EXPLANATORY NOTE
In
August of 2018, the Board of Directors of Exactus, Inc. (the
“Company”) approved the adoption of the Exactus, Inc.
2018 Incentive Plan (the “2018 Plan”). The purpose of
this Registration Statement on Form S-8 is to register with the
Securities and Exchange Commission (the “Commission”)
9,500,000 shares of the Company’s common stock, par value
$0.0001 per share (the “Common Stock”), which may be
issued by the Company upon the exercise of options granted, or
other awards made, pursuant to the terms of the 2018 Plan, together
with an indeterminable number of additional shares of common stock
which may become issuable under the 2018 Plan by reason of any
stock dividend, stock split, re-capitalization or any other similar
transaction effected without the receipt of consideration which
results in an increase in the number of the registrant’s
outstanding shares of common stock.
In
December of 2018, the Board of Directors of the Company approved
the adoption of the Exactus, Inc. 2019 Equity Incentive Plan (the
“2019 Plan”). The further purpose of this Registration
Statement on Form S-8 is to register with the Securities and
Exchange Commission (the “Commission”) 13,500,000
shares of the Company’s common stock, par value $0.0001 per
share (the “Common Stock”), which may be issued by the
Company upon the exercise of options granted, or other awards made,
pursuant to the terms of the 2019 Plan, together with
indeterminable number of additional shares of common stock which
may become issuable under the Exactus, Inc. 2019 Equity Incentive
Plan such that the total amount of shares covered with regard to
such Plan will be equal to exceed fifteen percent (15%) of the
total of: (a) the issued and outstanding shares of the
registrant’s common stock, and (b) all shares common stock
issuable upon conversion or exercise of any outstanding securities
of the registrant which are convertible or exercisable into shares
of common stock under the terms thereof, as determined on the date
such Plan was adopted by the Corporation’s Board of
Directors, and as adjusted effective on the first day of each of
the registrant’s fiscal quarters.
The
reports most recently filed by the Company with the Commission are
listed below in Part II, Item 3.
PART II
Item
3.
Incorporation
of Documents by Reference.
The
following documents filed by the Company with the Securities and
Exchange Commission are incorporated by reference into this
Registration Statement:
(1)
Annual Report on
Form 10-K for the year ended December 31, 2017, filed with the
Commission on April 2, 2018;
(2)
Quarterly Reports
on Form 10-Q for the periods ended March 31, 2018, June 30, 2018,
and September 30, 2018 filed with the Commission on May 21, 2018,
August 20, 2018, and November 14, 2018, respectively;
(3)
Current Reports on
Form 8-K, filed with the Commission on July 6, 2018, July 20, 2018,
September 5, 2018, September 7, 2018, September 14, 2018, October
12, 2018, November 7, 2018, and December 21, 2018, respectively;
and
(4)
Schedule 14C filed
with the Commission on September 14, 2018.
All
reports and other documents subsequently filed by the Company
pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act
prior to the filing of a post-effective amendment which indicates
that all securities offered have been sold or which de-registers
all securities then remaining unsold, shall be deemed to be
incorporated by reference herein and to be a part of this
Registration Statement from the date of the filing of such reports
and documents.
Any
statement contained in an Incorporated Document shall be deemed to
be modified or superseded for purposes of this Registration
Statement to the extent that a statement contained herein or in any
other subsequently filed Incorporated Document modifies or
supersedes such statement. Any such statement so modified or
superseded shall not be deemed, except as so modified or
superseded, to constitute a part of this Registration
Statement.
Item
4.
Description
of Securities.
Not
Applicable
Item
5.
Interests
of Named Experts and Counsel.
No
expert or counsel named in this prospectus as having prepared or
certified any part of it or as having given an opinion upon the
validity of the securities being registered or upon other legal
matters in connection with the registration or offering of the
common stock was employed on a contingency basis, or had, or is to
receive, in connection with the offering, a substantial interest,
direct or indirect, in the Company or any of its parents or
subsidiaries. Nor was any such person connected with the Company or
any of its parents or subsidiaries as a promoter, managing or
principal underwriter, voting trustee, director, officer, or
employee.
Item
6.
Indemnification
of Directors and Officers.
Our
officers and directors are indemnified as provided by the Nevada
Revised Statutes and our articles of incorporation and our
bylaws.
