody.
ARTICLE 6: CONFIDENTIALITY
6.1. The Director acknowledges and agrees that the Company has certain confidential information which includes knowledge of trade secrets whether patented or not, computer programs, research and development data, testing and evaluation plans, business plans, opportunities, forecasts, products, strategies, proposals, suppliers, sales, manuals, work programs, financial and marketing information, customer lists or names, and information regarding customers, contracts and accounts of the Company whether printed, stored electronically, or provided verbally (the “Confidential Information”). Notwithstanding the foregoing, Confidential Information shall not include:
(a) information that has become generally available to the public other than as a result of a disclosure in breach of this Agreement;
(b) information that is lawfully received on a non-confidential basis by the Director from a source other than the Company or any of its respective subsidiaries, parent company, affiliates, directors, officers, employees, agents, advisors or other representatives and such source is not prohibited from transmitting or disclosing the data or information by reason of any contractual, legal or fiduciary obligation; or
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(c) information that the Director must disclose pursuant to the requirements of law, provided that the Director provides prompt written notice to the Company of such required disclosure so that the Company may seek a protective order or other appropriate remedy or waive compliance with the requirements of this Agreement. In the event that such protective order or other remedy is not obtained, or the Company does not waive compliance with the requirements of this Agreement, the Director agrees to furnish only that portion of the information that he is advised by his legal counsel in writing that he is legally required to disclose and will exercise reasonable efforts to obtain reliable assurance that confidential treatment will be accorded to such information.
6.2. The Director acknowledges and agrees that the Confidential Information developed or acquired by the Company is among the Company’s most valuable assets and its value may be destroyed by dissemination or unauthorized use.
6.3. The Director shall use the same level of care to prevent any unauthorized use or disclosure of the Confidential Information and Intellectual Property as the Director exercises in protecting his or her own information of a similar nature, but in no event less than a reasonable standard of care. The Director shall hold the Confidential Information in confidence and shall not, without the prior written consent of the Company, disclose the Confidential Information to any third party or make use of the Confidential Information disclosed to it for any purpose other than conducting in good faith the duties as a director of the Company,
ARTICLE 7: CONFLICT AND NON-COMPETITION
7.1. Subject to Section 7.6 of this Agreement, the Director will not, during the Term, provide any service to any person where the performance of that service may or does, in the reasonable opinion of the Director or the actual knowledge of the Director, give rise to a conflict of interest between the obligations of the Director under this Agreement, and the obligations of the Director to such other person.
7.2. Subject to Section 7.6 of this Agreement, if the Director is asked by any person otherwise than pursuant to this Agreement, to perform a service the performance of which in the reasonable or actual opinion of the Director might result in the Director breaching Section 7.1, then the Director shall forthwith notify the Board of the particular circumstances and the Board will thereafter, in its sole discretion, promptly determine and notify the Director whether or not the Director may, in light of those circumstances and Section 7.1, perform that service.
7.3. Subject to Section 7.5 of this Agreement, the Director agrees that he will not, without the prior written consent of the Company, at any time within twelve (12) months following termination or expiration of this Agreement, on his own behalf, or on behalf of any person competing or endeavoring to compete with the Company, directly or indirectly solicit, endeavor to solicit, or seek to enter into any agreement with any person that:
(a) is a customer of the Company as of the date of termination or expiration of this Agreement;
(b) was a customer of the Company at any time within twelve (12) months prior to the date of termination or expiration of this Agreement; or
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(c) has been pursued as a prospective customer by or on behalf of the Company at any time within twelve (12) months prior to the date of termination or expiration of this Agreement, and in respect of whom the Company has not determined to cease all such pursuit.
7.4. The Director agrees and confirms that the restrictions in Section 7.3 are reasonable and waives all defenses to the strict enforcement of them by the Company.
7.5. The Director agrees and confirms that Sections 7.3 (a), 7.3 (b), and 7.3 (c) are each separate and distinct covenants, severable one from the other, and if any such covenant or covenants are determined to be unenforceable in whole or in part, such unenforceability shall attach only to the covenant or covenants as determined, and all other such covenants shall continue in full force and effect.
ARTICLE 8: INDEMNIFICATION
8.1. The Company commits to use its commercially reasonable efforts to secure a directors’ and officers’ insurance policy (“D & O Insurance”) in an amount and on terms determined by the Board in its sole discretion, as soon as commercially reasonable. Further, the Director shall be entitled to the maximum indemnification by the Company as is prescribed under NRS78 and the Company’s Articles of Incorporation and Bylaws (each as amended to date). The Company will enter into an indemnification agreement with the director evidencing same.
