ITEM 8.01. Other Events
Background
As previously disclosed in our Form 10-Q for our financial quarter ending
November 30, 2019, Peter Dacey, our prior Chief Financial Officer, filed a
lawsuit against us in the Superior Court-Judicial District of New Haven,
Connecticut claiming unpaid wages and breach of contract (the "Litigation"). Our
response to the Litigation was that Dacey was terminated for cause and we had no
further obligations to Dacey under the terms of his employment agreement with
us.
Settlement of the Litigation
On October 21, 2021, we and Dacey completed a settlement agreement and
Stipulated Judgement in connection with the Litigation providing for our payment
of cash and stock compensation to Dacey, upon completion of which a Satisfaction
of Judgment will be filed in the Litigation and the Litigation shall be
dismissed with prejudice and Dacey shall be prohibited from taking any further
actions against us. We and Dacey mutually released one another from any further
claims.
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