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 17, 2016
Precious Investments, Inc.
(Exact name of registrant as specified in its charter)
Nevada |
333-119848 |
90-0338080 |
(State or other jurisdiction
of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification
No.) |
133 Richmond
Street West, Suite 310
Toronto
Ontario, Canada |
M5H-2L3 |
(Address
of principal executive offices) |
(Zip
Code) |
Registrant’s telephone number,
including area code: 416-878-3377
___________________________________________________
(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:
[
] |
Written
communications pursuant to Rule 425 under the Securities Act (17CFR 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)) |
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|
[
] |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
SECTION 1 – Registrant’s
Business and Operations
Item 1.01
Entry into a Material Definitive Agreement
On February 17, 2016, the Company
entered into an employment agreement effective November 1, 2014 with Nataliya Hearn (“Hearn”) to be its President
and Chief Executive Officer (the “Hearn Agreement”).
The following is a summary of the
material terms of the Hearn Agreement.
| § | The
term commences on November 1, 2014 and ends twelve (12) months after that date, with
automatic renewal thereafter. |
| § | Hearn’s
compensation will be 100,000 shares of the Company's Common Stock, issued each quarter
of her service with the Company. |
The description of the Hearn Agreement
provided above is qualified in its entirety by reference to the complete terms of the Hearn Agreement, a copy of which is attached
hereto as Exhibit 10.1 and incorporated by reference herein.
SECTION 3 – SECURITIES AND
TRADING MARKETS
Item 3.02 Unregistered Sales of
Equity Securities
The information set forth in Items
1.01 is incorporated into this Item 3.02 by reference.
On February 17, 2016 we issued a
company controlled by Hearn 500,000 shares of the Company's Common Stock as required in the Hearn Agreement for the five
quarters of compensation.
The issuance of the above shares
was made in reliance upon an exemption from registration pursuant to Section 4(a)(2) under the Securities Act of 1933 and/or Regulation
D promulgated thereunder.
SECTION 5 – Corporate Governance
and Management
Item 5.02 Departure of Directors
or Principal Officers; Election of Directors; Appointment of Principal Officers
The information set forth in Items
1.01 and 3.02 is incorporated into this Item 5.02 by reference.
Section 9
– Financial Statements and Exhibits
Item 9.01
Financial Statements and Exhibits
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.
Precious Investments, Inc.
/s/ Nataliya Hearn
Nataliya Hearn
Chief Executive Officer
Date: Febuary 19, 2016
EMPLOYMENT
AGREEMENT
This Employment
Agreement (the "Agreement") signed on February 17th, 2016 with this agreement being retroactive to November
1st, 2015 is entered into by and between, Precious Investments Inc.
(Symbol PNIK), a Nevada corporation (herein referred to as the "Company"), and NATALIYA HEARN, (herein referred to as
the" Consultant"). This agreement supersedes any prior oral or written agreements between the parties hereto.
RECITALS
WHEREAS, the
Company is a public company seeking to:
Manage and interface
diamond trading business and crypto-currency developments.
WHEREAS, Company
desires to engage the services of Consultant to represent the company as CEO and President to manage its various products and
business according to the Company's current and proposed activities;
NOW THEREFORE,
in consideration of the promises and the mutual covenants and agreements hereinafter set forth, the parties hereto covenant and
agree as follows:
1) Term of Consultancy.
Company hereby agrees to retain the Consultant to act in a consulting capacity to the Company, and the Consultant hereby agrees
to provide services to the Company commencing from the date that this contract is effective and ending twelve (12) months after
the date.
2) Duties of
Consultant. The Consultant agrees that it will generally provide the following specified consulting services:
| a) | Manage
the Company in structuring its business efforts; |
| b) | Manage
the Company in developing and implementing appropriate plans and means for presenting
the Company and its business plans, strategy and personnel to the financial community,
establishing an image for the Company; |
| c) | Manage
the Company’s efforts in bridging the diamond trading and crypto-currency markets
world wide; |
| d) | Manage
the Company’s, plans, strategy and personnel, as they may evolve during such period,
and consult and assist the Company in communicating appropriate information regarding
such plans; |
| e) | Oversee
the required filings of the public company operations. |
3) Allocation
of Time and Energies. The Consultant hereby promises to perform and discharge faithfully the responsibilities which may be assigned
to the Consultant from time to time by the officers and duly authorized representatives of the Company in connection with the
conduct of its sourcing, and production, so long as such activities are in compliance with applicable securities laws and regulations.