ARTICLE 9: NOTICES
9.1. Any notice permitted or required under the Agreement must be in writing and be sent to the receiving party by overnight courier at the following address:
| If to the Company, to: | ||||
| Attention: Chief Executive Officer | ||||
| If to the Director, to: | ||||
All notices or other communications hereunder shall be deemed given upon receipt.
9.2. Either party may, from time to time, advise the other party by notice in writing of any change of address of the party giving such notice and from and after the giving of such notice the address therein specified will, for the purposes of Section 9.1, be conclusively deemed to be the address of the party giving such notice.
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ARTICLE 10: OWNERSHIP OF WORK
10.1. The Director hereby assigns to the Company his entire right, title and interest in and to all discoveries and improvements, patentable or otherwise, trade secrets and ideas, writings and copyrightable material, which may be conceived by the Director or developed or acquired by him during the Term, which may pertain directly or indirectly to the business of the Company or any of its subsidiaries, parent company, or affiliates (the “Work Product”). The Director agrees to disclose fully all such developments to the Company upon the request of the board of directors of the Company, its Chief Executive Officer, or its Chief Financial Officer, which disclosure shall be made in writing promptly following any such request. The Director shall, upon the request of the Company, its Chief Executive Officer, or its Chief Financial Officer, execute, acknowledge and deliver to the Company all instruments and do all other acts which are necessary or desirable to enable the Company or any of its subsidiaries to file and prosecute applications for, and to acquire, maintain and enforce, all patents, trademarks and copyrights in all countries in connection with any component of the Work Product.
10.2. The Director agrees to assign, on an ongoing basis throughout the Term, exclusively to the Company in perpetuity, all right, title and interest of any kind whatsoever, in and to the Work Product, including any and all copyrights thereto (and the exclusive right to register copyrights). Accordingly, all rights in and to the Work Product, including any materials derived therefrom or based thereon and regardless of whether any such Work Product is actually used by the Company, shall from its creation be owned exclusively by the Company, and the Director will not have or claim to have any rights of any kind whatsoever in such Work Product. Without limiting the generality of the foregoing, Director will not make any use of any of the Work Product in any manner whatsoever without the Company’s prior written consent, which may be withheld at the sole discretion of the Company.
ARTICLE 11: GENERAL
11.1. Entire Agreement. This Agreement constitutes the entire Agreement between the parties with respect to all matters herein, and there are no other agreements in connection with this subject matter except as specifically set forth or referred to in this Agreement. This Agreement supersedes any and all prior agreements and understandings relating to the subject matter. Both parties acknowledge that neither of the parties has been induced to enter into this Agreement by any representation or writing not incorporated into this Agreement.
11.2. Governing Law. This Agreement will in all respects be governed exclusively by and construed in accordance with the laws of the State of Florida. In the event of any dispute regarding the performance or terms hereof, the prevailing party in any litigation shall be entitled to an award of reasonable attorneys’ fees and costs of suit, together with any other relief awarded hereunder or in accordance with governing law.
11.3. Jurisdiction and Venue. For any claim, demand, action, cause of action, proceeding, or counterclaim to interpret or enforce or otherwise arising from or relating to this Agreement, each party irrevocably consents to the exclusive jurisdiction of any state or federal courts sitting in Miami-Dade County, Florida. To the maximum extent permitted under applicable law, each party waives any defense that those courts lack jurisdiction over the party; waives any claim of an inconvenient or improper forum; waives any bond, security, or surety requirements of those courts; and shall not remove or attempt to remove the proceedings to any other court.
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11.4. Amendments. This Agreement may only be amended if such amendment is confirmed in writing by both parties.
11.5. Counterparts. This Agreement may be executed in any number of counterparts with the same effect as if all parties hereto had all signed the same document. All counterparts shall be construed together and shall constitute one and the same original document. Each party may deliver a counterpart signature page by facsimile transmission.
11.6. Severability. If any portion of this Agreement is declared invalid or unenforceable, in whole or in part, it shall not be deemed to affect or impair the validity or enforceability of any other covenant or provisions herein, and such unenforceable portion shall be severed from the remainder of the Agreement.
11.7. Waivers. A waiver of any default, breach, or non-compliance under this Agreement is not effective unless in writing and signed by the party to be bound by the waiver. No waiver will be inferred from or implied by any failure to act or delay in acting by a party in respect of any default, breach or non-observance or by anything done or omitted to be done by the other party. Any waiver by a party of any default, breach or non-compliance under this Agreement will not operate as a waiver of that party’s right under this Agreement in respect of any continuing or subsequent default, breach or non-observance.
