Current Report Filing (8-k)
April 15 2021 - 05:27PM
Edgar (US Regulatory)
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): April 9, 2021
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ARTIFICIAL
INTELLIGENCE TECHNOLOGY SOLUTIONS INC.
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(Exact name of
registrant as specified in its charter)
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Nevada
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000-55079
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27-2343603
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(State or
other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS
Employer
Identification No.)
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1 East
Liberty, 6th Floor
Reno, NV 89501
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(Address of
principal executive offices)
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702-990-3271
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(Registrant’s
telephone number, including area code)
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Not
Applicable
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(Former name
or former address, if changed since last report.)
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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:
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Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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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))
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When
used in this Current Report on Form 8-K, unless otherwise
indicated, the terms the “Company,” “our,” or “we” refer to
Artificial Intelligence Technology Solutions Inc. and its
subsidiaries.
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Item
5.02
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Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
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CEO
Employment Agreement
On April 9, 2021, we entered into an Employment Agreement (the “CEO
Employment Agreement”) with the Company’s Chief Executive Officer,
Mr. Steven Reinharz, pursuant to which Mr. Reinharz will serve as
the Company’s Chief Executive Officer. The term of Mr. Reinharz’s
employment under the CEO Employment Agreement (the “Term”) will be
for an initial period of three years or such earlier date upon
which Mr. Reinharz’s employment may be terminated in accordance
with the terms of the CEO Employment Agreement, and will
automatically renew for additional one year periods unless either
party gives written notice of nonrenewal. The CEO Employment
Agreement provides Mr. Reinharz with the following compensation
benefits:
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Annual
base salary of $240,000, subject to annual review and adjustment by
the Compensation Committee (the “Compensation Committee”) of the
Board of Directors (the “Board”) of the Company, following the
Term;
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Eligibility to participate in the Company’s existing and future
bonus and equity incentive plans and other incentive compensation
programs for senior executives of the Company; and
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Eligibility to participate in all employee benefit and insurance
plans sponsored or maintained by the Company for senior executives
of the Company.
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The foregoing summary of the terms and conditions of the CEO
Employment Agreement does not purport to be complete and is
qualified in its entirety by reference to the full text of the CEO
Employment Agreement, which has been filed as Exhibit 10.1 to this
Form 8-K, which is incorporated herein by reference. On April 13,
2021, we issued a press release announcing the CEO Employment
Agreement. A copy of the press release announcing the CEO
Employment Agreement has been filed as Exhibit 99.1 to this Form
8-K, which is incorporated herein by reference.
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Unless
otherwise indicated, the following exhibits are filed herewith:
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.
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Date: April 15, 2021
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ARTIFICIAL INTELLIGENCE
TECHNOLOGY SOLUTIONS INC.
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/s/ Steven Reinharz
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Name: Steven Reinharz
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Title: President
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