Consultant and staff shall diligently and thoroughly provide the consulting services required hereunder. Although no specific
hours-per-day requirement will be required, Consultant and the Company agree that Consultant will perform the duties set forth
herein above in a diligent and professional manner. It is explicitly understood that Consultant's performance of its duties hereunder
will in no way be measured by the price of the Company's common stock, nor the trading volume of the Company's common stock.
4) Remuneration.
As full and complete compensation for services described in this Agreement, the Company shall compensate as follows:
| a. | For
undertaking this engagement and for performance of the services described above for a
period of at least twelve months, the Company acknowledges that Consultant shall be issued
100,000 shares per quarter of common stock of the Company, with a par value of $0.001
per share. The shares will be issued to the Consultant or Consultant’s corporate
entity as specified by the Consultant at the time of issue. The shares will be issued
on quarterly basis starting on the day of this agreement. The Company understands and
agrees that Consultant has foregone significant opportunities to accept this engagement
and that the Company derives substantial benefit from the execution of this Agreement
and the ability to announce its relationship with Consultant. The shares of Common Stock,
therefore, constitute payment for Consultant's agreement to consult to the Company and
are a nonrefundable, non-apportion able and non-ratable retainer; such shares of common
stock are not a prepayment for future services. If and in the event the Company is acquired
during the term of this agreement, it is agreed and understood Consultant will not be
requested or demanded by the Company to return any of the shares of Common stock paid
to it hereunder. It is further agreed that if at any time during the term of this agreement,
the Company or substantially all of the Company's assets are merged with or acquired
by another entity, or some other change occurs in the legal entity that constitutes the
Company that results in a change in control of substantially all of the Companies shares
or assets, the Consultant shall retain and will not be requested by the Company to return
any of the shares. Consultant agrees that it will not sell or transfer during the term
of this Agreement any of the Company stock issued to Consultant. |
| b. | The
Company will reimburse the Consultant for travel and out-of-pocket expanses based on
the Consultant submitting expense reports. |
| c. | With
each transfer of shares of Common Stock to be issued pursuant to this Agreement (collectively,
the "Shares"), Company shall cause to be issued a certificate representing
the Common Stock and a written opinion of counsel for the Company stating that said shares
are validly issued, fully paid and non-assessable and that the issuance and eventual
transfer of them to Consultant has been duly authorized by the Company. Company warrants
that all Shares issued to Consultant pursuant to this Agreement shall have been validly
issued, fully paid and non-assessable and that the issuance and any transfer of the shares
to Consultant shall have been duly authorized by the Company's board of directors. |
| d. | In
connection with the acquisition of Shares hereunder, the Consultant represents and warrants
to the Company, to the best of its/his knowledge, as follows: |
Consultant acknowledges
that the Consultant has been afforded the opportunity to ask questions of and receive answers from duly authorized officers or
other representatives of the Company concerning an investment in the Shares, and any additional information which the Consultant
has requested.
ii)
Consultant's investment in restricted securities is reasonable in relation to the Consultant's net worth, which is in excess of
ten (10) times the Consultant's cost basis in the Shares. Consultant has had experience in investments in restricted and publicly
traded securities, and Consultant has had experience in investments in speculative securities and other investments which involve
the risk of loss of investment. Consultant acknowledges that an investment in the Shares is speculative and involves the risk
of loss. Consultant has the requisite knowledge to assess the relative merits of this investment without the necessity of relying
upon other advisors, and Consultant can afford the risk of loss of his entire investment in the Shares. Consultant is (i) an accredited
investor, as that term is defined in Regulation D promulgated under the Securities Act of 1933.
iii)
Consultant is acquiring the Shares for the Consultant's own account for long-term investment and not with a view toward resale
or distribution thereof except in accordance with applicable securities laws.
5) Non-Assignability
of Services. Consultant's services under this contract are offered to Company only and may not be assigned by Company to any entity
with which Company merges or which acquires the Company or substantially all of its assets. In the event of such merger or acquisition,
all compensation to Consultant herein under the schedules set forth herein shall remain due and payable, and any compensation
received by the Consultant may be retained in the entirety by Consultant, all without any reduction or pro-rating and shall be
considered and remain fully paid and non-assessable. Notwithstanding the non-assignability of Consultant's services, Company shall
assure that in the event of any merger, acquisition, or similar change of form of entity, that its successor entity shall agree
to complete all obligations to Consultant, including the provision and transfer of all compensation herein, and the preservation
of the value thereof consistent with the rights granted to Consultant by the Company herein, and to Shareholders.