Pursuant
to our articles of incorporation and our bylaws, we may indemnify
any person who was or is a party or is threatened to be made a
party to any threatened, pending, or completed action, suit, or
proceeding, whether civil, criminal, administrative, or
investigative, (other than an action by or in the right of us) by
reason of the fact that he is or was a director, officer, employee,
fiduciary or agent of the company or is or was serving at the
request of us as a director, officer, employee, fiduciary or agent
of another corporation, partnership, joint venture, trust, or other
enterprise, against expenses (including attorney fees), judgments,
fines, and amounts paid in settlement actually and reasonably
believed to be in our best interests and, with respect to any
criminal action or proceeding, had no reasonable cause to believe
his conduct was unlawful. The termination of any action, suit, or
proceeding by judgment, order, settlement, or conviction or upon a
pleas of nolo contenders or its equivalent shall not of itself
create a presumption that the person did not act in good faith and
in a manner which he reasonably believed to be in our best
interests and, with respect to any criminal action or proceeding,
had reasonable cause to believe his conduct was
unlawful.
Our
articles of incorporation and bylaws also provide that we may
indemnify any person who was or is a party or is threatened to be
made a party to any threatened, pending, or completed action or
suit by or in the right of our company or procure a judgment in its
favor by reason of the fact that he is or was a director, officer,
employee, or agent of our company or is or was serving at our
request as a director, officer, employee, fiduciary or agent of
another corporation, partnership, joint venture, trust or other
enterprise against expenses (including attorney fees) actually and
reasonably incurred by him in connection with the defense or
settlement of such action or suit if he acted in good faith and in
a manner he reasonably believed to be in our best interests: but no
indemnification shall be made in respect to any claim, issue, or
matter as to which such person has been adjudged to be liable for
negligence or misconduct in the performance of his duty to us
unless and only to the extent that the court in which such action
or suit was brought determines upon application that, despite the
adjudication of liability, but in view of all circumstances of the
case, such person is fairly and reasonably entitled to
indemnification for such expenses which such court deems
proper.
To the
extent that a director, officer, employee, fiduciary or agent of a
corporation has been successful on the merits in defense of any
action, suit, or proceeding referred to in the preceding two
paragraphs or in defense of any claim, issue, or matter therein, he
shall be indemnified against expenses (including attorney fees)
actually and reasonably incurred by him in connection
therewith.
The
indemnification provided by the provisions described in this
section shall not be deemed exclusive of any other rights to which
those seeking indemnification may be entitled under our articles of
incorporation, the bylaws, agreements, vote of the shareholders or
disinterested directors, or otherwise, both as to action in his
official capacity and as to action in another capacity while
holding such office, and shall continue as to a person who has
ceased to be a director, officer, employee or agent and shall inure
to the benefit of the heirs and personal representatives of such a
person.
Item
7.
Exemption
from Registration Claimed.
Not
applicable.
|
Exhibit
Number
|
Description
|
|
|
Exactus,
Inc. 2018 Incentive Plan
|
|
|
Exactus,
Inc. 2019 Equity Incentive Plan
|
|
|
Opinion
of Laxague Law, Inc. regarding validity of securities with consent
to use
|
|
|
Consent
of RBSM LLP, Independent Registered Public Accounting
Firm
|
|
|
Power
of Attorney (included on the signature page hereof)
|
A. The
undersigned registrant hereby undertakes:
(1) To
file, during any period in which offers or sales are being made, a
post-effective amendment to this registration
statement:
(i) To include any
prospectus required by section 10(a)(3) of the Securities
Act;
(ii) To reflect in
the prospectus any facts or events arising after the effective date
of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate,
represent a fundamental change in the information set forth in the
registration statement. Notwithstanding the foregoing, any increase
or decrease in volume of securities offered (if the total dollar
value of securities offered would not exceed that which was
registered) and any deviation from the low or high end of the
estimated maximum offering range may be reflected in the form of
prospectus filed with the Commission pursuant to Rule 424(b) of the
Securities Act if, in the aggregate, the changes in volume and
price represent no more than 20% change in the maximum aggregate
offering price set forth in the “Calculation of Registration
Fee” table in the effective registration statement;
or
(iii) To include
any material information with respect to the plan of distribution
not previously disclosed in the registration statement or any
material change to such information in the registration
statement;
provided,
however, that paragraphs (i) and (ii) of this section do not apply
if the information required to be included in a post-effective
amendment by those paragraphs is contained in reports filed with or
furnished to the Commission by the registrant pursuant to section
13 or section 15(d) of the Exchange Act that are incorporated by
reference in the registration statement.