11.8. Headings. The headings used in this Agreement are for the convenience of reference only and do not form part of or affect the interpretation of this Agreement.
11.9. Schedules. Any Schedules to this Agreement are an integral part of this Agreement as if set out at length in the body of this Agreement.
11.109. Conflict. In the event that there is a conflict or inconsistency between the wording of any of this Agreement and any Schedule, the Schedule shall govern.
11.11. Further Assurances. The parties agree to do all such other things and to take all such other actions as may be necessary or desirable to give full effect to the terms of this Agreement.
11.12. Number and Gender. Unless the context requires otherwise, words importing the singular include the plural and vice versa and words importing gender include all genders.
11.13. “Person”. In this Agreement, the term “person” is to be broadly interpreted and includes an individual, a corporation, a partnership, a trust, an unincorporated organization, the government of a country or any political subdivision thereof, or any agency or department of any such government, and the executors, administrators or other legal representatives of an individual in such capacity;
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11.14. Statute. Any reference to a statute in this Agreement, whether or not that statute has been defined or cited, includes all regulations made under it, any amendments made to it and in force, and any statute passed in replacement of or in substitution for it.
IN WITNESS WHEREOF the parties have duly executed this Agreement by signing below as of the Effective Date.
| Organicell Regenerative Medicine, Inc. | ||||
| By: | ||||
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Schedule ‘A’
Duties and Obligations
The Director is engaged as a director of the Company and shall have the following duties and obligations:
1. Normal director responsibilities. Carry out and assume all responsibilities of a director of the Company as required by NRS78, other applicable law, the Company’s Articles of Incorporation (as amended), the Company’s Bylaws (as amended), the Company’s Code of Ethics (as amended), resolutions adopted by the directors or stockholders of the Company, and other regulations and internal rules relating to the directors of the Company;
2. Attending Meetings. Use best efforts to attend scheduled meetings of the Board and the Company’s stockholders in person, by telephone, or via video conference or other means of electronic communication;
3. Acting as a Fiduciary. Represent the stockholders and the interests of Company as a fiduciary;
4. Participating. Participate as a full voting member of Company’s Board in setting overall objectives; reviewing, discussing, and approving plans and programs of operation; formulating general policies; offering advice and counsel; serving on Board Committees as required by a majority of the Board; reviewing management performance; participating in the appointment and removal of officers of the Company; participating in disclosure of Company information in accordance with the securities regulations of the United States and elsewhere as applicable; and reviewing internal and external financial and disclosure controls and procedures; and
5. Informing. Fully inform the Board, upon request from time to time, of the matters and things done, and to be done, by the Director in connection with the fulfillment of the Director’s duties and obligations and, if so requested by the Board, submit such information in writing to the Board in a timely manner.
Compensation
The Compensation payable to the Director for provision of the Services shall be as follows:
Upon commencement of each year of the Term, the Company shall issue to the Directors Warrants to acquire up to One Million (1,000,000) shares of the Company’s common stock at an exercise price equal to fair market value of the common stock as of the date of grant. The Warrants shall be exercisable for a period of ten (10) years from the date of grant and shall vest in equal monthly installment of Eighty-Three Thousand Three Hundred Thirty-Three (83,333.33), subject to continued service by the director as a Director. The Warrant will be in the standard form used by the Company for Warrants of this nature. The Warrants and the underlying shares of common stock will be “restricted securities” as defined in Rule 144 under the Securities Act of 1933, as amended, and subject to the transfer restrictions applicable thereunder and elsewhere in federal and applicable state securities laws.
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Cover |
Sep. 23, 2022 |
|---|---|
| Cover [Abstract] | |
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | Sep. 23, 2022 |
| Entity File Number | 000-55008 |
| Entity Registrant Name | ORGANICELL REGENERATIVE MEDICINE, INC. |
| Entity Central Index Key | 0001557376 |
| Entity Tax Identification Number | 47-4180540 |
| Entity Incorporation, State or Country Code | NV |
| Entity Address, Address Line One | 1951 NW 7th Avenue |
| Entity Address, Address Line Two | Suite 300 |
| Entity Address, City or Town | Miami |
| Entity Address, State or Province | FL |
| Entity Address, Postal Zip Code | 33136 |
| City Area Code | (888) |
| Local Phone Number | 963-7881 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Entity Emerging Growth Company | false |