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EX-10.1 - SETTLEMENT AGREEMENT AND MUTUAL RELEASE DATED JANUARY 29, 2018, BETWEEN DRONE US - Bantec, Inc. | f8k012918aex10-1_droneusainc.htm |
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): February 12, 2018 (January 29, 2018)
Drone USA, Inc.
(Exact name of registrant as specified in its charter)
Delaware | 000-55789 | 30-0967943 | ||
(state or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification Number) |
16 Hamilton Street, West Haven, CT 06516
(address of principal executive offices) (zip code)
(203) 220-2296
(registrant’s telephone number, including area code)
(former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ | 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)) |
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. ☒
Item 1.01 Entry into a Material Definitive Agreement.
On January 29, 2018, the registrant, Drone USA, Inc. (“Drone USA”), entered into a settlement agreement and mutual release with Caro Partners LLC which had provided public relations and other consulting services under which Caro Partners received a payment of $60,000 in a series of tranched payments through November 2018 and returned to Drone USA 400,000 shares of its common stock that will now be held as treasury shares by Drone USA. The foregoing is a summary of the terms of the settlement agreement and mutual release and is qualified in its entirety by the settlement agreement and mutual release attached hereto and incorporated herein as Exhibit 10.1.
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Item 9.01 Financial Statements and Exhibits.
(d) Exhibits: The following exhibits are filed with this report:
Exhibit No. | Description | |
10.1 | Settlement Agreement and Mutual Release dated January 29, 2018, between Drone USA, Inc. and Caro Partners LLC |
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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.
Date: February 12, 2018 | Drone USA, Inc. | |
By: | /s/ Michael Bannon | |
Name: Michael Bannon | ||
Title: President and CEO |
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