(2)
That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed
to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering
thereof.
(3) To
remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the
termination of the offering.
(4)
That, for the purpose of determining liability of the registrant
under the Securities Act of 1933 to any purchaser in the initial
distribution of the securities: The undersigned registrant
undertakes that in a primary offering of securities of the
undersigned registrant pursuant to this registration statement,
regardless of the underwriting method used to sell the securities
to the purchaser, if the securities are offered or sold to such
purchaser by means of any of the following communications, the
undersigned registrant will be a seller to the purchaser and will
be considered to offer or sell such securities to such
purchaser:
(i) Any
preliminary prospectus or prospectus of the undersigned registrant
relating to the offering required to be filed pursuant to Rule
424;
(ii) Any free
writing prospectus relating to the offering prepared by or on
behalf of the undersigned registrant or used or referred to by the
undersigned registrant;
(iii)
The portion of any other free writing prospectus relating to the
offering containing material information about the undersigned
registrant or its securities provided by or on behalf of the
undersigned registrant; and
(iv)
Any other communication that is an offer in the offering made by
the undersigned registrant to the purchaser.
B. The
undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act, each filing of
the registrant’s annual report pursuant to Section 13(a) or
Section 15(d) of the Securities Exchange Act of 1934 (and, where
applicable, each filing of an employee benefit plan’s annual
report pursuant to Section 15(d) of the Securities Exchange Act of
1934) that is incorporated by reference in the registration
statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of
such securities at that time shall be deemed to be the initial bona
fide offering thereof.
C.
Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and
controlling persons of the registrant pursuant to the Nevada
Revised Statutes, the Articles of Incorporation of the registrant,
the Bylaws of the registrant, indemnification agreements entered
into between the registrant and its officers and directors or
otherwise, the registrant has been advised that in the opinion of
the Securities and Exchange Commission such indemnification is
against public policy as expressed in the Securities Act and is,
therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by
the registrant in successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered
hereunder, the registrant will, unless in the opinion of its
counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question of
whether such indemnification by it is against public policy as
expressed in the Securities Act and will be governed by the final
adjudication of such issue.
SIGNATURES
In
accordance with the requirements of the Securities Act of 1933, the
registrant certifies that it has reasonable grounds to believe that
it meets all of the requirements for filing on Form S-8 and
authorized this registration statement to be signed on its behalf
by the undersigned, in Glen Allen, Virginia, on December 26,
2018.
Exactus, Inc.
By: /s/ Philip J. Young
Philip
J. Young, Chief Executive Officer and Director
By: /s/ Timothy Ryan
Timothy
Ryan, Executive Vice President and Director
By:
/s/ Kelley A.
Wendt
Kelley
A. Wendt, Chief Financial Officer
KNOW
ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints Philip J. Young as his true
and lawful attorney-in-fact and agent, with full power of
substitution and re-substitution, for him and in his name, place
and stead, in any and all capacities, to sign any and all
amendments (including post-effective amendments) to this
registration statement, and to file the same, with all exhibits
thereto, and other documents in connection therewith, with the U.S.
Securities and Exchange Commission, granting unto said
attorney-in-fact and agent, full power and authority to do and
perform each and every act and thing requisite and necessary to be
done in connection therewith, as fully to all intents and purposes
as he might or could do in person, hereby ratifying and confirming
all that said attorney-in-fact and agent or any of them, or of
their substitute or substitutes, may lawfully do or cause to be
done by virtue hereof.
Pursuant
to the requirements of the Securities Act, this registration
statement has been signed by the following persons in the
capacities stated on December 26, 2018.
By:
/s/ Philip J.
Young
Philip
J. Young, Chief Executive Officer and Director
By:
/s/ Timothy
Ryan
Timothy
Ryan, Executive Vice President and Director
By:
/s/ Kelley A.
Wendt
Kelley
A. Wendt, Chief Financial Officer