6) Expenses.
The company will pay consultants expenses related to his work with the company, which will include phone, mailings, travel, meals
specifically requested by the company.
7) Indemnification.
The Company warrants and represents that all oral communications, written documents or materials furnished to Consultant by the
Company with respect to financial affairs, operations, profitability and strategic planning of the Company are accurate and Consultant
may rely upon the accuracy thereof without independent investigation. The Company will protect, indemnify and hold harmless Consultant
against any claims or litigation including any damages, liability, cost and reasonable attorney's fees as incurred with respect
thereto resulting from Consultant's communication or dissemination of any said information, documents or materials excluding any
such claims or litigation resulting from Consultant's communication or dissemination of information not provided or authorized
by the Company.
8) Representations.
Consultant represents that it is not required to maintain any licenses and registrations under federal or any state regulations
necessary to perform the services set forth herein. Consultant acknowledges that, to the best of its knowledge, the performance
of the services set forth under this Agreement will not violate any rule or provision of any regulatory agency having jurisdiction
over Consultant. Consultant acknowledges that, to the best of its knowledge, Consultant and its officers and directors are not
the subject of any investigation, claim, decree or judgment involving any violation of the SEC or securities laws. Consultant
further acknowledges that it is not a security Broker Dealer or a registered investment advisor. Company acknowledges that, to
the best of its knowledge, that it has not violated any rule or provision of any regulatory agency having jurisdiction over the
Company. Company acknowledges that, to the best of its knowledge, Company is not the subject of any investigation, claim, decree
or judgment involving any violation of the SEC or securities laws.
9) Legal Representation.
The Company acknowledges that it has been represented by independent legal counsel in the preparation of this Agreement. Consultant
represents that it has consulted with independent legal counsel and/or tax, financial and business advisors, to the extent the
Consultant deemed necessary.
10) Status as
Independent Contractor. Consultant's engagement pursuant to this Agreement shall be as independent contractor, and not as an employee,
officer or other agent of the Company. Neither party to this Agreement shall represent or hold itself out to be the employer or
employee of the other. Consultant further acknowledges the consideration provided hereinabove is a gross amount of consideration
and that the Company will not withhold from such consideration any amounts as to income taxes, social security payments or any
other payroll taxes. All such income taxes and other such payment shall be made or provided for by Consultant and the Company
shall have no responsibility or duties regarding such matters. Neither the Company nor the Consultant possesses the authority
to bind each other in any agreements without the express written consent of the entity to be bound.
11) Attorney's
Fees. If any legal action or any arbitration or other proceeding is brought for the enforcement or interpretation of this Agreement,
or because of an alleged dispute, breach, default or misrepresentation in connection with or related to this Agreement, the successful
or prevailing party shall be entitled to recover reasonable attorneys' fees and other costs in connection with that action or
proceeding, in addition to any other relief to which it or they may be entitled.
12) Waiver.
The waiver by either party of a breach of any provision of this Agreement by the other party shall not operate or be construed
as a waiver of any subsequent breach by such other party.
13) Choice of
Law, Jurisdiction and Venue. This Agreement shall be governed by, construed and enforced in accordance with the laws of the State
of Nevada. The parties agree that Nevada will be the venue of any dispute and will have jurisdiction over all parties.
14) Arbitration.
Any controversy or claim arising out of or relating to this Agreement, or the alleged breach thereof, or relating to Consultant's
activities or remuneration under this Agreement, shall be settled by binding arbitration in Nevada, in accordance with the applicable
rules of arbitration, and judgment on the award rendered by the arbitrator(s) shall be binding on the parties and may be entered
in any court having jurisdiction as provided by Paragraph 14 herein.
15) Complete
Agreement. This Agreement contains the entire agreement of the parties relating to the subject matter hereof. This Agreement and
its terms may not be changed orally but only by an agreement in writing signed by the party against whom enforcement of any waiver,
change, modification, extension or discharge is sought.
AGREED TO:
Precious Investments
Inc.
Date: 2/17/2016
By: /s/ Kashif
Khan
Kashif Khan
Date: 2/17/2016
By: /s/ Nataliya
Hearn
Nataliya Hearn
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